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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

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.