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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 numbers, increasing them for Poland on LFL, but cutting them for Portugal. Our new target price is EUR15.00 as a result of better numbers in Poland but worse ones in Portugal/Colombia. EUR20m of extra bonuses to front-line employees could affect 2020 EBITDA. We also include a better DPS (2.4% gross yield) but lower capex. Our TP is slightly penalised by the derating of JMT’s emerging-market peers.

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.