Loading...

Jerónimo Martins SGPS

DB:JEM
Snowflake Description

Excellent balance sheet with solid track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
JEM
DB
€9B
Market Cap
  1. Home
  2. DE
  3. Consumer Retailing
Company description

Jerónimo Martins, SGPS, S.A. operates in the food distribution and specialized retail sectors in Portugal, Poland, and Colombia. The last earnings update was 34 days ago. More info.


Add to Portfolio Compare Print
  • Jerónimo Martins SGPS has significant price volatility in the past 3 months.
JEM Share Price and Events
7 Day Returns
2%
DB:JEM
0.3%
Europe Consumer Retailing
1.8%
DE Market
1 Year Returns
0.5%
DB:JEM
1.5%
Europe Consumer Retailing
-6%
DE Market
JEM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Jerónimo Martins SGPS (JEM) 2% 6.1% 18.4% 0.5% -2.4% 9.3%
Europe Consumer Retailing 0.3% -0.6% 2.2% 1.5% -4.6% -7.6%
DE Market 1.8% 4.6% 7.4% -6% 10.1% 15.3%
1 Year Return vs Industry and Market
  • JEM underperformed the Consumer Retailing industry which returned 1.5% over the past year.
  • JEM outperformed the Market in Germany which returned -6% over the past year.
Price Volatility
JEM
Industry
5yr Volatility vs Market

Value

 Is Jerónimo Martins SGPS undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Jerónimo Martins SGPS to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Jerónimo Martins SGPS.

DB:JEM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 20 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:JEM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 9%
Consumer Retailing Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.465 (1 + (1- 21%) (7.25%))
0.66
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 9.02%)
7.44%

Discounted Cash Flow Calculation for DB:JEM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Jerónimo Martins SGPS is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:JEM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.44%)
2019 266.78 Analyst x13 248.29
2020 349.83 Analyst x12 303.03
2021 504.26 Analyst x9 406.54
2022 582.60 Analyst x5 437.16
2023 586.95 Analyst x4 409.91
2024 590.41 Est @ 0.59% 383.76
2025 593.25 Est @ 0.48% 358.89
2026 595.65 Est @ 0.41% 335.38
2027 597.75 Est @ 0.35% 313.24
2028 599.63 Est @ 0.31% 292.46
Present value of next 10 years cash flows €3,488.67
DB:JEM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €599.63 × (1 + 0.23%) ÷ (7.44% – 0.23%)
€8,328.69
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €8,328.69 ÷ (1 + 7.44%)10
€4,062.14
DB:JEM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €3,488.67 + €4,062.14
€7,550.81
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €7,550.81 / 628.43
€12.02
DB:JEM Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:JEM represents 1.01069x of ENXTLS:JMT
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.01069x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 12.02 x 1.01069
€12.14
Value per share (EUR) From above. €12.14
Current discount Discount to share price of €14.18
= -1 x (€14.18 - €12.14) / €12.14
-16.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Jerónimo Martins SGPS is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Jerónimo Martins SGPS's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Jerónimo Martins SGPS's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:JEM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.64
ENXTLS:JMT Share Price ** ENXTLS (2019-04-18) in EUR €14.03
Europe Consumer Retailing Industry PE Ratio Median Figure of 32 Publicly-Listed Consumer Retailing Companies 19.38x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.59x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Jerónimo Martins SGPS.

DB:JEM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTLS:JMT Share Price ÷ EPS (both in EUR)

= 14.03 ÷ 0.64

21.98x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Jerónimo Martins SGPS is overvalued based on earnings compared to the Europe Consumer Retailing industry average.
  • Jerónimo Martins SGPS is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Jerónimo Martins SGPS's expected growth come at a high price?
Raw Data
DB:JEM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.98x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
8.2%per year
Europe Consumer Retailing Industry PEG Ratio Median Figure of 24 Publicly-Listed Consumer Retailing Companies 1.71x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

DB:JEM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.98x ÷ 8.2%

2.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Jerónimo Martins SGPS is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Jerónimo Martins SGPS's assets?
Raw Data
DB:JEM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €2.83
ENXTLS:JMT Share Price * ENXTLS (2019-04-18) in EUR €14.03
Europe Consumer Retailing Industry PB Ratio Median Figure of 41 Publicly-Listed Consumer Retailing Companies 1.58x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:JEM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTLS:JMT Share Price ÷ Book Value per Share (both in EUR)

