The Q1 results were ahead of our expectations, after adjusting for the adverse impact of the Sunday ban and the delayed timing of Easter. All established banners are likely to remain strong / gain market share. Despite an improved gross margin, profitability is likely to remain under pressure in the forecast years. We will improve our estimates and take a more positive stance on the stock. The recommendation is likely to be raised by one notch.
30 Apr 2019
A strong performance in Q1
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A strong performance in Q1
Jeronimo Martins, SGPS S.A. (JEM:FRA) | 0 0 0.5% | Mkt Cap: 11,076m
- Published:
30 Apr 2019 -
Author:
Nishant Choudhary -
Pages:
3
The Q1 results were ahead of our expectations, after adjusting for the adverse impact of the Sunday ban and the delayed timing of Easter. All established banners are likely to remain strong / gain market share. Despite an improved gross margin, profitability is likely to remain under pressure in the forecast years. We will improve our estimates and take a more positive stance on the stock. The recommendation is likely to be raised by one notch.