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JB Capital

Start of Coverage: 07-06-2018

Resume of the last report made by this analyst

We downgrade JMT to Neutral (from Buy) as we believe that the expected positive earnings momentum is mostly priced in. In addition, we see short term risks in Poland that if finally materialize, could hamper the upside. These include the potential re-introduction of a retail tax, accelerating wage pressures, and ongoing investigations from the watchdog. We increase our Tp by 6% to €16.6/shr. after rolling it forward to 2020 and fine-tuning our earnings estimates. Main changes relate with Biedronka where we increase LfL estimates and lower margins slightly.

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.