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JB Capital

Start of Coverage: 07-06-2018

Resume of the last report made by this analyst

For Biedronka we keep our 9.5% FY LfL sales growth estimate and 50bps decline forecast for EBITDA margin unchanged. In Colombia, we increase our FY22 LfL growth from 20% to 30% following the strong start to the year and rising food inflation, thus increasing Ara’s valuation by 12%. Overall, we increase our target price for JMT by 1% to €22.2/share.

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.