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JP Morgan

Start of Coverage: 10-01-2006

Resume of the last report made by this analyst

We increase our estimates by c2% in 18/19E driven by the combination of higher LFL assumptions at Biedronka and the recent favorable PLN move, and roll forward our SOP-based valuation to 2018E. Our new PT increases to EUR21/share from EUR19.5/share.

Analyst: Estelle Weingrod

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