DAVY VIEW

We believe the market has taken the view that medium-term forecasts for the staffers are now way too high and that the fallout from the geopolitical situation will take a significant toll over the next two years. We believe these assumptions are too draconian. Although we are not naïve enough to believe there is no economic risk, we feel these companies have been written off too early in a market that continues to see structural drivers in terms of inflation, continued supply-side shortages and cost savings. Hays trades c.10% above the dark days of mid-2020; Page a little better. Considering the balance sheet strength and the potential for special dividends, this now seems overdone.