…s. ‘23E Office Equip/Supplies Garden Equip/Supplies Toys Sporting Goods Other 100% 90% 80% Media Auto 70% Food & Bev 60% Furniture & Home Furnishings 50% 40% Consumables a y 30% Electronics & Appliances 20% 10% Clothing & Accessories 6 0% 2013 2018E 2023E Source: Co...
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…ples has gone ballistic 950 r 40 0.43 ——MSCI EM _ 900 SSW eG TRS EN LSI SEE ERG ; , ———S&P 500 Banks relative to Food & Bev 0.39 (RHS) 850 0.37 0.35 800 0.33 750 0.31 700 0.29 0.27 650 0.25 Oo Oo Wo Oo Oo Ob Oo 0 0 Oo 0 Oo 8 po WwW WOW © © © © © © © © © © SSReRPERELZERS SSR SR ER...
…test MIN MAX Utiity 38 26 Healthcare a -98 ‘| Real Estate 34 -2.1 Personal & Household Goods 0 -94 0 Media 29 18 Food & Beverages -31 -93 0 Food & Bev 26 22 Telecom 2 92 0 HealthCare -25 -18 Utilities 8 -92 3 Telcos 2A 99 Technology 0 se 26 Travel & Leis 21 07 Media “| 87 7 Retai...
…elative de-rating for Staples — relative PE for Food & the move in bond yields — relative PE back around average levels Beverage still 6-10% above 2010 / 2014 levels 0.90 3.5 1.70 0.5 0 0.85 3 1.60 0.80 1.50 1 2 1.5 0.75 1.5 1.40 2 0.70 ' 1.30 2.9 0.65 » 1.20 ° , ==———=Banks / In...