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M&A growth opportunities for Jerónimo Martins in Romania
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The following Work Project is an Equity Research report on
Jerónimo Martins, SGPS, S.A., a leading food retail and
distribution chain operating in Portugal, Poland and Colombia. The
report initially provides, among others, an in-depth overview of the
company’s business model, financial performance and
fundamentals, as well as industry, strategy and competitive
positioning. This report also extends the analysis of Jerónimo
Martins’ business model, focusing on the company’s cost side
through a deep dive on its supply chain. Afterwards, a detailed
valuation of the company by business segment through a three statement model is undertaken, based on which the group is issuing
a Buy recommendation stemming from a 29.5% calculated upside,
which is further corroborated by valuating the company using
alternative methods.
This research then further analyzes the impact of the Sunday
trading ban on the Polish food retail sector with particular
consideration to Biedronka’s performance; the beauty and personal
care market in Poland, uncovering the industry’s main parameters
and trends as well as Hebe’s competitive positioning.
The objective of this research is to analyze future international
expansion opportunities of Jerónimo Martins in Romania.
At first international market expansion strategies and motives for
M&As are described. Subsequently, an overview of consolidation
in the European food retail sector is given. Following on from this,
the history of Jeronimo's acquisitions and expansions is briefly
discussed. The main focus lies on the Romanian food retail market.
This includes research on the market as well as an analysis of the
competitive landscape. Based on these findings a valuation is
conducted on a potential acquisition target through both intrinsic
and relative methods
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Finance Food Distribution Equity research Food retailing Consumer staples Food distribution