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Start of Coverage: 05-05-2004

Resume of the last report made by this analyst

We have made minor changes to our forecasts ahead of the print, lowering our Biedronka and Pingo Doce 2H17 EBITDA margin assumptions by 10bp, increasing our Biedronka LfL FY17E view, and updating our capex and fx assumptions. The net effect is our 2017- 19 EBITDA forecasts drop 1.5%-3% and our DCF-derived TP by 3% to €17.90. We continue to favour the cocktail of premium LfLs, EBITDA margin progression, strong ROIC and balance sheet and remain buyers ahead of the print.

Analyst: Tim Attenborough

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