Ann: CYBG PLC Third Quarter 2019 Trading Update, page-93

"I know you dont care too much for the macro picture and prefer to focus on valuation, but what happens to CYB in a general global contraction?"

You are asking someone who - as you yourself say - is agnostic to cycles in economies/businesses/capital markets a question specifically about cycles in economies/businesses/capital markets?

Its a bit like asking an electrician a question about a pluming matter.


Nonetheless, I'll do the courtesy of indulging you:

Your question, "What happens to CYB in a general global contraction?" is a broad one.

Can you be more specific in what you are asking?
What happens to what exactly in relation to CYB?
It's earnings? Its competitive landscape? Its loan book? It's earnings? It's share price?

For that matter, "general global contraction" can mean a number of things.
Can you expand on what you mean by that?

Because in the absence of some specifics, your question is somewhat of a Dorothy Dixer akin to,

"What happens to listed securities when they go down in value?"

.