al n rte n I- d e tc i tr s Re CORE U.S. Consumer Staples 4Q19 “All Consumer” EPS Preview While Staples multiples continue to trend above long-term levels on an absolute basis (22x vs. 10-year and 20-year averages of 19.5x and 18.5x), we see the pull-back in 10- year treasury rates and continued malaise across the bulk of the discretionary retail sub- sector as factors that could provide support to Staples stocks, even with valuation at current levels. That said, as we look ahead into C4Q19 ear
