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Haitong Bank

Start of Coverage: 02-11-2015

Resume of the last report made by this analyst

Although we have cut our LfL forecast for ‘18e from 3.4% to 2.9% to allow for the weak Q3 and a slow recovery in Q4 (2.0%), we have left our ‘19e-‘21e LfL unchanged at a level that was already very much in line with our new forecast for ‘18e. We also note that despite this small cut in Poland, our overall estimates have hardly moved as Q3’s stronger sales and margin in Portugal allowed a small upgrade for Pingo Doce. Valuation wise, our FV drops by just Eur0.1/sh to Eur15.2 and we reiterate our Silver Bullet Buy rating.

Analyst: Filipe Rosa

e-mailfrosa@haitongib.com

The information presented refers to recommendations issued by analysts that follow the Jerónimo Martins share. For more information, please read the Analysts Coverage section in this website’s Terms and Conditions.