In future, will people eat at home more or go out more? If they go out more (or the same amount), are they going to dine at restaurants or go to other venues and eat there, Compass's sectorization is diverse enough to cover and evolve in those places, ranging from sports stadia and street food markets to museums, etc. It also has restaurant and high-street offerings with a number of its sub-brands. Further, Ed Brown, CEO of Restaurant Associates in Compass Group, is a Michelin-starred chef. The bottom line is - Exhibit 18: Compass Group has invested in Applejack, which operates a Including social events, corporate events, weddings etc At 20x P/E, Compass is trading at a premium to the overall index of c20%, just 10ppt above the Covid lows and well below the 10-year historical average of 59%. When we look at macro indicators, historically Compass Group's P/E typically correlates recently (and is projected to trend higher per our equity strategy team), which would point to CPG trading at a 68% premium to the index, as opposed to the ~20% level now.