Financials Jerónimo Martins, SGPS, S.A.

Equities

JMT

PTJMT0AE0001

Food Retail & Distribution

Market Closed - Euronext Lisbonne Other stock markets 11:35:11 2024-05-17 am EDT			5-day change	1st Jan Change
20.52 ^EUR	+1.48%		+0.69%	-10.94%

Apr. 30	JERONIMO MARTINS : Strong Q1 performance, led by volume growth in all banners
Apr. 26	European shares on track for weekly gains; Thyssenkrupp glows	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,216	8,685	12,632	12,682	14,479	12,895	-	-
Enterprise Value (EV) ¹	11,403	10,437	13,952	14,042	16,576	15,287	15,187	15,167
P/E ratio	23.7 x	27.6 x	27.2 x	21.5 x	19.2 x	17.8 x	15.6 x	14.3 x
Yield	2.35%	2.08%	3.91%	-	2.84%	3.15%	3.65%	3.89%
Capitalization / Revenue	0.49 x	0.45 x	0.6 x	0.5 x	0.47 x	0.38 x	0.35 x	0.33 x
EV / Revenue	0.61 x	0.54 x	0.67 x	0.55 x	0.54 x	0.45 x	0.42 x	0.39 x
EV / EBITDA	7.94 x	7.33 x	8.8 x	7.57 x	7.65 x	6.6 x	6.05 x	5.61 x
EV / FCF	12.4 x	11.2 x	11.9 x	-	48 x	26.9 x	21.9 x	17.2 x
FCF Yield	8.04%	8.96%	8.4%	-	2.08%	3.72%	4.56%	5.83%
Price to Book	4.67 x	4.33 x	5.54 x	-	5.15 x	4.02 x	3.57 x	3.3 x
Nbr of stocks (in thousands)	628,434	628,434	628,434	628,434	628,434	628,434	-	-
Reference price ²	14.66	13.82	20.10	20.18	23.04	20.52	20.52	20.52
Announcement Date	2/20/20	3/3/21	3/9/22	3/22/23	3/6/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,638	19,293	20,889	25,385	30,608	34,065	36,363	38,727
EBITDA ¹	1,437	1,423	1,585	1,854	2,168	2,317	2,512	2,705
EBIT ¹	722	689	840	1,071	1,266	1,269	1,398	1,517
Operating Margin	3.87%	3.57%	4.02%	4.22%	4.14%	3.72%	3.85%	3.92%
Earnings before Tax (EBT) ¹	549	459	652	814	1,012	988.6	1,155	1,227
Net income ¹	390	312	463	590	756	723.1	822.2	901.2
Net margin	2.09%	1.62%	2.22%	2.32%	2.47%	2.12%	2.26%	2.33%
EPS ²	0.6200	0.5000	0.7400	0.9400	1.200	1.154	1.316	1.434
Free Cash Flow ¹	916.6	935.2	1,172	-	345	568.3	692.8	883.6
FCF margin	4.92%	4.85%	5.61%	-	1.13%	1.67%	1.91%	2.28%
FCF Conversion (EBITDA)	63.78%	65.72%	73.94%	-	15.91%	24.53%	27.59%	32.66%
FCF Conversion (Net income)	235.02%	299.73%	253.13%	-	45.63%	78.6%	84.26%	98.04%
Dividend per Share ²	0.3450	0.2880	0.7850	-	0.6550	0.6473	0.7500	0.7979
Announcement Date	2/20/20	3/3/21	3/9/22	3/22/23	3/6/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	9,730	9,902	5,304	5,683	5,513	6,370	11,883	6,509	6,992	6,804	7,709	14,513	7,938	8,157	16,095	8,066	8,563	16,484	8,799	9,013	17,462	-
EBITDA ¹	770	715	429	441	265	479	851	496	506	446	559	1,005	586	578	1,163	508	566	1,019	631.8	648.8	1,272	-
EBIT ¹	446	343	244	252	182	284	466	301	305	239	337	-	355	335	690	258	314.1	525	372.6	375	732	-
Operating Margin	4.58%	3.46%	4.6%	4.43%	3.3%	4.46%	3.92%	4.62%	4.36%	3.51%	4.37%	-	4.47%	4.11%	4.29%	3.2%	3.67%	3.18%	4.23%	4.16%	4.19%	-
Earnings before Tax (EBT) ¹	292	264	198	191	124	232	356	220	238	192	288	480	272	259	-	148	-	-	-	-	-	-
Net income ¹	209	186	137	139	88	173	261	157	171	140	217	356	202	198	-	97	202	-	230.8	233	-	-
Net margin	2.15%	1.88%	2.58%	2.45%	1.6%	2.72%	2.2%	2.41%	2.45%	2.06%	2.81%	2.45%	2.54%	2.43%	-	1.2%	2.36%	-	2.62%	2.58%	-	-
EPS ²	0.3300	-	0.2200	0.2200	0.1400	0.2800	-	0.2500	0.2700	0.2200	0.3400	-	0.3200	0.3200	-	0.1500	0.3214	-	0.3672	0.3707	-	-
Dividend per Share ²	-	-	-	0.7850	-	-	-	-	-	-	-	-	-	0.6550	-	-	-	-	-	0.6907	-	-
Announcement Date	2/20/20	7/28/21	10/27/21	3/9/22	4/28/22	7/26/22	7/26/22	10/26/22	3/22/23	4/26/23	7/26/23	7/26/23	10/25/23	3/6/24	3/6/24	4/26/24	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,187	1,752	1,320	1,360	2,097	2,392	2,291	2,271
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.522 x	1.231 x	0.8328 x	0.7335 x	0.9673 x	1.032 x	0.9122 x	0.8395 x
Free Cash Flow ¹	917	935	1,172	-	345	568	693	884
ROE (net income / shareholders' equity)	20.8%	15.7%	21.6%	-	29.4%	25.2%	25.1%	25.3%
ROA (Net income/ Total Assets)	4.75%	3.43%	4.68%	-	5.78%	4.53%	4.8%	5.04%
Assets ¹	8,211	9,092	9,898	-	13,071	15,958	17,123	17,869
Book Value Per Share ²	3.140	3.200	3.620	-	4.480	5.110	5.750	6.210
Cash Flow per Share ²	2.320	2.000	2.470	-	3.350	2.790	2.810	3.110
Capex ¹	576	514	584	-	1,209	1,169	1,132	1,155
Capex / Sales	3.09%	2.66%	2.8%	-	3.95%	3.43%	3.11%	2.98%
Announcement Date	2/20/20	3/3/21	3/9/22	3/22/23	3/6/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Jerónimo Martins, SGPS, S.A.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

20.52 EUR

Average target price

23.59 EUR

Spread / Average Target

+14.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
JERÓNIMO MARTINS, SGPS, S.A.	-10.94%	14.02B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-9.85%	38.97B
AVENUE SUPERMARTS LIMITED	+14.40%	36.58B
SEVEN & I HOLDINGS CO., LTD.	+8.55%	33.85B
SM INVESTMENTS CORPORATION	+0.34%	18.54B
COLES GROUP LIMITED	+1.18%	14.54B
CASEY'S GENERAL STORES, INC.	+22.11%	12.42B
CARREFOUR	-0.36%	12.42B
ICA GRUPPEN	-.--%	11.82B
DINO POLSKA S.A.	-11.81%	10.16B

Supermarkets & Convenience Stores