Multiple signals firing — flagged for pre-raise, narrative drift. Worth a closer look. Tone trajectory is deteriorating ( → → broadly_in_line → ); last update 2026-04-22. Macro backdrop: recovery.
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Multiple signals firing — flagged for pre-raise, narrative drift. Worth a closer look. Tone trajectory is deteriorating ( → → broadly_in_line → ); last update 2026-04-22. Macro backdrop: recovery.
| Signal / Date | Status | Detail | Indicator |
|---|---|---|---|
| Composite signals | |||
| Multi-channel | Not flagged | Mixed signals — not flagged on either side. 3 of 4 channels active. 1 of 3 channels in agreement | tone 30.0 · broker -100.0 · director 28.8 · sector 25.5 |
| Tone trajectory | deteriorating | Tone has been deteriorating. most recent 2026-04-22 · 10 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. 12.8 RNS/month | |
| Narrative drift | Drifted | Narrative has drifted significantly from this company's historical baseline (1.1σ). Recent disclosures sit 1.1 standard deviations from this company's own historical narrative (23 recent vs 64 historical announcements compared). narrative drifted 1.1σ (mild) | |
| Broker actions — last 90 days (20) | |||
| 2026-04-28 | reiteration | DeutscheHold | 5430p(was 5460) |
| 2026-04-28 | target_cut | Deutschehold | GBX 5430(was 5460) |
| 2026-04-28 | target_cut | DEUTSCHE BANKhold | 5430p(was 5460) |
| 2026-04-24 | reiteration | JefferiesHold | 5600p |
| 2026-04-24 | reiteration | Berenberg BankBuy | 6200p(was 7000) |
| 2026-04-24 | reiteration | Jefferieshold | GBX 5600 |
| 2026-04-24 | target_cut | Berenberg Bankbuy | GBX 6200(was 7000) |
| 2026-04-23 | target_cut | Citigroupbuy | GBX 6200(was 7000) |
| 2026-04-23 | reiteration | CitigroupBuy | 6200p(was 7000) |
| 2026-04-23 | reiteration | RBC Capital MarketsSector Perform | 6200p |
| 2026-04-23 | reiteration | RBC Capital Marketssector perform | GBX 6200 |
| 2026-04-23 | target_cut | GOLDMANneutral | 5600p(was 6000) |
| 2026-04-22 | target_cut | BARCLAYSoverweight | 6000p(was 6300) |
| 2026-04-22 | target_cut | CITIGROUPbuy | 6200p(was 7000) |
| 2026-04-20 | — | JPMORGANnegative catalyst watch | — |
| 2026-04-17 | — | KEPLER CHEUVREUXbuy (hold) | — |
| 2026-04-14 | initiation | BOFAbuy | 6100p |
| 2026-03-31 | reiteration | JefferiesHold | 5600p(was 5900) |
| 2026-03-30 | target_cut | JEFFERIEShold | 5600p(was 5900) |
| 2026-03-27 | target_cut | BARCLAYSoverweight | 6300p(was 7000) |
| Director deals — last 90 days (13; 2 purchases / 2 sales) | |||
| 2026-03-23 | Sale | Kris Licht6,505 shares | £33 |
| 2026-03-20 | Award | Shannon Eisenhardt10,328 shares | £0 |
| 2026-03-20 | Award | Susan Sholtis6,910 shares | £0 |
| 2026-03-20 | Award | Kris Licht17,116 shares | £0 |
| 2026-03-12 | Award | Kris Licht175,000 shares | £0 |
| 2026-03-12 | Award | Shannon Eisenhardt42,500 shares | £0 |
| 2026-03-12 | Award | Susan Sholtis60,000 shares | £0 |
| 2026-03-12 | Award | Susan Sholtis30,000 shares | £0 |
| 2026-03-12 | Award | Kris Licht87,500 shares | £0 |
| 2026-03-12 | Award | Shannon Eisenhardt85,000 shares | £0 |
| 2026-03-06 | Sale | Susan Sholtis2,554 shares | £14 |
| 2026-02-20 | Purchase | Kris Licht2,109 shares | £1.4k |
| 2026-02-20 | Purchase | Shannon Eisenhardt189 shares | £122 |
| Backdrop | |||
| UK macro regime | recovery | UK cycle classification: recovery (75% confidence). | See macro indicators → |
Mixed signals — not flagged on either side. 3 of 4 channels active.
1 of 3 channels in agreement
Tone has been deteriorating.
most recent 2026-04-22 · 10 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 has drifted significantly from this company's historical baseline (1.1σ).
Recent disclosures sit 1.1 standard deviations from this company's own historical narrative (23 recent vs 64 historical announcements compared).
