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JP Morgan

Start of Coverage: 10-01-2006

Resume of the last report made by this analyst

We now assume 3.5% LFL for Biedronka in 2H (5%) and 3.0% next year (4.5%). Our SOTP fells further down to €18.5/share (€19.5).

Analyst: Estelle Weingrod

e-mailestelle.weingrod@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.