'Calm after the perfect storm' - Kepler raises Jeronimo Martins to 'hold'

Jeronimo Martins SGPS SA

05/11/2025 09:07

** Kepler Cheuvreux upgrades Portuguese food retailer Jeronimo Martins JMT.LS to "hold" from reduce, saying that a big uncertainty has been eliminated

** The broker says that Jeronimo Martins's third quarter numbers confirm the co's Polish EBITDA margin inflection point that began in the first quarter

** Kepler says that this confirmation eliminates the main equity story's uncertainty

** The broker sees other uncertainties for the co, namely the risk of higher capex; overpaying to enter new countries, such as Slovakia in Q4, or the acquisition of 70 stores in Colombia

** Kepler believes, however, that these are not big enough to maintain its negative rating on Jeronimo, which the broker says, was wrong since the beginning of 2025

** Out of 22 analysts that cover Jeronimo Martins, 17 rate the stock "strong buy" or "buy" and ​five rate "hold" - LSEG data

 (Reporting by Joao Manuel Mauricio in Gdansk)

 ((JoaoManuel.VicenteMauricio@thomsonrueters.com))