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Kepler Cheuvreux

Start of Coverage: 14-05-2013

Resume of the last report made by this analyst

We fine-tune our estimates, lifting our 2023-24E EBITDA by 5% per year, as we assume stronger LFL in Poland but also weaker margins. Our new estimates also assume higher capex (openings, remodelling, etc.) and some one-offs below EBIT, leaving our bottom-line estimates unchanged.
EUR19.4 TP is based on better numbers.

Analyst: Inigo Egusquiza

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