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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 herein refers to recommendations issued by analysts that follow Jerónimo Martins’ share. Any opinions, estimates or forecasts made by these analysts are theirs alone and do not represent opinions, estimates or forecasts of Jerónimo Martins or its management.

The provision of this information by Jerónimo Martins does not constitute any proposal, recommendation or suggestion to buy, to sell or to keep shares in Jerónimo Martins. Jerónimo Martins does not guarantee that the information made available herein is permanently updated or that it contains all the opinions issued about Jerónimo Martins’ share. It should be noted that estimates are, by definition, forward-looking and are therefore subject to risks, uncertainties and changes.

In any case, the information presented herein does not replace the reading and should take into account the full content of the analysis behind the recommendations at stake. Neither Jerónimo Martins nor its management shall be liable for any errors, inaccuracies or omissions contained in said analysts’ opinions or for any actions taken in reliance on those opinions.