André, RosárioNavickas, Povilas2024-05-032024-05-032023-01-182022-12-16http://hdl.handle.net/10362/166913This Work Project is an Equity Research report on the leading food retail and distribution chain Jerónimo Martins. The report provides an overview of the company’s business model, industry, company’s strategy and competitive positioning. Moreover, the work analyses Jerónimo Martins’ financial performance and macroeconomic environment, among others. Finally, a detailed valuation of the company is performed. A buy recommendation is issued, with a calculated 29.5% upside. This research then focuses on the Polish beauty and personal care market, uncovering the industry’s dynamics and trends. The report also assesses the competitive environment and Hebe’s competitive positioning in the market.engJeronimo MartinsEquity researchIndustry analysisHebemaster thesis203364074