Following the Q4 sales update, Jeronimo Martins has announced FY results slightly below our estimates. In FY21, we expect the Polish banner Biedronka to preserve profitability, and the Colombian banner Ara to improve further. However, the Portuguese business is likely to remain under pressure. The strategy to continue with inorganic expansion (despite the pandemic led hiccups) is also a step in the right direction. We maintain a positive stance on the stock’s valuation.
04 Mar 2021
Staying put amidst the uncertain times
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Staying put amidst the uncertain times
- Published:
04 Mar 2021 -
Author:
Nishant Choudhary -
Pages:
4
Following the Q4 sales update, Jeronimo Martins has announced FY results slightly below our estimates. In FY21, we expect the Polish banner Biedronka to preserve profitability, and the Colombian banner Ara to improve further. However, the Portuguese business is likely to remain under pressure. The strategy to continue with inorganic expansion (despite the pandemic led hiccups) is also a step in the right direction. We maintain a positive stance on the stock’s valuation.