JP Morgan

Start of Coverage: 10-01-2006

Resume of the last report made by this analyst

We forecast 4ppt higher Biedronka LFLs resulting in 3% incremental revenue and EBITDA, on margins contracting by 40bp (unchanged). Higher LFLs in Colombia (25% vs 20%) and Portugal contribute on top to higher profits. Our June 2023 Price Target mechanically goes to €27/share from €25 driven by c€800mn higher fair value for Poland.

Analyst: Borja Olcese

e-mail: borja.olcese@jpmorgan.com

Analyst	Price target	Recommendation	Date
Borja Olcese	27.00 €	Overweight	4 Jul 2022
Borja Olcese	25.00 €	Overweight	15 Mar 2022
Borja Olcese	23.50 €	Overweight	3 Dec 2021
Borja Olcese	20.00 €	Overweight	28 Oct 2021
Borja Olcese	19.00 €	Overweight	6 Aug 2021
Borja Olcese	18.00 €	Overweight	4 May 2021
Borja Olcese	17.00 €	Overweight	8 Mar 2021
Borja Olcese	17.00 €	Overweight	16 Feb 2021
Estelle Weingrod	18.00 €	Overweight	19 May 2020
Estelle Weingrod	19.50 €	Overweight	14 Jan 2020
Borja Olcese	19.00 €	Overweight	12 Jul 2019
Borja Olcese	18.50 €	Overweight	16 May 2019
Estelle Weingrod	18.50 €	Overweight	27 Jul 2018
Estelle Weingrod	19.50 €	Overweight	25 Jul 2018
Estelle Weingrod	21.00 €	Overweight	4 Jan 2018
Estelle Weingrod	19.50 €	Overweight	29 Jun 2017
Estelle Weingrod	18.00 €	Overweight	15 Feb 2017
Estelle Weingrod	17.50 €	Overweight	6 Oct 2016
Estelle Weingrod	16.50 €	Overweight	28 Apr 2016
Borja Olcese	15.00 €	Overweight	30 Jul 2015
Borja Olcese	13.40 €	Overweight	14 Apr 2015
Jaime Vasquez	10.00 €	Overweight	14 Jan 2015
Jaime Vasquez	8.30 €	Neutral	17 Nov 2014
Jaime Vasquez	7.70 €	Neutral	30 Oct 2014
Jaime Vasquez	8.50 €	Neutral	6 Oct 2014
Jaime Vasquez	11.00 €	Neutral	29 Jul 2014
Jaime Vasquez	12.00 €	Neutral	26 Feb 2014
Jaime Vasquez	15.00 €	Neutral	14 Jan 2014
Jaime Vasquez	16.00 €	Overweight	1 Nov 2013
Jaime Vasquez	18.00 €	Overweight	1 Oct 2013
Jaime Vasquez	19.00 €	Overweight	31 Jul 2013
Jaime Vasquez	20.00 €	Overweight	24 Apr 2013
Jaime Vasquez	18.00 €	Overweight	18 Feb 2013
Jaime Vasquez	14.93 €	Overweight	12 Oct 2011
Jaime Vasquez	13.60 €	Neutral	12 Aug 2011
Paul Diamond	12.18 €	Underweight	19 Jul 2011
Paul Diamond	8.71 €	Underweight	1 Dec 2010
Rickin Thakrar	7.80 €	Overweight	18 Jan 2010
Rickin Thakrar	7.40 €	Overweight	1 Dec 2009
Rickin Thakrar	7.00 €	Overweight	27 Oct 2009
Alastair Johnston	5.50 €	Overweight	7 May 2009
Alastair Johnston	4.70 €	Overweight	18 Feb 2009
Alastair Johnston	5.80 €	Overweight	15 Dec 2008
Alastair Johnston	7.40 €	Overweight	29 Aug 2008
Alastair Johnston	7.70 €	Overweight	8 Aug 2008
Alastair Johnston	7.00 €	Overweight	1 Aug 2008
Alastair Johnston	5.20 €	Overweight	7 Sep 2007
Alastair Johnston	5.00 €	Overweight	27 Jul 2007
Alastair Johnston	4.80 €	Overweight	1 Jun 2007
Alastair Johnston	3.43 €	Overweight	8 Nov 2006
Alastair Johnston	3.30 €	Overweight	20 Oct 2006
Alastair Johnston	3.10 €	Overweight	4 May 2006
Alastair Johnston	2.78 €	Overweight	16 Jan 2006
Alastair Johnston	2.60 €	Overweight	10 Jan 2006

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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.