Start of Coverage: 14-05-2003
Our PT of €15.5 (€16 prev.) is based on SOTP valuation using EV/EBIT multiples. JMT trades at 19x 21E P/E which is slightly below the LT trading range of 20-22x. However, given the risk of slower LFL sales (lower food inflation) and the potentially negative impact of the retail tax, we see this discount as justified.
Analyst: Michal Potyra
e-mail: michal.potyra@ubs.com
| Analyst | Price target | Recommendation | Date |
| 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 |
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.
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