Alistair Wittet presented his in-depth investment theses on Jeronimo Martins (Portugal: JMT) and BIM (Turkey: BIMAS) at European Investing Summit 2016.
Jeronimo Martins is a Portuguese retailer that entered Poland in the 1990s. The company has achieved consistent market share gains in Poland and is now the leading retailer in the country, with 20% market share. 45% of the Polish market is still in the hands of independents, providing an opportunity for additional share gains by Jeronimo Martins. The company recently expanded the SKU count to include more fresh food products, similar to SKU expansion by Lidl in Europe. Jeronimo Martins entered Colombia 2013.
BIM was cited by Alistair as a model low-cost discount retailer. While Alistair did not specifically highlight BIM as an investment opportunity, BIM shares trade at a material discount to those of Jeronimo Martins.
About the instructor:
Alistair started his career in 2006 working as an investment analyst for Standard Life Investments before moving on to cover pan‐European food retail stocks as an equity analyst at Citigroup in 2009. Alistair joined Comgest in 2012 and is a portfolio manager specializing in European equities. Alistair graduated from the University of Durham.
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