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Ipopema

Start of Coverage: 02-07-2019

Resume of the last report made by this analyst

We point out positive trends at Biedronka (solid LfL) and Ara (break-even), and expected recovery at Recheio. Additionally, we appreciate the strong balance sheet, moderate growth of selling area and stable dividend policy. We increase our FV to EUR 23.0 and issue a BUY recommendation.

Analyst: Adrian Górniak

e-mail: adrian.gorniak@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.