Jeronimo Martins’ Q3 FY23 performance was slightly ahead of the market’s expectations. The Group’s lfl sales grew by 11.7% yoy (+70bp vs consensus), with the momentum once again led by Biedronka (+12.8% yoy), although the Colombian business Ara remained softer at +9.3% yoy. The strong surge in the stock price is attributable to the continued dominance of Biedronka in Poland and expectations of JMT’s healthy sales/earnings growth even in FY24. We maintain our positive stock recommendation.
27 Oct 2023
Q3 momentum led by Polish banners; further moderation in Colombian Ara
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Q3 momentum led by Polish banners; further moderation in Colombian Ara
- Published:
27 Oct 2023 -
Author:
Nishant Choudhary -
Pages:
4
Jeronimo Martins’ Q3 FY23 performance was slightly ahead of the market’s expectations. The Group’s lfl sales grew by 11.7% yoy (+70bp vs consensus), with the momentum once again led by Biedronka (+12.8% yoy), although the Colombian business Ara remained softer at +9.3% yoy. The strong surge in the stock price is attributable to the continued dominance of Biedronka in Poland and expectations of JMT’s healthy sales/earnings growth even in FY24. We maintain our positive stock recommendation.