Jerónimo Martins, SGPS, S.A. (JMT.LS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+39.9%

€25.97

vs €18.57 price

Levered DCF

€41.32

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.94

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.67×	19.42×	19.2×	21.47×	27.16×	27.64×	23.66×	16.16×
P/B	3.87×	3.86×	5.15×	5.44×	5.55×	4.32×	4.67×	3.65×
P/S	0.35×	0.35×	0.47×	0.5×	0.6×	0.45×	0.49×	0.37×
EV / EBITDA	6.54×	6.8×	7.76×	7.98×	9.06×	7.79×	8.01×	6.96×
Gross margin	17.5%	20.5%	20.4%	21.0%	21.5%	21.9%	21.9%	21.7%
Operating margin	3.6%	3.2%	4.0%	3.8%	3.9%	3.3%	3.8%	3.4%
Net margin	1.8%	1.8%	2.5%	2.3%	2.2%	1.6%	2.1%	2.3%
Current ratio	0.62×	0.61×	0.6×	0.6×	0.58×	0.51×	0.48×	0.47×
Debt / equity	1.69×	1.64×	1.47×	1.35×	1.25×	1.39×	1.58×	0.36×
Interest coverage	3.51×	3.26×	5.23×	5.92×	5.48×	4.31×	4.44×	26.98×
Dividend yield	2.9%	3.7%	2.5%	3.9%	1.4%	2.5%	2.2%	6.2%
Payout ratio	57.3%	71.6%	48.0%	83.7%	39.1%	69.5%	52.4%	100.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.7%	19.9%	26.9%	25.3%	20.3%	15.5%	19.7%	22.6%
Return on invested capital	10.3%	9.5%	12.6%	12.2%	10.8%	8.6%	9.8%	15.9%
Return on assets	3.8%	3.9%	5.3%	5.0%	4.5%	3.3%	4.0%	6.0%
Free cash flow yield	10.4%	5.6%	6.4%	9.5%	9.3%	10.8%	9.9%	2.0%
Earnings yield	5.1%	5.2%	5.2%	4.7%	3.7%	3.6%	4.2%	6.2%
Enterprise value	€16B	€14.7B	€16.7B	€14B	€14B	€10.4B	€11.4B	€6.6B
Net debt / EBITDA	1.35×	1.43×	1.03×	0.78×	0.88×	1.31×	1.54×	0.1×
Cash conversion cycle (days)	-40	-37	-47	-47	-48	-52	-49	-46