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UBS Investment Bank

Start of Coverage: 14-05-2003

Resume of the last report made by this analyst

Our PT of €15.5 (€16 prev.) is based on SOTP valuation using EV/EBIT multiples. JMT trades at 19x 21E P/E which is slightly below the LT trading range of 20-22x. However, given the risk of slower LFL sales (lower food inflation) and the potentially negative impact of the retail tax, we see this discount as justified.

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.