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Kepler Cheuvreux

Start of Coverage: 14-05-2013

Resume of the last report made by this analyst

Jerónimo Martins trades at c. 22x 2018E P/E and 10x 2018E EBITDA (historical highs), above EM players trading at 8x (while growing more than JM and offering better margins) and at a premium to historical multiples. We value the stock at EUR15, based on the average of a DCF (WACC 7.5%) and SOP (9-9.5x Poland).

Analyst: Inigo Egusquiza

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.