Jumbo SA
Jumbo Preliminary Results Flash Note 21/01/2018
Investment Thesis
Jumbo (JUMSF, JUMSY) currently trades at 14.2x P/E and 8.2x EV/EBITDA on our FY2018 estimates, which we think are undemanding in light of an 8.8% 2017-2022 sales and EPS CAGR. We currently stand above consensus for 2018-2019 EPS; we think consensus will adjust upwards, driven by the recent 1H trading update and mgmt. guidance.
Catalysts that could further enhance our thesis are an even stronger EUR, plans to enter a new market to support growth after the expansion plan in Romania is