Jumbo continues to deliver in a class of its own. And on track to managing record profits this year to then break the record next year. EBITDA should increase by 12% on average over 2015 and 2016. While FCF generation is above expectations managing an unreal E100m in 1H. Our sensitivity analysis implies E0.5 on our target price for 1% beat in Greek LfL. If Greece reverts to GDP growth of 3-4% in 2015 and 2016 our target price climbs to …to access this report  contact@researchgreece.com

Top line at +7.23% in 1H14;this seems to imply some upside risk on 2014 and 2015 earnings which if materialized will put the shares on …to access this report  contact@researchgreece.com

Jumbo continues to deliver in a class of its own. We up EPS by 8% and 14% this year and next. Started 2014 strongly – Greek LfL turns positive. However we believe the current share price is approaching a blue sky scenario…to access this report  contact@researchgreece.com

Strong finish, strong start, tough not to own this…Jumbo continues to deliver in a class of its own. Finished 2013 strongly and most importantly started this year with a positive note. However we believe the current share price is discounting too much too soon. We work on normalised EBITDA margin of 27.3% vs. 31.5% for the market. We model gross profit margin drop of c100bps over the next three years. For the shares to move higher Jumbo must expand gross profit margins…to access this report  contact@researchgreece.com