Goldman remain sell rated26 Mar 2025 08:04
Following the recent trading update, we have revised our 1H25E EBITDA and EBIT to £35mn and a £47mn loss, respectively (from £31mn and a £51mn loss). This reflects a 1H25E -13% revenue decline (from -15%). Our FY25E EBITDA and EBIT remain £135mn and a £26mn loss, respectively. In addition, we have reduced our 10-year EBITDA margin to 8% (from 8.5%) in line with the historical peak. With an updated 3.9% Rf (from 3.7%) in our valuation, our new DCF-derived 12-month target price is 345p (from 390p). We remain Sell rated.