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Kepler Cheuvreux

Start of Coverage: 14-05-2013

Resume of the last report made by this analyst

We have fine-tuned our numbers; JM now trades at c. 7x 2019E EV/EBITDA, below both historical multiples (10x) and EM players, (7x, while growing less than JM), respectively. We value the stock at EUR13.20, based on the average of a DCF (WACC 7.5%) and SOP valuation (8.0x for Poland, 15% premium to peers). At current market prices, we believe that the downside is more limited (35% fall in 2018) and we therefore upgrade from Hold to Buy, though we understand Q1 2019 comps look very tough.

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.