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JB Capital

Start of Coverage: 07-06-2018

Resume of the last report made by this analyst

We fine-tune our estimates with no material changes in the medium-term for Biedronka or at the consolidated level. However, we reduce our TP by 6% to €15.70, mainly because we adjust our long term estimates. We cut Biedronka’s valuation by 3%, Ara’s by 33% and Hebe’s by 44%. On the positive side, we revise-up Portuguese banners (Pingo Doce and Recheio) by +8%, following the outstanding performance in 2018e.

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.