RE: Info7 Apr 2022 18:44
It's not a downgrade because estimates of revenues and EBITDA are unchanged. What appears to have happened is that a Peel Hunt analyst made several errors leading to miscalculation of eps. Their recent 'housekeeping note' says:
Following a change of analyst on the stock we are re-publishing our forecasts with revisions to depreciation, interest and tax assumptions. Crucially, the revenue and EBITDA lines remain unchanged, confirming the direction of travel as the company starts to reap the benefits from recent capex and restructuring investments. The next anticipated newsflow is a pre-close update in April, ahead of FY results likely to be in June. Our recommendation remains Buy, TP 65p.