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HSBC

Start of Coverage: 13-01-2010

Resume of the last report made by this analyst

We integrate the FY sales published in January and increase our depreciation reflecting change in capex phasing. We increase our TP to EUR17 (vs EUR14) following the decision of HSBC strategists to cut Poland’s CoE (cost of equity) from 9.5% to 8.5% and Eurozone CoE from 8% to 7%.

Analyst: Andrew Porteus

e-mail: andrew.porteous@hsbc.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.