The consumer sector has de-rated significantly since Q4 2021 and there are many stocks trading at trough ratings. This has created a situation where 9/30 stocks under our coverage are trading at below 5x EBITDA, despite the fact many are throwing off healthy cash flows. We have created a watchlist of companies where valuations are too low, there are interesting shareholder structures and FCF generation is strong. If the market continues to fail to fairly reflect the quality of these businesses in their valuations, then this could leave them open to corporate activity. For the purposes of this note, Ted Baker has been removed as it is currently in an offer situation.