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JP Morgan

Start of Coverage: 10-01-2006

Resume of the last report made by this analyst

We are updating our forecasts following JMT FY results. EPS estimates are down LSD driven by higher corporate tax and fx, despite slightly lower minorities (LFL & margin assumptions unchanged). FCF estimates are down HSD driven by more normalized WC inflows.

Analyst: Borja Olcese

e-mailborja.olcese@jpmorgan.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.