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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

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