EFTA Document EFTA01385504

> Consumer Deutsche Bank B&M - Warwick Okines, BUY, close 413p, 450p tgt, 9% upside • Our preference is for value retailers. The UK macro environment looks similar to the austerity years of 2011/12. Both in groceries and in our apparel consumer survey we can see evidence of a shift to value. • B&M is a price leader, with a robust 15-20% price gap to Tesco and Asda. • Value retailers also offer structural growth opportunities. Multi-price discounters grew at a sales CAGR of 12% in 2006-16