= 14.03 ÷ 2.83

4.96x

* Primary Listing of Jerónimo Martins SGPS.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Jerónimo Martins SGPS is overvalued based on assets compared to the Europe Consumer Retailing industry average.
X
Value checks
We assess Jerónimo Martins SGPS's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Retailing industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Retailing industry average (and greater than 0)? (1 check)
  5. Jerónimo Martins SGPS has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Jerónimo Martins SGPS expected to perform in the next 1 to 3 years based on estimates from 20 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Jerónimo Martins SGPS expected to grow at an attractive rate?
  • Jerónimo Martins SGPS's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Jerónimo Martins SGPS's earnings growth is positive but not above the Germany market average.
  • Jerónimo Martins SGPS's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:JEM Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:JEM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts 8.2%
DB:JEM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 5.3%
Europe Consumer Retailing Industry Earnings Growth Rate Market Cap Weighted Average 12%
Europe Consumer Retailing Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:JEM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:JEM Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 22,244 546 2
2022-12-31 21,619 1,233 571 5
2021-12-31 20,507 1,280 527 14
2020-12-31 19,404 1,154 472 20
2019-12-31 18,305 1,007 431 20
DB:JEM Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 17,337 849 401
2018-09-30 17,150 869 392
2018-06-30 16,948 861 392
2018-03-31 16,798 1,080 392
2017-12-31 16,276 909 385
2017-09-30 15,810 856 377
2017-06-30 15,417 811 594
2017-03-31 14,925 692 593
2016-12-31 14,622 843 593
2016-09-30 14,292 869 583
2016-06-30 14,042 902 356
2016-03-31 13,916 874 346

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Jerónimo Martins SGPS's earnings are expected to grow by 8.2% yearly, however this is not considered high growth (20% yearly).
  • Jerónimo Martins SGPS's revenue is expected to grow by 5.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:JEM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from Jerónimo Martins SGPS Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:JEM Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 0.98 0.99 0.97 2.00
2021-12-31 0.85 0.91 0.76 9.00
2020-12-31 0.75 0.82 0.64 15.00
2019-12-31 0.68 0.72 0.63 16.00
DB:JEM Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.64
2018-09-30 0.62
2018-06-30 0.62
2018-03-31 0.62
2017-12-31 0.61
2017-09-30 0.60
2017-06-30 0.95
2017-03-31 0.94
2016-12-31 0.94
2016-09-30 0.93
2016-06-30 0.57
2016-03-31 0.55

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Jerónimo Martins SGPS is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Jerónimo Martins SGPS's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Jerónimo Martins SGPS has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Jerónimo Martins SGPS performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Jerónimo Martins SGPS's growth in the last year to its industry (Consumer Retailing).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Jerónimo Martins SGPS's year on year earnings growth rate has been positive over the past 5 years.
  • Jerónimo Martins SGPS's 1-year earnings growth is less than its 5-year average (4.1% vs 6%)
  • Jerónimo Martins SGPS's earnings growth has exceeded the Europe Consumer Retailing industry average in the past year (4.1% vs -4.5%).
Earnings and Revenue History
Jerónimo Martins SGPS's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Jerónimo Martins SGPS Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:JEM Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 17,336.71 401.04 3,163.79
2018-09-30 17,149.94 392.20 3,096.84
2018-06-30 16,948.09 392.09 3,032.58
2018-03-31 16,797.76 392.41 2,974.52
2017-12-31 16,276.15 385.36 2,867.13
2017-09-30 15,809.66 376.90 2,777.40
2017-06-30 15,416.97 594.19 2,696.32
2017-03-31 14,924.75 593.50 2,608.74
2016-12-31 14,621.74 593.22 2,545.18
2016-09-30 14,291.60 582.70 2,497.66
2016-06-30 14,042.48 355.87 2,464.06
2016-03-31 13,916.45 345.86 2,449.72
2015-12-31 13,727.96 333.34 2,432.31
2015-09-30 13,522.23 316.87 2,400.17
2015-06-30 13,272.50 306.30 2,351.21
2015-03-31 12,954.93 304.12 2,287.76
2014-12-31 12,680.22 301.71 2,235.67
2014-09-30 12,462.59 338.80 2,177.19
2014-06-30 12,237.98 361.83 2,113.63
2014-03-31 11,970.07 369.38 2,055.98
2013-12-31 11,829.31 382.26 2,013.18
2013-09-30 11,582.61 369.44 1,956.22
2013-06-30 11,314.77 373.93 1,916.76
2013-03-31 11,057.14 367.55 1,873.57
2012-12-31 10,683.12 360.46 1,827.21
2012-09-30 10,318.28 356.13 1,785.15
2012-06-30 10,098.14 348.30 1,763.03

