Jeronimo Martins SGPS SA (JMT) Fair Value & Analysis
Consumer Defensive · PT · Market cap €11.1B · ISIN PTJMT0AE0001
What is Jeronimo Martins SGPS SA really worth?
A solid business, trading 16% below our fair value of €21.59.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 26 valuation models · updated 4 days ago
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits in the lower half of our model range, the side with the larger margin of safety.
- The data supports the verdict: every model runs on fully documented inputs.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.
How to read this chart
60‑month range €13.11 – €24.45 · fair‑value band €16.19 – €26.98 · the €18.23 price screens below the €21.59 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
Jeronimo Martins SGPS SA (JMT) currently trades at €18.23, while our model-based Fair Value estimate is €21.59, implying the stock looks roughly 15.6% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of €35.46 per share, and 17 of the 26 models we run sit above the €18.23 price. Bear case: the Asset-Based group reads lowest at €3.51, and 9 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Jeronimo Martins SGPS SA generated revenue of €36.5B at a net margin of 1.8%. Revenue grew 6.3% year over year. It earns a return on equity of 18.6%. Net debt stands at €78.1M. Fundamentals as of Sep 1, 2026
Our scenario range runs from €16.19 (bear case) to €26.98 (bull case); at €18.23, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −50% fair-value upside, at 18%, JMT screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.2572 per share, which is 1.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models (€35.46) versus Asset-Based (€3.51). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 42
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Jerónimo Martins, SGPS, S.A. operates in the food distribution sector in Portugal, Poland, Colombia, Slovakia, and internationally. The company operates through Portugal Retail, Portugal Cash & Carry, Poland Retail, Poland Health and Beauty, and Colombia Retail segments.
Full company description
Jerónimo Martins, SGPS, S.A. operates in the food distribution sector in Portugal, Poland, Colombia, Slovakia, and internationally. The company operates through Portugal Retail, Portugal Cash & Carry, Poland Retail, Poland Health and Beauty, and Colombia Retail segments. It engages in the operation of chain of food stores under the Biedronka brand; online sales offerings, such as deliveries under the Biek brand, alternative ordering and delivery solutions with e-commerce players, and non-food products through a website; supermarket chains under the Pingo Doce brand; cash and carry stores under the Recheio brand; Bem-Estar parapharmacies and petrol stations; and coffee shops and kiosks under the Jeronymo brand. The company is also involved in the provision of specialized retail of health and beauty products, as well as in-store consultation services under the Hebe brand; operation of a chain of proximity food stores under the Ara brand; and production of dairy, livestock farming, aquaculture, and fruit and vegetables. In addition, it engages in the real estate purchase and sale; sea passenger water transport; renting of air transport equipment; growing of crops and animal farming; saline brackish waters aquaculture; and retail management, consultancy, and logistics. The company was founded in 1792 and is headquartered in Lisbon, Portugal. Jerónimo Martins, SGPS, S.A. operates as a subsidiary of Sociedade Francisco Manuel Dos Santos B.V.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Jeronimo Martins SGPS SA reported revenue of €36.0B in FY2025 versus €20.9B in FY2021, a compound +14.6%/yr. Reported net income was €646M in FY2025, compounding +8.7%/yr from FY2021.
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Jeronimo Martins SGPS SA (JRONY) (H1 2026) Earnings Call Highlights: Strong Sales Growth Amid ...
- What Does Americold's Jeronimo Martins Deal Mean for its Growth?
- Should Value Investors Buy Jeronimo Martins SGPS (JRONY) Stock?
Peer Group
Food Distribution · 81 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Food Distribution median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Food Distribution stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Sysco Corporation SYY | $81.94 | $59.83 | −27% |
| US Foods Holding USFD | $107.78 | $53.53 | −50% |
| Performance Food Group PFGC | $107.25 | $37.94 | −65% |
| CP Axtra Public Company CPAXT | 14.80 THB | 17.42 THB | +18% |
| The Chefs' Warehouse, Inc CHEF | $111.07 | $37.27 | −66% |
| Olam Group VC2 | 1.04 SGD | 2.12 SGD | +104% |
| United Natural Foods, Inc UNFI | $43.62 | $6.00 | −86% |
| The Andersons, Inc ANDE | $64.56 | $47.78 | −26% |
| Zhejiang Dongri Limited 600113 | ¥31.47 | ¥6.75 | −79% |
| Dong Suh Companies Inc 026960 | 25,450 KRW | 11,287 KRW | −56% |
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