We continue to see downside risk to consensus How might tax reform impact U.S. HPC, Beverage, and Tobacco stocks? Consumer & Media Daily Solid Q4 EBITDA beat, growth story on track Strong FCF generation in 2016, rest in-line Weak Q4 growth likely outweighs strong cash flow A better year-end and better start Diversification is back FY16 EPS 4.5% ahead but expect consensus to remain unchanged given input cost guidance Solid FY16 volumes and sensible FY17 guidance, but organic sales and EPS below expectations