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Kepler Cheuvreux

Start of Coverage: 14-05-2013

Resume of the last report made by this analyst

After the publication of Q1 18 numbers, we are raising our EBITDA by 2- 3% and our net profit by 4-5% p.a as a result of stronger than expected both Polish sales (LFL, even with the Sunday trade ban, space and better currencies) and Portuguese LFL. We are maintaining the EBITDA margin evolution unchanged, flattish for Poland as a result of the wage inflation, and -40/50 bps dilution for Portugal. We value the stock at EUR14.40 (EUR13.7 before), based on the average of a DCF (WACC 7.5%) and SOP (9-9.5x Poland).

Analyst: Inigo Egusquiza

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