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Morgan Stanley

Start of Coverage: 06-09-2010

Resume of the last report made by this analyst

We raise our LfL assumptions for 2018 and forecast flat EBITDA margin at 7.2% Biedronka in 2018-2019. We roll forward our DCF, which drives our new Price Target of €17. With little upside to consensus and limited visibility on Colombia earnings trajectory we leave Jeronimo Martins Equalweight rating unchanged.

Analyst: Maryia Berasneva


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