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Kepler Cheuvreux

Start of Coverage: 14-05-2013

Resume of the last report made by this analyst

We fine-tune our numbers, increasing them for Poland on LFL, but cutting them for Portugal. Our new target price is EUR15.00 as a result of better numbers in Poland but worse ones in Portugal/Colombia. EUR20m of extra bonuses to front-line employees could affect 2020 EBITDA. We also include a better DPS (2.4% gross yield) but lower capex. Our TP is slightly penalised by the derating of JMT’s emerging-market peers.

Analyst: Inigo Egusquiza

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