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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

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.