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Start of Coverage: 25-02-2019

Resume of the last report made by this analyst

Adjustments to our earnings forecasts were essentially below the EBIT line while our DCF valuation model benefited from a 2-month rollover (we initiated Jeronimo Martins as our top pick end-February). At our EUR16.0 price target, Jeronimo Martins would trade at ~10x 2019 EV/EBITDA, a 35% premium to our Continental food retail average, justified by stronger growth prospects and superior execution.

Analyst: Cedric Lecasble

e-mail: cedric.lecasble@mainfirst.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.