Cautious guidance for continuing operations (UK/EU/OZ) means optimism has reversed after selling the US. But guidance excludes benefits from targeted commercial initiatives. While some will be dependent on the new CEO, some are already underway. It also excludes the reversal of LY’s freight headwind. Collectively, internal/external levers could recoup some of the c400bps of lost EBIT margin. On <3x EV/EBITDA neither this, nor any DGA proceeds, are priced in