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Jerónimo Martins SGPS has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Jerónimo Martins SGPS used its assets more efficiently than the Europe Consumer Retailing industry average last year based on Return on Assets.
  • Jerónimo Martins SGPS has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Jerónimo Martins SGPS's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Retailing industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Jerónimo Martins SGPS has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Jerónimo Martins SGPS's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Jerónimo Martins SGPS's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Jerónimo Martins SGPS's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Jerónimo Martins SGPS's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Jerónimo Martins SGPS's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Jerónimo Martins SGPS Company Filings, last reported 3 months ago.

DB:JEM Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,016.25 639.27 546.02
2018-09-30 1,905.21 619.94 342.48
2018-06-30 1,762.35 618.16 223.04
2018-03-31 2,079.71 690.08 743.16
2017-12-31 2,013.19 537.27 681.63
2017-09-30 1,921.30 499.94 509.52
2017-06-30 1,815.34 472.97 359.73
2017-03-31 2,111.66 409.12 524.07
2016-12-31 1,990.51 339.70 643.51
2016-09-30 1,918.00 326.74 476.38
2016-06-30 1,558.41 468.42 164.03
2016-03-31 1,671.23 536.19 295.40
2015-12-31 1,593.22 657.93 441.69
2015-09-30 1,747.83 692.04 487.94
2015-06-30 1,640.11 746.37 347.75
2015-03-31 1,735.31 825.91 490.56
2014-12-31 1,638.69 719.20 430.66
2014-09-30 1,691.56 749.94 308.54
2014-06-30 1,593.93 911.40 311.94
2014-03-31 1,710.64 833.84 371.10
2013-12-31 1,539.37 708.30 371.67
2013-09-30 1,582.36 761.64 461.44
2013-06-30 1,440.26 871.29 414.17
2013-03-31 1,559.62 674.01 407.96
2012-12-31 1,501.93 690.02 375.07
2012-09-30 1,573.92 766.54 521.59
2012-06-30 1,423.99 805.35 456.55
  • Jerónimo Martins SGPS's level of debt (31.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (46% vs 31.7% today).
  • Debt is well covered by operating cash flow (132.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 30.5x coverage).
X
Financial health checks
We assess Jerónimo Martins SGPS's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Jerónimo Martins SGPS has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Jerónimo Martins SGPS's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.32%
Current annual income from Jerónimo Martins SGPS dividends. Estimated to be 2.91% next year.
If you bought €2,000 of Jerónimo Martins SGPS shares you are expected to receive €46 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Jerónimo Martins SGPS's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • Jerónimo Martins SGPS's dividend is below the markets top 25% of dividend payers in Germany (3.71%).
Upcoming dividend payment

Purchase Jerónimo Martins SGPS before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:JEM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
Europe Consumer Retailing Industry Average Dividend Yield Market Cap Weighted Average of 34 Stocks 3.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:JEM Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 0.69 2.00
2021-12-31 0.46 14.00
2020-12-31 0.41 21.00
2019-12-31 0.34 18.00
DB:JEM Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-18 0.325 2.403
2019-02-27 0.325 2.466
2018-03-15 0.613 4.945
2018-02-28 0.613 3.995
2017-03-10 0.605 3.625
2017-02-22 0.605 3.897
2016-03-17 0.530 3.577
2016-03-02 0.530 3.857
2015-12-16 0.750 6.144
2015-04-09 0.245 1.972
2014-04-10 0.305 3.056
2013-02-27 0.295 2.014
2012-03-07 0.275 1.950
2010-11-22 0.210 1.702
2010-10-28 0.210 1.883
2010-07-28 0.210 2.274
2010-04-09 0.143 1.881
2010-03-03 0.143 1.928
2009-04-22 0.110 1.946

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Jerónimo Martins SGPS's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Jerónimo Martins SGPS's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Jerónimo Martins SGPS afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Jerónimo Martins SGPS has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Jerónimo Martins SGPS's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Pedro de Castro Soares dos Santos
COMPENSATION €1,903,500
AGE 58
TENURE AS CEO 9 years
CEO Bio

