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Kepler Cheuvreux

Start of Coverage: 14-05-2013

Resume of the last report made by this analyst

Q2 results are likely to show a marked deceleration in the top-line performance. Hence, we are cutting our EBITDA/net profit by 3-7% a year and reduce our TP from EUR14.40 to EUR12.00. We also adopt a more neutral stance and upgrade our rating from Reduce to Hold) after the share price correction (-18% relative underperformance since December 2017) and Jeronimo Martins’ de-rating (7/7.5x).

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.