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PKO BP Securities

Start of Coverage: 30-11-2015

Resume of the last report made by this analyst

We are upgrading our recommendation to BUY and upgrading our target price to EUR 16 per share. The group’s current strategy focuses on increasing the efficiency of LFL sales in Poland and Portugal, and on expanding business in Colombia (which is expected to reduce its losses by EUR 50m in two years). Our valuation assumes the EBITDA margin in Biedronka will stand at 7.3%, while Colombia should reach its BEP in 2022 (adding an extra EUR 1.0 per share to the valuation when generating a 3% EBITDA margin).

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.