ZGBR - Global Perspectives U.K.: The Value Of Vaccination

• Following a poorly informed initial response, the UK government has pushed ahead with a world-leading vaccination program and looks set to emerge from the pandemic towards the head of the pack.
• The second wave of lockdowns has hit consensus 2021 earnings forecasts in the most exposed sectors hard.
• With the end of lockdown in sight, the focus is shifting away from questioning balance sheet strength and instead looking towards the earnings recovery in 2022.
• The companies with the strongest performance are likely to be those which are in a position to take advantage of the new trading environment to put themselves in an improved competitive position than prior to the pandemic.

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