Jeronimo Martins : Q4 2022 earnings in line. Upgrading to Outperform on valuation grounds
>Solid inflation-fuelled sales. - The company released its Q4 sales earlier this year. Sales grew at a pace of +23% y-o-y (vs +23% in Q3) reaching € 7.0bn with the group’s l-f-l expanding at +21% (vs +22% in Q3). By business, Biedronka again registered strong sales growth of +24% in Q4 (vs +22% in Q3) with l-f-l of +23% (vs +23% in Q3) on higher volumes (+7%) helped by the number of Ukrainian refugees and the measures implemented by the Polish government to mitigate t...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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