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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, and reduce the capex to EUR675m vs. EUR725m before, namely as a result of Ara lower openings (110 vs. 150), which also affects our Ara top line, but partly offset by stronger LFL (+20% in Q3, +15% in Q2 and high single digit in Q1). Our numbers are more or less unchanged. We value the stock at EUR14.90.

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.