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Jeronimo Martins

  JMT PL

Hyper/Supermarkets, Diversified Retai...
 /  Portugal 
Great Polish asset, looking for another market
Updates
30/07/2010Earnings/sales releases
Jeronimo Martins posted another goo...
03/06/2010Earnings/sales releases
Jeronimo posted strong Q1 results. R...
05/03/2010Earnings/sales releases
Jeronimo Martins posted 2009 results ...
10/11/2009Latest
The Group posted impressive 9m resu...
19/05/2009Latest
The Group posted good Q1 09 results:...
Summary Key Data
  12/08A
12/09A
12/10E
12/11E
12/12E
AlphaValue P/E (x) 18.4 15.1
Dividend yield (%) 2.30 2.98
EV/EBITDA (x) 8.75 8.01
AlphaValue EPS (€) 0.26 0.32
Dividend (€) 0.11 0.14
Sales (€M) 6,894 7,317
EBITDA (€M) 473 528
Attributable net profit (€M) 163 200
ROE (after tax) (%) 26.6 28.0
ROCE (%) 11.3 12.4
Gearing (%) 109 98.3
Next Div. Indic € 0.16 payment
Target
Price (€) 8.90
Market Cap (€M) 5,601
Perf. 1W: 2.70 %
Perf. 1M: 2.94 %
Perf. 3M: 22.1 %
Perf Ytd: 27.4 %
Rating
  • Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes
  • Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes
  • Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes
  • Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes
VALUE
RISK
GOVERNANCE
RANKING
Best
Worst
Businesses & Trends
Jeronimo Martins is a high-quality discounter. The management has successfully repositioned the Portuguese Pingo Doce superm... Read More
Money Making
In Poland, Biedronka (no.1 with 7% market share) is rolling out its format with an average opening rate of 170-200 stores. The disc... Read More
Valuation
Jeronimo enjoys a best in class ROE (29% in 2010), supported by good financial leverage (2.2x) and asset rotation (4.3x), both sec... Read More
Analyst: Virginie Blin
Concepts
Business concepts
  • Negative working capital
  • Family controls/influence
  • Brand building
  • Exotic key subsidiary
Investment Concepts
  • Dreamland territories
  • Many businesses, one ...
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