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We initiated our coverage on Diageo (DEO) with a Buy rating in July 2019 ("Diageo: A Longer Historical Perspective"). Since then shares have lost 8.4% in GBP (after a 42.47p dividend), underperforming the FTSE All-Share:
As we will explain below, most of the loss is due to a contraction in Diageo's P/E multiple, despite its continuing solid P&L trends. For U.K. investors, some of the loss is also due to currency headwinds, with the