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 articulated sector and stock specific risks in the event of a Leave outcome.