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PKO BP Securities

Start of Coverage: 30-11-2015

Resume of the last report made by this analyst

Our valuation assumes the EBITDA margin in Biedronka will decrease to 7.1% (due to a more challenging macro environment), while Columbia should reach its BEP in 2022 (adding an extra EUR 0.65 per share to the valuation when generating a 3.5% EBITDA margin). Given the expected slowdown of LFL dynamics in Biedronka, we are downgrading our forecasted growth. We are maintaining our Hold recommendation and downgrading our target price to EUR 12.2 per share.

Analyst: Adrian Skłodowski

e-mailadrian.sklodowski@pkobp.pl

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.