Skip to content
  • Share
  • Listen

Santander

Start of Coverage: 05-05-2004

Resume of the last report made by this analyst

Following the 4Q LfL sales beat, lower capex guidance at 3Q and updated fx assumptions (we now see a currency tailwind in Poland), we increase our 2020E and 2021E EBITDA numbers by a little over 2% and our DCF-derived TP by 9% to €17.50 (vs €16.00 previously). This represents our first upgrade to numbers in many months. Jeronimo Martins has outperformed the sector YTD, and we see this continuing through 2020E.

Analyst: Tim Attenborough

e-mailtattenborough@gruposantander.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.