Cyclical and value-oriented Russell 2000 stocks remain cheap relative to the index, and we believe they need to deliver strong revenue growth for a chance to expand multiples. Technology (1.6 standard deviations), discretionary (1.3), health care (1.3) and utilities (0.6) trade the most above the five-year average relative price-to-forward sales. Conversely, materials (1 standard deviation below), financials (1) and durables (0.2) are the most discounted. Some of the cheapest small-cap sectors could sustain strong revenue rebounds through the rest of 2021, allowing for significant multiple reflation. Energy (average quarterly growth of 44.2%), financials (30.6%), and materials (28.3%) are expected to post greater top-line expansion than the index.