Mr. Pedro Manuel de Castro Soares dos Santos serves as Manager of Friedman – Sociedade de Investimentos Mobiliários e Imobiliários, Lda, Hermes – Sociedade de Investimentos Mobiliários e Imobiliários,Lda. and Servicompra – Consultores de Aprovisionamento, Lda. Mr. dos Santos served as the Chief Executive Officer of Jeronimo Martins SGPS SA and Jernimo Martins Retail 1 since April 9, 2010 and as its Executive Chairman of the Board since December 18, 2013. Mr. dos Santos served as Director of Food Distribution Operations at Jeronimo Martins S.G.P.S. SA since 2001. From 1999 and 2000, he was responsible for operations in Poland and Brazil at Jeronimo Martins S.G.P.S. SA. He served as President of Jernimo Martins Retail 1. He is President of the Supervisory Board of Warta – Retail & Services Investments B.V. and New World Investments B.V. He served as the General Manager of Recheio since 1995. Mr. dos Santos served as an Assistant Manager of Recheio Operations since1990. Mr. dos Santos joined Pingo Doce Operations Division in 1983. He worked in the Sales and Marketing Department of Iglo/Unilever in 1985. He served as Managing Director of Recheio since 1995. He served as Director of Operations at Recheio since 1990. He was member of the Executive Board of Jerónimo Martins and responsible for Distribution until 2009. Mr. dos Santos has been an Executive Director of Jeronimo Martins S.G.P.S. SA. since March 31, 1995. He is Director of Jeronimo Martins Polska, S.A, Arica Holding B.V., Jeronimo Martins Drogerie i Farmacja Sp. z o.o., Jeronimo Martins Colombia, SAS and Jerónimo Martins – Agro-Alimentar, S.A. He serves as a Director of Jerónimo Martins Serviços, S.A; Recheio, SGPS, S.A.; Larantigo – Sociedade de Construções, S.A.; João Gomes Camacho, S.A.; JMR – Gestão de Empresas de Retalho, SGPS, S.A.; Comespa – Gestão de Espaços Comerciais, S.A.; JMR – Prestação de Serviços para a Distribuição, S.A.; Supertur – Imobiliária, Comércio e Turismo, S.A.; Imoretalho - Gestão de Imóveis, S.A.; Cunha & Branco – Distribuição Alimentar, S.A.; Pingo Doce - Distribuição Alimentar, S.A; Casal de S. Pedro – Administração de Bens, S.A.; Masterchef, S.A.; Escola de Formação Jerónimo Martins Serviços, S.A. and Sociedade de Investimento na Indústria e Comércio, SGPS, S.A. He serves as Director of Jeronimo Martins Servicos, S.A., Imocash- Imobiliario de Distribuicao, S.A., RECHEIO CASH & CARRY, SA, Lidosol II - Distribuicao de Produtos Alimentares, S.A., Funchalgest - Sociedade Gestora de Participacoes Sociais, S.A., Lidinvest- Gestao de Imoveis, S.A.

CEO Compensation
  • Pedro's compensation has been consistent with company performance over the past year.
  • Pedro's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the Jerónimo Martins SGPS management team in years:

4.4
Average Tenure
  • The tenure for the Jerónimo Martins SGPS management team is about average.
Management Team

Pedro de Castro Soares dos Santos

TITLE
Chairman of the Board & CEO
COMPENSATION
€2M
AGE
58
TENURE
9 yrs

Francisco Javier Van Engelen Sousa

TITLE
Chief Financial Officer
TENURE
4.4 yrs

Cláudia Falcão

TITLE
Head of Investor Relations

Carlos Miguel Ferreira

TITLE
Chief Legal Officer

Sara Miranda

TITLE
Chief Communications & Corporate Responsibility Officer

André de Faria

TITLE
Chief Marketing & Consumer Officer
TENURE
3.8 yrs

Marta Maia

TITLE
Chief People Officer

Rita Marques

TITLE
Head of Fiscal Affairs

Catarina Oliveira

TITLE
Head of Risk Management

Nuno Abrantes

TITLE
Head of International Expansion and Strategy & Information Technology
Board of Directors Tenure

Average tenure and age of the Jerónimo Martins SGPS board of directors in years:

