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Kepler Cheuvreux

Start of Coverage: 14-05-2013

Resume of the last report made by this analyst

Our EUR19.65 TP is based on better numbers, stronger cash, and the rollover of our model. However, we downgrade to Reduce on valuation (23.1x P/E and 8.3x EBITDA): it trades at a premium to both historical multiples and to peers.

Analyst: Inigo Egusquiza

e-mailiegusquiza@keplercheuvreux.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.