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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, space, and better currencies, but decreasing them for Portugal. Jeronimo Martins’ bottom line is affected by restructuring costs, and increases to both financials costs and taxes.

Our new target price is EUR15.25 (down from EUR15.40) as a result of better numbers in Poland but worse ones in Portugal.

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.