Colombie : relais de croissance coûteux et différé - VENTE - OC 14,8€ (vs 13,7€)
Les publications intérimaires de JM concentrent désormais l’attention, non pas sur ce qui va mieux que bien, la Pologne de Biedronka qui a soutenu une croissance LFL de +9,5% au T2 (+19,4% en cumul sur 2 ans), et le Portugal de Recheio et Pingo Doce qui amorce un nouveau cycle de croissance, mais sur les pertes du BM colombien (Ara) et accessoirement d’Hebe, dont le statut de start-up soulève des interrogations croissantes. Il est logique que le groupe surinvestisse dans ces relais de croissance, alors que ses activités core lui donnent une marge de manoeuvre élargie en matière de financement, mais cela n’aide pas naturellement à valider des retours sur investissements encore très hypothétiques à ce stade, tout autant que leur imputation dans le temps. Sévère semble le maintien de notre Opinion à la VENTE, mais notre évaluation (OC 14,8€ via DCF) ne supporte pas le moindre différé ou rupture de croissance.Jeronimo Martins S.G.P.S. is a holding company. Through its subsidiaries, Co. is engaged as a food distribution company with operations in Poland and Portugal. Co. operates in four segments: Portugal Retail, which comprises the business unit of JMR - Gestao de Empresas de Retalho, SGPS, S.A. (Pingo Doce supermarkets); Portugal Cash & Carry, which includes the wholesale business unit Recheio; Poland Retail, which includes the business unit with the brand Biedronka; and Others, which includes marketing services and representations, restaurants in Portugal, health and beauty retail in Poland, and its retail business in Colombia.
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