Jeronimo Martins reported Q4 and FY17 results below our estimates. We believe the top-line should continue to benefit from the strong consumer environment in Poland (barring the impact of the Sunday trading ban) and group-wide investment in value propositions and promotional activity. However, the EBITDA margin is likely to be under pressure going forward. We have tweaked our estimates slightly but maintain the stock recommendation.
06 Apr 2018
Soft Q4: best placed to tackle competitive and regulatory headwinds
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Soft Q4: best placed to tackle competitive and regulatory headwinds
Jeronimo Martins, SGPS S.A. (JEM:FRA) | 0 0 0.5% | Mkt Cap: 11,076m
- Published:
06 Apr 2018 -
Author:
Nishant Choudhary -
Pages:
3
Jeronimo Martins reported Q4 and FY17 results below our estimates. We believe the top-line should continue to benefit from the strong consumer environment in Poland (barring the impact of the Sunday trading ban) and group-wide investment in value propositions and promotional activity. However, the EBITDA margin is likely to be under pressure going forward. We have tweaked our estimates slightly but maintain the stock recommendation.