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Start of Coverage: 02-07-2019

Resume of the last report made by this analyst

Following the publication of FY2019 results we have updated our forecasts for Jeronimo Martins. We maintain our BUY recommendation and increase FV from EUR 16.7 to EUR 20.5 per share. The company now expects its Colombian business to reach break-even in 2021 (previously we expected mid-2022), and we update our forecasts accordingly. As a result, we have also accelerated profitability improvement in Ara in the coming years. As far as Biedronka is concerned, Jeronimo Martins intends to deliver a flattish EBITDA margin y/y in 2020. Therefore, we raise our 2020/2021 EBITDA forecasts by 3.2%/5.3% respectively.

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.