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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

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.