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PKO BP Securities

Start of Coverage: 30-11-2015

Resume of the last report made by this analyst

We are downgrading our recommendation to HOLD and downgrading our target price to EUR 15.5 per share. We see a deterioration of the consumer environment in Poland from 2Q20 onwards, due to the short-term recession on the horizon, higher unemployment rate and less consumer spending expected. The Portuguese business model is strongly affected by the closure of HoReCa and the lack of tourists, which will damage the results in coming quarters.

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.