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UBS Investment Bank

Start of Coverage: 14-05-2003

Resume of the last report made by this analyst

We upgrade Jeronimo Martins to Neutral as the company surprised us positively with swift opex adjustments which allowed to almost fully offset the negative effect of the retail tax in Poland (1.4% of sales); thus nullifying our negative investment thesis.

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.