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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.

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