Jeronimo Martins rises after Q1 EBITDA beat reassures

Jeronimo Martins SGPS SA

26/04/2024 08:41

** Shares in Jeronimo Martins  JMT.LS  jump around 9% after
the Portuguese food retailer reported a core profit beat driven
by Poland and Colombia
    ** The company posted first-quarter EBITDA of 508 million
euros, up from 446 million euros a year ago and beating a IBES
estimate of 495 million euros
    ** "A small EBITDA beat today (critically coming from 
Poland) will likely reassure today against relatively elevated
buy-side caution (although that is down from peaks)," says
Jefferies
    ** The broker notes that investors will attempt to map out
today the course of Polish like-for-like sales and margin
progress through the quarter, to understand how to forecast
through the remainder of the year
     ** "Sound delivery in a difficult context," J.P.Morgan says
on the results and expects a relief rally in shares that had
materially underperformed YTD
        ** Up to the previous session's close, shares were down
19%​ YTD
  
    ** If gains hold, the stock will see its best day in six
months; it is among top performers on Europe-wide STOXX 600
 .STOXX  index​

 (Reporting by Joao Manuel Mauricio)
 ((JoaoManuel.VicenteMauricio@thomsonreuters.com))