Domino’s Pizza (initiate at UW), H&M, Moonpig, easyJet, ...

Research evidence excerpt

Domino’s Pizza (initiate at UW), H&M, Moonpig, easyJet, ...

Olivia Petronilho - Specialist Sales - European Consumer AC (44-20) 3493-3709 Europe Specialist Sales J P M O R G A N

olivia.b.petronilho@jpmorgan.com JPM | EU Consumer: Domino’s

J.P. Morgan Securities plc Pizza (initiate at UW), H&M,

Moonpig, easyJet, ...

25 June 2026

attractive: CY 26e and CY 27e PE of 11.7x and 10.0x, respectively: a discount of 6% and 14% compared to our UK General

Retail coverage. George also notes Moonpig offers one of the highest FCF yields at c.11%. We reiterate OW. See all details here

easyJet [comments from Zara Patel - Special Situations spec sales]. Positive update - Whilst the fourth proposal of £6.50 was

rejected, it was described as “substantially undervalued”. The rejection language has softened compared to the 22 June rejection

where EZJ said £6.25 “still fundamentally undervalued” them. On the negative side, EZJ note the fourth proposal continues to

give rise to significant questions of deliverability. On the positive side, it seems we are getting closer to the desired offer level

because the EZJ Board is now engaging, giving Castlelake access to limited commercial information, as this might produce a

more attractive proposal. As such, the EZJ board has sought a 9 day PUSU extension to facilitate limited diligence access - to

allow Castlelake to work on a further increased proposal and to address the Board’s deliverability concerns. The new PUSU

deadline is 5pm on Sunday 5 July. As a reminder, Castlelake said earlier this week that they had already performed an extensive

review of public informatin and are well-positioned to make a firm offer announcement pursuant to Rule 2.7 of the Code on an

expedited basis upon receiving access to due diligence information.