NBG Securities maintains an Outperform recommendation for Jumbo, with a target price of 31.30 euros, versus the current price of 24.40 euros, seeing upside potential of about 28%.
In its comment following the first-half 2026 results, the brokerage describes the picture as “fair,” noting that the figures came in slightly higher than its estimates, with no surprises at the results level, while the balance sheet remains strong.
The picture for cash flows was particularly positive, with free cash flow amounting to 73.7 million euros, versus 20.8 million euros in the first half of 2025. At the same time, Jumbo maintained net cash of 485.7 million euros at the end of the half-year.
NBG Securities keeps its estimates for 2026 unchanged and awaits the next important milestone, the September trading update, which includes the back-to-school period and is expected to provide a clearer picture of the course of the year.
Based on its estimates, Jumbo is trading at an estimated 2026 P/E of 10.3x, versus a five-year average of 12.1x, a discount that the brokerage considers unjustified.