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Keybot 2 Results  www.jeronimomartins.pt
  UBS Investment Bank  
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Increase in our PR from €17 to €19.5 is driven by higher explicit EBIT forecasts and increase of EV/EBIT multiple for Poland from 15x to 15.5x on the back of higher sales growth outlook.
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A subida do nosso preço-alvo de €17 para €19.5 resulta de projeções mais altas do EBIT e aumento do multiplo para a Polónia de 15x para 15.5x assente na previsão do aumento das vendas.
  UBS Investment Bank  
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Our Price Target is based on SOTP. We value Poland and Portuguese operations using EV/EBIT multiples. Higher multiple for Polish operations reflect its growth and cash flow potential.
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O nosso Preço-alvo é baseado na soma das partes. Valorizamos as operações da Polónia e de Portugal através do multiplo EV/EBIT. O maior multipo utilisado para as operações na Polónia reflete o potencial de crescimento e geração de fluxo de caixa.