Multiple signals firing — flagged for pre-raise, tone decliner. Worth a closer look. Tone trajectory is deteriorating (ahead → → → in_line); last update 2026-04-22. Macro backdrop: recovery.
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Multiple signals firing — flagged for pre-raise, tone decliner. Worth a closer look. Tone trajectory is deteriorating (ahead → → → in_line); last update 2026-04-22. Macro backdrop: recovery.
| Signal / Date | Status | Detail | Indicator |
|---|---|---|---|
| Composite signals | |||
| Multi-channel | Decliner flagged | Tone deteriorating across multiple channels — flagged decliner in AIM. 2 of 2 channels in agreement | tone -30.0 · broker -100.0 · director — · sector 28.4 |
| Tone trajectory | deteriorating | Tone has been deteriorating. most recent 2026-04-22 · 4 statements in last 180d | |
| Distress | Not flagged | Not flagged for distress. | |
| Pre-raise | Flagged | Active hype-language pattern — historically precedes equity raises (1.32× baseline). Hype-language density 0.0 per 1k words across recent disclosures. RNS cadence alone isn't a signal — buybacks and routine reporting can dominate; this measures language patterns, not announcement count. 16.0 RNS/month | |
| Narrative drift | Stable | Narrative consistent with historical baseline. | |
| Broker actions — last 90 days (10) | |||
| 2026-04-23 | reiteration | Berenberg BankBuy | 290p |
| 2026-04-23 | reiteration | Berenberg Bankbuy | GBX 290 |
| 2026-04-23 | target_cut | BERENBERGbuy | 290p(was 340) |
| 2026-04-22 | reiteration | Stifelhold | GBX 265 |
| 2026-04-22 | reiteration | Canaccord Genuitybuy | GBX 400 |
| 2026-04-22 | — | Shore Capitalbuy | — |
| 2026-04-22 | reiteration | StifelHold | 265p |
| 2026-04-22 | reiteration | Shore CapitalBuy | — |
| 2026-04-22 | reiteration | Canaccord GenuityBuy | 400p |
| 2026-04-22 | target_cut | BARCLAYSoverweight | 310p(was 320) |
| Director deals — last 90 days | |||
| — | None | No director deals in the last 90 days. | |
| Backdrop | |||
| UK macro regime | recovery | UK cycle classification: recovery (76% confidence). | See macro indicators → |
Tone deteriorating across multiple channels — flagged decliner in AIM.
2 of 2 channels in agreement
Tone has been deteriorating.
most recent 2026-04-22 · 4 statements in last 180d
Not flagged for distress.
Active hype-language pattern — historically precedes equity raises (1.32× baseline).
Hype-language density 0.0 per 1k words across recent disclosures. RNS cadence alone isn't a signal — buybacks and routine reporting can dominate; this measures language patterns, not announcement count.
Narrative consistent with historical baseline.
Berenberg BankBuy
Berenberg Bankbuy
BERENBERGbuy
Stifelhold
Canaccord Genuitybuy
Shore Capitalbuy
StifelHold
Shore CapitalBuy
Canaccord GenuityBuy
BARCLAYSoverweight
No director deals in the last 90 days.
Multiple signals firing — flagged for pre-raise, tone decliner. Worth a closer look. Tone trajectory is deteriorating (ahead → → → in_line); last update 2026-04-22. Macro backdrop: recovery.
| Signal / Date | Status | Detail | Indicator |
|---|---|---|---|
| Composite signals | |||
| Multi-channel | Decliner flagged | Tone deteriorating across multiple channels — flagged decliner in AIM. 2 of 2 channels in agreement | tone -30.0 · broker -100.0 · director — · sector 28.4 |
| Tone trajectory | deteriorating | Tone has been deteriorating. most recent 2026-04-22 · 4 statements in last 180d | |
| Distress | Not flagged | Not flagged for distress. | |
| Pre-raise | Flagged | Active hype-language pattern — historically precedes equity raises (1.32× baseline). Hype-language density 0.0 per 1k words across recent disclosures. RNS cadence alone isn't a signal — buybacks and routine reporting can dominate; this measures language patterns, not announcement count. 16.0 RNS/month | |
| Narrative drift | Stable | Narrative consistent with historical baseline. | |
| Broker actions — last 90 days (10) | |||
| 2026-04-23 | reiteration | Berenberg BankBuy | 290p |
| 2026-04-23 | reiteration | Berenberg Bankbuy | GBX 290 |
| 2026-04-23 | target_cut | BERENBERGbuy | 290p(was 340) |
| 2026-04-22 | reiteration | Stifelhold | GBX 265 |
| 2026-04-22 | reiteration | Canaccord Genuitybuy | GBX 400 |
| 2026-04-22 | — | Shore Capitalbuy | — |
| 2026-04-22 | reiteration | StifelHold | 265p |
| 2026-04-22 | reiteration | Shore CapitalBuy | — |
| 2026-04-22 | reiteration | Canaccord GenuityBuy | 400p |
| 2026-04-22 | target_cut | BARCLAYSoverweight | 310p(was 320) |
| Director deals — last 90 days | |||
| — | None | No director deals in the last 90 days. | |
| Backdrop | |||
| UK macro regime | recovery | UK cycle classification: recovery (76% confidence). | See macro indicators → |
Tone deteriorating across multiple channels — flagged decliner in AIM.
2 of 2 channels in agreement
Tone has been deteriorating.
most recent 2026-04-22 · 4 statements in last 180d
Not flagged for distress.
Active hype-language pattern — historically precedes equity raises (1.32× baseline).
Hype-language density 0.0 per 1k words across recent disclosures. RNS cadence alone isn't a signal — buybacks and routine reporting can dominate; this measures language patterns, not announcement count.
Narrative consistent with historical baseline.
Berenberg BankBuy
Berenberg Bankbuy
BERENBERGbuy
Stifelhold
Canaccord Genuitybuy
Shore Capitalbuy
StifelHold
Shore CapitalBuy
Canaccord GenuityBuy
BARCLAYSoverweight
No director deals in the last 90 days.