Whilst most companies maintained full year guidance during H1 updates, one of the key themes during July’s announcements was the lack of expected volume recovery during H2. This is somewhat unsurprising, but it is important in the context of the recovery. The last few years have seen successive volume drawdowns, so with H2 visibility now much clearer and expected to be broadly flat, volumes may have bottomed. Looking at sector multiples, Merchants & Retailers are pricing in the most recovery in ....
