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JP Morgan

Start of Coverage: 10-01-2006

Resume of the last report made by this analyst

JMT (OW): We increase Biedronka LFLs to 6.2% in 4Q (vs. 4.7% before). We increase EBITDA estimates by 3% (higher margins at Pingo Doce, FX, Hebe) and EPS by c4%. Regardless, we sit LSD below consensus in 20/21, driven by a more conservative approach on the Colombia loss profile. We roll forward our Price Target to Dec’20, which now stands at €19.5 (€19).

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.