Jeronimo Martins announced Jeronimo Martin’s Q4 FY20 sales performance was slightly below our estimates. The lfl sales grew by 3.5% yoy, once again led by the Polish banner Biedronka. However, the health of Portuguese business remains a concern, even after adjusting for the adverse impact of the pandemic. While we will trim the financial estimates, the stock valuation is still attractive in our opinion.
28 Jan 2021
Portuguese business remains a pain-point
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Portuguese business remains a pain-point
- Published:
28 Jan 2021 -
Author:
Nishant Choudhary -
Pages:
3
Jeronimo Martins announced Jeronimo Martin’s Q4 FY20 sales performance was slightly below our estimates. The lfl sales grew by 3.5% yoy, once again led by the Polish banner Biedronka. However, the health of Portuguese business remains a concern, even after adjusting for the adverse impact of the pandemic. While we will trim the financial estimates, the stock valuation is still attractive in our opinion.