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HSBC

Start of Coverage: 13-01-2010

Resume of the last report made by this analyst

Retain Hold as we lift our target price to EUR12.50 from EUR11.00. We derive our revised target price from our updated DCF valuation. We increase our depreciation forecasts and financial expense assumptions to reflect the company’s updated capex programme.

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.