Unprecedented moves: Yesterday’s news from Pfizer of successful vaccine clinical trials data caused one of the most dramatic market moves in the work life of the Media team (which dates back to in 2004). Whilst the reactions of the likes of Informa, On The Beach, Cineworld & Restaurant Group (alongside the more negative reactions of perceived ‘crisis winners’) were hardly surprising in terms of direction relative to our previously expressed expectations, the quantum and speed of the moves were. It is outside of our expertise to opine on regulatory timeframes & roll-out schedules, but, if successful, vaccine development does allow a momentary fleeting glimpse of a potential return to at least partial normality long-term. It is therefore worth considering where companies across the two sectors stand in terms of valuations and earnings forecasts, relative to pre-crisis levels. Running the numbers: In the graphics overleaf (see full report) we highlight 3 screens across the sectors. 1) The multiple differential between current fiscal FY22E PE post yesterday, relative to the average prospective (NTM) PE over 2019, 2) the differential between our fiscal FY22E EPS forecast and the FY19 EPS, and 3) the implied share price based on FY19 EPS and the average prospective PE during 2019, relative to the closing price yesterday. We recognise the crude mechanical nature of this, given distortions from equity raising, portfolio change and structural growth, but it does still highlight some interesting points to consider, in our view More to go for: From a pure multiple standpoint, excluding Cineworld which is still impacted by liquidity concerns, the likes of Moneysupermarket, GoCo and Euromoney all still offer scope for multiple recovery relative to FY19. From an earnings perspective - although Restaurant Group is impacted by the reduced estate post CVA and it, as well as Informa and JD Wetherspoon, raised equity, these three plus Cineworld and Euromoney still all have forecast EPS well below FY19 levels. Lastly, combining FY19 EPS and average prospective PE during 2019 to give an implied share price highlights significant implied upside for Informa, Euromoney and Moneysupermarket (in the Media sector) and Cineworld, Restaurant Group & JD Wetherspoon (in Leisure sector).