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Start of Coverage: 17-09-2012

Resume of the last report made by this analyst

The possible acquisition of Profi & imminent break-even in Colombia should transform Jeronimo Martins into a truly international discounter – an investable Aldi. Range optimisation and more competitive pricing in Poland means LFL estimates rise 2-3%, EPS rise 6%-14% and we forecast dividends worth 16% of the market cap over 3 years. We upgrade our recommendation from Neutral to Buy and our fair value from €14.2 to €18.

Analyst: James Tracey

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