JPM | EMEA Spec Sits Daily: EZJ LN, TATE LN: EMEA Special Situations Specialist Commentary Merger Arbitrage • Pre-Announced • Spin-off Event Driven

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JPM | EMEA Spec Sits Daily: EZJ LN, TATE LN: EMEA Special Situations Specialist Commentary Merger Arbitrage • Pre-Announced • Spin-off Event Driven

Specialist Sales J P M O R G A N

03 July 2026

• Associated British Foods -Model Update- Georgina Johanan ACA here

• We update our model following ABF’s Q3 26 update yesterday (see more in our first take). We lower our FY 26 and FY

27 EBIT forecasts by 2% and 4% respectively, mainly to account for lowered guidance for the Sugar business (in addition

to minor tweaks to our Primark assumptions). The changes to our forecasts mean that we lower our DCF-based TP to

1,700p, end date Sep-27 (previously 1,780p). This would imply c.12% downside to the current share price. Our basic

SOTP implies a valuation that would not offer any upside to the current level. Fundamentally, we think Primark’s LFL

momentum (Q3 26 LFL: -2.2%) remains unconvincing despite improvement initiatives, and hence we struggle to become

more constructive on the shares, and remain Neutral

• German reform momentum gathers pace- Greg Fuzesi here

• Building on last week’s positive reception of the proposals by the Pension Commission, the government has today

presented a long list of further reforms. There are 33 separate items, with further reform proposals in the pipeline for the

summer.

• Today’s agreement covers a large number of areas. No single measure comes close to the scope of the proposed pension

reform, but many smaller measures can also add up to a larger shift. A few specific points are worth highlighting: Tax

reform, Labour market, cutting bureaucracy, industrial policy and china and trade policy.

• The key thing to watch will be whether these measures, combined with what has already been agreed and what is yet to