Hints and tips:
...On near-term COVID impact, apart from MO (cigs), SM (cigars) & PM (heated), supply chains are geog diverse (these three have already reported issues)....
...This was driven primarily by consistent volume growth in US cigars and Scandinavian snus....
...Time for a recovery multiple: Hays is trading on 1.8x FY22 EV/GP, which is a 20% discount to the mid-cycle average of 2.2x....
...WPP will also reduce is planned capex from £400m to v£300m....
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