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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

e-mail: Maryia.Berasneva@morganstanley.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.