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UBS Investment Bank

Start of Coverage: 14-05-2003

Resume of the last report made by this analyst

We increase our revenue estimates by 2-6% primarily due to upgrades to our LFL sales assumptions for Biedronka (4% vs. 2% for 2019E and 3.0% vs. 2.5% for 2020E). We have also inched up our group EBITDA margin assumptions to reflect stronger Biedronka margins (positive operating leverage) and lower losses in Colombia. Our EPS estimates for 2019-2021 go up by 3% in each year.

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.