Le momentum de croissance a ses limites - VENTE vs NEUTRE - OC 13,7€ (vs 13,4€)
JERONIMO MARTINS (JM) est un modèle aussi entrepreneurial que conquérant mais son évaluation continue à nous interpeller, propulsée vers les sommets tant en raison de sa surperformance propre que de la déconfiture du secteur. Si comme nous le pensons, la force du momentum peut s’infléchir, la cherté du prix de l’action risque de devenir plus visible. Alors qu’il convient de ne pas surestimer les relais de croissance (Colombie), et de ne pas perdre de vue non plus un risque polonais où populisme et poujadisme ambiants sont contraires aux intérêts de la GD, secteur largement détenu par des capitaux étrangers. Nous passons à la vente avec un OC à 13,7€ (DCF).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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