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UBS Investment Bank

Start of Coverage: 14-05-2003

Resume of the last report made by this analyst

We adjust our estimates to the higher expected inflation with stronger LFL sales growth and lower margin. Our PT remains unchanged as the positive effect of higher top line growth (more net store additions and higher LFL sales assumptions) was offset by the lower assumed margin and higher discount rate.

Analyst: Michal Potyra

e-mailmichal.potyra@ubs.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.