Welcome to the September edition of Window Shopping, our second monthly review of the UK listed company consumer sector.
The consumer sector proved notably resilient this month, outperforming the wider market despite a cautious backdrop. Investors remain selective, and the gap between winners and losers continues to widen, rewarding companies with strong brands, resilient growth and dependable earnings.
It was a quiet month for corporate reporting and M&A, with few announcements of note. That makes underlying valuation and share price trends all the more telling, and this edition tracks how forward multiples, growth expectations and balance sheet metrics have shifted across our four consumer subsectors. New to this edition, we track net upgrades and downgrades within the month by subsector across sales, EBITDA, PBT and EPS, demonstrating how earnings sentiment is shifting within each subsector.
Matt Goode – Head of Consumer Capital Markets, Cavendish
