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Santander

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

e-mailtattenborough@gruposantander.com

The information presented herein refers to recommendations issued by analysts that follow Jerónimo Martins’ share. Any opinions, estimates or forecasts made by these analysts are theirs alone and do not represent opinions, estimates or forecasts of Jerónimo Martins or its management.

The provision of this information by Jerónimo Martins does not constitute any proposal, recommendation or suggestion to buy, to sell or to keep shares in Jerónimo Martins. Jerónimo Martins does not guarantee that the information made available herein is permanently updated or that it contains all the opinions issued about Jerónimo Martins’ share. It should be noted that estimates are, by definition, forward-looking and are therefore subject to risks, uncertainties and changes.

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