Jeronimo Martins SGPS S.A. ADR (JRONY)
Summary
Jeronimo Martins: Poland's Macro Hangover
Jerónimo Martins remains undervalued, trading at ~5.8x EBITDA FWD, with a strong balance sheet and a ~3.9% dividend yield. The Polish macro environment pressures Biedronka: real wage growth is slowing, food inflation is negative, and like-for-like sales turned negative in Q2 FY 2026. Ara in Colombia is now the group's growth engine, benefiting from high food inflation and strong real wage gains, growing to ~10.9% of total sales.
Jeronimo Martins: Upside Or Persistent Weakness, I Look At 2026-2028E
Jerónimo Martins remains a 'BUY' at €17.9/share, but I lower my price target to €18.5 due to slower-than-expected earnings growth. Operationally, JRONY shows margin recovery and strong volume growth, especially in Biedronka and Ara, but EPS remains sluggish amid deflation and high CapEx. Valuation now assumes normalized earnings of €1.25/share and a fair entry multiple of 14–14.5x P/E, reflecting increased forecast uncertainty.
Jerónimo Martins, SGPS, S.A. (JRONY) Q2 2026 Earnings Call Transcript
Jerónimo Martins, SGPS, S.A. (JRONY) Q2 2026 Earnings Call Transcript
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Jeronimo Martins SGPS S.A. ADR Profile
| Consumer Staples Distribution & Retail Industry | Consumer Staples Sector | Pedro Manuel de Castro Soares dos Santos CEO | OTC PINK Exchange | 476493101 CUSIP |
| PT Country | 147,709 Employees | 11 May 2026 Last Dividend | - Last Split | - IPO Date |
Overview
Jerónimo Martins, SGPS, S.A., headquartered in Lisbon, Portugal, is a prominent player in the food distribution and specialized retail sectors operating primarily in Portugal, Poland, and Colombia. Established in 1792, the company has grown into a multifaceted retail giant, offering a vast range of products and services across several business segments. These include Portugal Retail; Portugal Cash & Carry; Poland Retail; Colombia Retail; and Others, Eliminations and Adjustments. As a subsidiary of Sociedade Francisco Manuel Dos Santos, S.G.P.S., S.A., Jerónimo Martins has an extensive retail network, operating through various store banners and brand names catering to diverse customer needs in the food, health, beauty, and non-food sectors.
Products and Services
Jerónimo Martins, SGPS, S.A. provides a comprehensive range of products and services through its vast retail and wholesale network:
- Food Stores: Operates under the Biedronka banner in Poland, offering a wide range of food products. In Colombia, the company runs food stores under the Ara name, providing a similar assortment of food products targeted at local consumers.
- Health and Beauty Stores: A chain of stores operated under the Hebe banner in Poland, focusing on selling health and beauty products to meet consumer needs in personal care and wellness.
- Supermarkets: In Portugal, the company's supermarkets operate under the Pingo Doce banner, offering a broad selection of food and household products.
- Cash and Carry Stores: The Recheio stores in Portugal and Bodega del Canasto in Colombia cater to the bulk purchasing needs of businesses, providing a wide array of food and non-food items at wholesale prices.
- Restaurants: Jerónimo Martins operates restaurants under the Pingo Doce name, offering ready-made meals and a dining experience within the supermarket premises in Portugal.
- Para-pharmacies and Petrol Stations: Operates under the Bem-Estar brand, providing health-related products and services alongside fuel services.
- Clothing: The company offers clothing under the Code brand, catering to the fashion needs of its customers.
- Coffee Shops and Kiosks: Run under the Jeronymo brand, these outlets offer coffee and light snacks, providing a casual meeting spot or a quick break for customers.
- Chocolates and Confectionary Retail Stores: Operates under the Hussel name, specializing in a variety of chocolates and sweet treats.
In addition to its core retail operations, Jerónimo Martins is involved in various other activities, including human resources management, real estate management and administration, training, aquaculture, wholesale of fruit and vegetables, retail management consultancy, logistics, trading and distribution of consumer goods, and other support services. These diversifications signify the company's comprehensive approach to catering to diverse market needs beyond traditional retail.
Contact Information
