Jeronimo Martin’s Q2 performance was slightly ahead of our estimates. All banners clocked positive lfl sales momentum (+10.1% yoy), on the back of a soft comparable base and continued strength in Poland and Colombia. Market share gains in Biedronka are also a positive development. The EBITDA margin also improved 60bp to 7.7%. We will improve the financial estimates slightly upwards but do not expect any change in the stock recommendation.
31 Jul 2021
An all-round show in Q2!
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An all-round show in Q2!
- Published:
31 Jul 2021 -
Author:
Nishant Choudhary -
Pages:
3
Jeronimo Martin’s Q2 performance was slightly ahead of our estimates. All banners clocked positive lfl sales momentum (+10.1% yoy), on the back of a soft comparable base and continued strength in Poland and Colombia. Market share gains in Biedronka are also a positive development. The EBITDA margin also improved 60bp to 7.7%. We will improve the financial estimates slightly upwards but do not expect any change in the stock recommendation.