I think the report/presentation is generous and time-sensitive. I see a number of key fundamentals which will hurt all/every business (excluding arms manufacturers perhaps?):-
- Interest rates will rise dramatically. This will hurt B&Os efforts in recent years to re-finance
- They may have reduced ability for additional borrowing facilities (Cashflow is collapsing)
- Non-staged sales. Millenials will have a lot less disposable in 2022/23
- Overall, can see a compounding of UK outlook, disposable income with Sales hit
- Can expect to see a compounding of German outlook, disposable income with Sales hit
- Raw materials (particularly Aluminium, Nickel and polymers) price increase as western currencies devalue.