G. The valuation does not reflect B&M's growth trajectory. • Catalysts: Q3 results on 12-Jan. Related DB Research: B&M: Heron is flyinq (OkinesI European Non-Food Retail: Christmas turkeys and crackers (Okines) The price gap vs. Tesco and Asda is widening — B&M is a price leader 10% 5% 0% -5% -10% -15% -20% -