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Ipopema

Start of Coverage: 02-07-2019

Resume of the last report made by this analyst

We maintain our BUY recommendation for Jeronimo Martins but downgrade our FV to EUR 18.0 per share, which implies 28% upside. We expect that despite potential Covid-19 related costs in 4Q20 and the company’s conservative guidance for 2021, there is still room for a positive surprise driven mainly by the Biedronka brand. We expect that introduction of a retail tax will have a marginal impact on the company’s operations. The Portuguese and Colombian business should partially recover throughout 2021, but will still prove more of a burden on the overall profitability.

Analyst: Krzysztof Kawa

e-mailkrzysztof.kawa@ipopema.pl

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.