white-collar jobs - interestingly, the stock performance is an almost exact mirror image CPG LN stock has rebounded off the Feb-26 lows but still looks cheap to us. At 2Ox P/E, Compass is trading at a relative premium to the overall index of c20%, just about 10ppt above the Covid lows and well below the 10-year historical average of 59%. Macro de-rating is unwarranted). We therefore believe now presents a particularly good entry point from a valuation point of view, given we believe the business model is agile enough to embrace new opportunities in the 2030s. Exhibit 1: In recent months CPG LN's performance is almost the exact inverse of DSV's, the Al beneficiary in our Leisure & Transport coverage..