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Kepler Cheuvreux

Start of Coverage: 14-05-2013

Resume of the last report made by this analyst

We are decreasing our EBITDA/net profit by 8-15% per year as a result of: 1) slightly weaker 2020 Polish LFL (4% vs. 4.5%), a lower space contribution (1pp) and a more negative zloty; we see -25bp EBITDA margin dilution resulting from higher extra COVID-19 costs; and 2) Portugal -5% LFL (vs. +2% before), with April sales -16%. We also assume some dilution on the margins (-30bps).

Analyst: Inigo Egusquiza

e-mailiegusquiza@keplercheuvreux.com

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