Jeronimo Martin’s Q4 trading performance was slightly ahead of our estimates. The group’s lfl growth came in at 10.5%, on the back of strong momentum in all business segments. While the core business Biedronka witnessed robust volume growth, almost all banners benefited from food inflation during the quarter. We expect the sales momentum to moderate a bit in 2022. Overall, the company is much healthier today compared to pre-pandemic times. We will increase the target price slightly upwards.
17 Jan 2022
A robust closure to 2021
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A robust closure to 2021
- Published:
17 Jan 2022 -
Author:
Nishant Choudhary -
Pages:
3
Jeronimo Martin’s Q4 trading performance was slightly ahead of our estimates. The group’s lfl growth came in at 10.5%, on the back of strong momentum in all business segments. While the core business Biedronka witnessed robust volume growth, almost all banners benefited from food inflation during the quarter. We expect the sales momentum to moderate a bit in 2022. Overall, the company is much healthier today compared to pre-pandemic times. We will increase the target price slightly upwards.