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JB Capital

Start of Coverage: 07-06-2018

Resume of the last report made by this analyst

Our central scenario assumes JMT will have LfL sales growth in Biedronka of 4.5% in 2018e and 3% onwards. This means Biedronka represents 85% of our estimated EV and is worth €9.1bn, or an implied 10.2x EV/EBITDA19e. Adjusting for the dividend paid this year, We reach a YE target price of €16.71 per share, a material 20% upside potential. We initiate coverage of JMT with a BUY rating.

Analyst: José Soares

e-mailjmartinssoares@jbcm.com

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.