They are on the 10 multiples against 17 for Kingfisher, and we think that that is a fair multiple for Kingfisher, while it is very cheap for Boots. They have shown over many years that they are able to manage their margins and to go into product categories in which they have an advantage. All indications at the moment, certainly in the UK, are that they are not making that big an impact, and even if that were to grow a bit, that Boots could also continue to grow in its chosen markets. Traditionally, the sector benefits when interest rates are perceived to be coming down and broadly speaking that continues, although these days, the cycle really seems to have smoothed. So there is not as big of an impact from those sort of changes.
Consumer confidence is the crucial bit.
Funny enough, that isn t totally linked to interest rates anymore, but there are beneficiaries if the interest rates were to fall. The pound, though, is important from a supply point of view. The euro change is not much of a problem. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.