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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

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