Market SentimentSentiment on the stock is at a low ebb, and while narratives were supportive of the equity story, the pendulum has swung a long way negative.
Operational ChallengesUncertainty persists with regard to the shape of the group's short-term recovery and the need to increase investment and reposition/rebuild the business, while also taking cost out.
Strategic ExecutionManagement now needs to execute on the strategy it outlined, requiring a recovery in WM, operational improvement in ETS, and a healthier STS' backdrop to rebuild confidence in the equity story and drive earnings growth.