The Leave outcome is bad news for the UK consumer cyclical stocks. The anticipated political uncertainty and UK GDP slowing will not help in the next 12-24 months, but we feel none of the risks are new to the sector and in time will be surmountable. Companies with international exposure are best placed to protect earnings. Those with a heavy UK earnings bias and with substantial exposure to food input costs are less well placed potentially. In this brief morning comment we recap our previously a ....
