UBS Investment Bank

Start of Coverage: 14-05-2003

Resume of the last report made by this analyst

We cut our 2023-24 EPS estimates by 4-5%, lower our price target to €18 (from €22), and downgrade Jeronimo Martins to Sell (from Neutral). We expect deteriorating operating figures (from 2Q23) to be a catalyst.

Analyst: Michal Potyra

e-mail: michal.potyra@ubs.com

Analyst	Price target	Recommendation	Date
Michal Potyra	18.00 €	Sell	1 Feb 2023
Michal Potyra	22.00 €	Neutral	26 Jul 2022
Michal Potyra	20.00 €	Neutral	21 Mar 2022
Michal Potyra	20.00 €	Neutral	9 Dec 2021
Michal Potyra	12.00 €	Sell	2 Feb 2021
Michal Potyra	15.50 €	Neutral	14 Dec 2020
Michal Potyra	16.00 €	Neutral	15 Jan 2020
Michal Potyra	15.50 €	Neutral	27 Nov 2019
Michal Potyra	16.00 €	Buy	16 May 2019
Michal Potyra	15.00 €	Buy	29 Oct 2018
Michal Potyra	16.50 €	Buy	18 Jul 2018
Michal Potyra	18.00 €	Buy	6 Jul 2018
Michal Potyra	19.50 €	Buy	14 Jul 2017
Michal Potyra	17.00 €	Buy	22 Nov 2016
Michal Potyra	16.00 €	Buy	18 May 2016
Michal Potyra	13.00 €	Neutral	6 Nov 2015
Michal Potyra	12.00 €	Neutral	10 Apr 2015
Michal Potyra	9.00 €	Neutral	9 Dec 2014
Michal Potyra	15.30 €	Buy	4 Jul 2014
Michal Potyra	16.30 €	Buy	17 Jan 2014
Michal Potyra	19.00 €	Buy	12 Jul 2013
Michal Potyra	16.50 €	Neutral	11 Apr 2013
Ignacio Carvajal	11.40 €	Neutral	26 Oct 2012
Ignacio Carvajal	11.50 €	Neutral	26 Jul 2012
Ignacio Carvajal	13.10 €	Neutral	25 Apr 2012
Ignacio Carvajal	12.90 €	Neutral	16 Jan 2012
Ignacio Carvajal	13.50 €	Neutral	7 Nov 2011
Ignacio Carvajal	11.90 €	Sell	28 Oct 2011
Ignacio Carvajal	9.80 €	Sell	19 Feb 2011
Ignacio Carvajal	9.30 €	Sell	11 Oct 2010
Ignacio Carvajal	8.60 €	Neutral	29 Jul 2010
Ignacio Carvajal	7.50 €	Neutral	19 Mar 2010
Ignacio Carvajal	7.20 €	Neutral	10 Mar 2010
Ignacio Carvajal	6.40 €	Neutral	9 Feb 2010
Ignacio Carvajal	6.70 €	Neutral	25 Jan 2010
Ignacio Carvajal	6.60 €	Neutral	18 Dec 2009
Ignacio Carvajal	6.30 €	Neutral	20 Oct 2009
Ignacio Carvajal	5.90 €	Buy	2 Sep 2009
Ignacio Carvajal	5.40 €	Buy	30 Jun 2009
Ignacio Carvajal	5.60 €	Buy	18 Jun 2009
Pedro Baptista	4.70 €	Buy	14 Nov 2008
Pedro Baptista	6.00 €	Neutral	1 Aug 2008
Pedro Baptista	5.60 €	Neutral	14 Dec 2007
Pedro Baptista	5.40 €	Buy	19 Oct 2007
Pedro Baptista	4.50 €	Neutral	30 May 2007
Pedro Baptista	4.10 €	Neutral	24 Jan 2007
Pedro Baptista	3.70 €	Buy	22 Nov 2006
Pedro Baptista	3.40 €	Buy	8 Apr 2006
Pedro Baptista	3.20 €	Buy	22 Feb 2006
Pedro Baptista	3.06 €	Buy	11 Nov 2005
Pedro Baptista	2.80 €	Buy	6 Apr 2005
Pedro Baptista	2.64 €	Buy	22 Mar 2005
Frederico Ataide	2.50 €	Buy	16 Feb 2005
Frederico Ataide	2.28 €	Buy	2 Jul 2004
Frederico Ataide	2.08 €	Buy	11 Jun 2004
Frederico Ataide	2.36 €	Buy	9 Jun 2004
Frederico Ataide	2.08 €	Buy	18 Nov 2003
Frederico Ataide	1.33 €	Neutral	14 May 2003

Reference History

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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.