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Kepler Cheuvreux

Start of Coverage: 14-05-2013

Resume of the last report made by this analyst

We set a new target price of EUR18.70 (DCF/SOP). We use our new estimates, roll over the model by one year, and also take into consideration the de-rating of JMT’s peers. We believe that the prospects are looking worse for 2023 amid very tough comps and the deteriorating consumer environment (as the volume decline showed in Portugal and Colombia), and it seems that the margin pressure (electricity, transportation, etc.) is here to stay. We leave our Reduce rating unchanged.

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.