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JB Capital

Start of Coverage: 07-06-2018

Resume of the last report made by this analyst

We increase our valuation in Poland by 4% on better earnings in the long term. We also increase our valuation for Colombia (by 11%) on a combination of higher LfL and a faster store rollout. Overall, we increase our Group EBITDA estimates for 2022-23 by only 1% (lower margins offset higher sales) but increase them by 5% in the longer term, as we assume some margin recovery in Poland in 2024. We increase our target price by 5% to €23.1 and reiterate Neutral.

Analyst: João Pinto

e-mailjpinto@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.