On Consensus numbers the Sector is trading on peak multiples but the Street fails to model FX
properly. After adjusting for the Pound’s slide we now sit ahead of Consensus on most names; so
shouldn’t we be buyers of names where we’re most ahead of the Street? Not necessarily. We show
how the market has already priced most of the tailwind; we therefore try to look through these FX
driven differences and base recommendations on expected underlying trading performance.