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Kepler Cheuvreux

Start of Coverage: 14-05-2013

Resume of the last report made by this analyst

Our new target price is EUR14.35, based on the average of a DCF (WACC 7.5%) and an SOP valuation (9.0x for Poland, 15% premium to peers) resulting from better quality numbers, peers rerating (higher profit from Poland) and lower  debt. After the share price rally since lows, JMT is up 45% (+25% since our January upgrade), trading at 21x earnings and 9x EBITDA in line with historical multiples. We therefore downgrade the stock from Buy to Hold.

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.