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Intermoney Valores

Start of Coverage: 13-01-2017

Resume of the last report made by this analyst

We updated Jerónimo Martins valuation, changing upwards the target price to €15.20YE18; medium Risk, Reduce recommendation, from €13.80YE17. The “Yearend rollover” added €40cents, the “Change in Estimates” plus €75cents, while the change in the WACC assumptions added €25 cents. Regarding the “Change in estimates” the main modification was at Biedronka and Recheio level, namely revenues, as in 2017 the Company outperformed our estimates in both businesses while PD and Ara were reviewed slightly downwards. Hebe was included in the valuation for the first time.

Analyst: António Seladas

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.