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UBS Investment Bank

Start of Coverage: 14-05-2003

Resume of the last report made by this analyst

Our Price Target is based on SOTP. We value Poland and Portuguese operations using EV/EBIT multiples. Higher multiple for Polish operations reflect its growth and cash flow potential.

Increase in our PR from €17 to €19.5 is driven by higher explicit EBIT forecasts and increase of EV/EBIT multiple for Poland from 15x to 15.5x on the back of higher sales growth outlook.

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.