Jeronimo Martins (JM) is the worst performing grocer of 2018 in AV’s food retail coverage (-26% vs +8% weighted average, respectively). In fact, a closer look at the graph below reveals that the retailer’s stock price has slumped by almost a third from the 2018 highs seen in the first quarter. One might wonder what’s wrong with the best-in-class performer – ROE (21.9% in 2017 vs sector average: c.7%) and a healthy balance sheet (net cash position in 2017). A closer loo
22 Oct 2018
Performance under pressure, but still an attractive bet
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Performance under pressure, but still an attractive bet
Jeronimo Martins, SGPS S.A. (JEM:FRA) | 0 0 0.5% | Mkt Cap: 11,076m
- Published:
22 Oct 2018 -
Author:
Nishant Choudhary -
Pages:
3
Jeronimo Martins (JM) is the worst performing grocer of 2018 in AV’s food retail coverage (-26% vs +8% weighted average, respectively). In fact, a closer look at the graph below reveals that the retailer’s stock price has slumped by almost a third from the 2018 highs seen in the first quarter. One might wonder what’s wrong with the best-in-class performer – ROE (21.9% in 2017 vs sector average: c.7%) and a healthy balance sheet (net cash position in 2017). A closer loo