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Jefferies International

Start of Coverage: 02-12-2010

Resume of the last report made by this analyst

Much improved line of sight on Colombian success means that the JMT’s investment debate should revert to SOTP considerations. We upgrade mid-term earnings by up to 8% (2% above cons), rec to Buy and PT to €19.4. We value Ara on 0.6x 2021 sales (in line with invested capital).

Analyst: James Grzinic

e-mailjgrzinic@Jefferies.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.