European Consumer Staples: Sector Underperformance: Derating or Downgrade driven?

研报英文原文证据摘录

European Consumer Staples: Sector Underperformance: Derating or Downgrade driven?

Equity Research

European Consumer Staples

18 June 2026

Sector Underperformance:

Derating or Downgrade driven?

EU Staples have de-rated sharply despite only modest European Consumer Staples

earnings cuts since the Iran war. With earnings now stabilising NEUTRAL

and positioning still light, we see room for a rerating post the European Consumer Staples

Warren Ackerman

peace deal, although delivering on top line will still be key. +44 (0)20 3134 1903

We prefer names like LOR, BN, UNA, CARLB and RI FP. warren.ackerman@barclays.com

Barclays, UK

Laurence Whyatt

We think that European Consumer Staples are starting to look more interesting again -

+44 (0)20 7773 5324

selectively - with valuations now at multi-year lows and positioning still light, albeit top line laurence.whyatt@barclays.com

delivery, as ever, will remain key. The sector has seen a broad de-rating since the start of Barclays, UK

the Iran conflict, with c.90% of names trading below pre-war multiples and average

Alex Sloane

discounts of ~25% to 5-year averages. However, earnings expectations have been relatively +44 (0)20 3555 0645

resilient, with only ~60% of companies seeing downgrades and revisions largely limited to low alexander.sloane@barclays.com

single digits. Barclays, UK

With oil prices easing and macro pressures on consumers beginning to stabilise, the earnings Varshil Modi

+91 (0)22 6175 3995downgrade cycle now appears to be bottoming. This leaves the sector positioned for a potential

varshil.modi@barclays.com

re-rating, particularly given low expectations and under-ownership vs history, although a full

recovery will likely depend on clearer evidence of volume stabilisation, and navigating the