6
Average Tenure
59
Average Age
  • The tenure for the Jerónimo Martins SGPS board of directors is about average.
Board of Directors

Sérgio Rebelo

TITLE
Independent Non-Executive Director
COMPENSATION
€240K
AGE
59
TENURE
6 yrs

Pedro de Castro Soares dos Santos

TITLE
Chairman of the Board & CEO
COMPENSATION
€2M
AGE
58
TENURE
5.3 yrs

Hans Eggerstedt

TITLE
Non Executive Director
COMPENSATION
€100K
AGE
80
TENURE
17.8 yrs

Henrique da Silveira e Castro Soares dos Santos

TITLE
Non-Executive Director
COMPENSATION
€80K
AGE
50
TENURE
4 yrs

António de Carvalho Viana-Baptista

TITLE
Independent Non-Executive Director
COMPENSATION
€80K
AGE
61
TENURE
9 yrs

Artur Kirsten

TITLE
Non-Executive Director
COMPENSATION
€80K
AGE
57
TENURE
4 yrs

Andrzej Szlezak

TITLE
Non-Executive Director
COMPENSATION
€133K
AGE
64
TENURE
6 yrs

Francisco Manuel da Costa

TITLE
Independent Non-Executive Director
COMPENSATION
€80K
AGE
70
TENURE
6 yrs

Clara-Christina F. Streit

TITLE
Independent Non-Executive Director
COMPENSATION
€100K
AGE
50
TENURE
4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Jerónimo Martins SGPS's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Jerónimo Martins SGPS has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Jerónimo Martins, SGPS, S.A. operates in the food distribution and specialized retail sectors in Portugal, Poland, and Colombia. The company operates through Portugal Retail; Portugal Cash & Carry; Poland Retail; and Others, Eliminations and Adjustments segments. It operates 2,900 food stores under the Biedronka name; and a chain of 30 pharmacies and 200 drugstores under the Hebe banner in Poland, as well as 532 food stores under the Ara name in Colombia. The company also operates 432 supermarkets under the Pingo Doce banner, including 12 Pingo Doce & Go supermarkets; and 38 cash and carry stores and 4 platforms under the Recheio name in Portugal. In addition, it operates restaurants under the Refeições no Sítio do Costume name; Bem-Estar stores; and petrol stations, as well as offers New Code branded adults' and children's clothing, and Spot branded shoes and accessories. Further, the company operates 22 kiosks and coffee shops under the Jeronymo name; and 24 chocolates and confectionary retail stores under Hussel name. Additionally, the company engages in human resources top management, real estate management and administration, training, and saline brackish waters aquaculture; retail management, consultancy, and logistics activities; the purchase and sale of real estate; growing of crops and farming of animals; retail sale of pharmaceutical, orthopedic, and health and beauty products; manufacture of milk and dairy products; and provision of economic and accounting, business portfolio management, investment management, and financial services. It is also involved in the trading and distribution of consumer goods; retail and wholesale of non-food products; other business support service activities; and provision of services in the area of wholesale and retail distribution. The company was founded in 1792 and is headquartered in Lisbon, Portugal. Jerónimo Martins, SGPS, S.A. is a subsidiary of Sociedade Francisco Manuel dos Santos, SGPS, S.E.

Details
Name: Jerónimo Martins, SGPS, S.A.
JEM
Exchange: DB
Founded: 1792
€8,816,932,106
628,434,220
Website: http://www.jeronimomartins.com
Address: Jerónimo Martins, SGPS, S.A.
Rua Actor António Silva, No. 7,
Lisbon,
Lisbon, 1649-033,
Portugal
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTLS JMT Ordinary Shares Euronext Lisbon PT EUR 16. Nov 1989
OTCPK JRON.F Ordinary Shares Pink Sheets LLC US USD 16. Nov 1989
DB JEM Ordinary Shares Deutsche Boerse AG DE EUR 16. Nov 1989
LSE 0EXG Ordinary Shares London Stock Exchange GB EUR 16. Nov 1989
BATS-CHIXE JMTU Ordinary Shares BATS 'Chi-X Europe' GB EUR 16. Nov 1989
OTCPK JRON.Y ADR Pink Sheets LLC US USD 24. Oct 2008
Number of employees
Current staff
Staff numbers
102,589
Jerónimo Martins SGPS employees.
Industry
Food Retail
Consumer Retailing
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 21:21
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/03/18
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.