DeutscheHold
Deutschehold
DEUTSCHE BANKhold
JefferiesHold
Berenberg BankBuy
Jefferieshold
Berenberg Bankbuy
Citigroupbuy
CitigroupBuy
RBC Capital MarketsSector Perform
RBC Capital Marketssector perform
GOLDMANneutral
BARCLAYSoverweight
CITIGROUPbuy
JPMORGANnegative catalyst watch
KEPLER CHEUVREUXbuy (hold)
BOFAbuy
JefferiesHold
JEFFERIEShold
BARCLAYSoverweight
Kris Licht6,505 shares
Shannon Eisenhardt10,328 shares
Susan Sholtis6,910 shares
Kris Licht17,116 shares
Kris Licht175,000 shares
Shannon Eisenhardt42,500 shares
Susan Sholtis60,000 shares
Susan Sholtis30,000 shares
Kris Licht87,500 shares
Shannon Eisenhardt85,000 shares
Susan Sholtis2,554 shares
Kris Licht2,109 shares
Shannon Eisenhardt189 shares
Multiple signals firing — flagged for pre-raise, narrative drift. Worth a closer look. Tone trajectory is deteriorating ( → → broadly_in_line → ); last update 2026-04-22. Macro backdrop: recovery.
| Signal / Date | Status | Detail | Indicator |
|---|---|---|---|
| Composite signals | |||
| Multi-channel | Not flagged | Mixed signals — not flagged on either side. 3 of 4 channels active. 1 of 3 channels in agreement | tone 30.0 · broker -100.0 · director 28.8 · sector 25.5 |
| Tone trajectory | deteriorating | Tone has been deteriorating. most recent 2026-04-22 · 10 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. 12.8 RNS/month | |
| Narrative drift | Drifted | Narrative has drifted significantly from this company's historical baseline (1.1σ). Recent disclosures sit 1.1 standard deviations from this company's own historical narrative (23 recent vs 64 historical announcements compared). narrative drifted 1.1σ (mild) | |
| Broker actions — last 90 days (20) | |||
| 2026-04-28 | reiteration | DeutscheHold | 5430p(was 5460) |
| 2026-04-28 | target_cut | Deutschehold | GBX 5430(was 5460) |
| 2026-04-28 | target_cut | DEUTSCHE BANKhold | 5430p(was 5460) |
| 2026-04-24 | reiteration | JefferiesHold | 5600p |
| 2026-04-24 | reiteration | Berenberg BankBuy | 6200p(was 7000) |
| 2026-04-24 | reiteration | Jefferieshold | GBX 5600 |
| 2026-04-24 | target_cut | Berenberg Bankbuy | GBX 6200(was 7000) |
| 2026-04-23 | target_cut | Citigroupbuy | GBX 6200(was 7000) |
| 2026-04-23 | reiteration | CitigroupBuy | 6200p(was 7000) |
| 2026-04-23 | reiteration | RBC Capital MarketsSector Perform | 6200p |
| 2026-04-23 | reiteration | RBC Capital Marketssector perform | GBX 6200 |
| 2026-04-23 | target_cut | GOLDMANneutral | 5600p(was 6000) |
| 2026-04-22 | target_cut | BARCLAYSoverweight | 6000p(was 6300) |
| 2026-04-22 | target_cut | CITIGROUPbuy | 6200p(was 7000) |
| 2026-04-20 | — | JPMORGANnegative catalyst watch | — |
| 2026-04-17 | — | KEPLER CHEUVREUXbuy (hold) | — |
| 2026-04-14 | initiation | BOFAbuy | 6100p |
| 2026-03-31 | reiteration | JefferiesHold | 5600p(was 5900) |
| 2026-03-30 | target_cut | JEFFERIEShold | 5600p(was 5900) |
| 2026-03-27 | target_cut | BARCLAYSoverweight | 6300p(was 7000) |
| Director deals — last 90 days (13; 2 purchases / 2 sales) | |||
| 2026-03-23 | Sale | Kris Licht6,505 shares | £33 |
| 2026-03-20 | Award | Shannon Eisenhardt10,328 shares | £0 |
| 2026-03-20 | Award | Susan Sholtis6,910 shares | £0 |
| 2026-03-20 | Award | Kris Licht17,116 shares | £0 |
| 2026-03-12 | Award | Kris Licht175,000 shares | £0 |
| 2026-03-12 | Award | Shannon Eisenhardt42,500 shares | £0 |
| 2026-03-12 | Award | Susan Sholtis60,000 shares | £0 |
| 2026-03-12 | Award | Susan Sholtis30,000 shares | £0 |
| 2026-03-12 | Award | Kris Licht87,500 shares | £0 |
| 2026-03-12 | Award | Shannon Eisenhardt85,000 shares | £0 |
| 2026-03-06 | Sale | Susan Sholtis2,554 shares | £14 |
| 2026-02-20 | Purchase | Kris Licht2,109 shares | £1.4k |
| 2026-02-20 | Purchase | Shannon Eisenhardt189 shares | £122 |
| Backdrop | |||
| UK macro regime | recovery | UK cycle classification: recovery (75% confidence). | See macro indicators → |
Mixed signals — not flagged on either side. 3 of 4 channels active.
1 of 3 channels in agreement
Tone has been deteriorating.
most recent 2026-04-22 · 10 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 has drifted significantly from this company's historical baseline (1.1σ).
Recent disclosures sit 1.1 standard deviations from this company's own historical narrative (23 recent vs 64 historical announcements compared).
DeutscheHold
Deutschehold
DEUTSCHE BANKhold
JefferiesHold
Berenberg BankBuy
Jefferieshold
Berenberg Bankbuy
Citigroupbuy
CitigroupBuy
RBC Capital MarketsSector Perform
RBC Capital Marketssector perform
GOLDMANneutral
BARCLAYSoverweight
CITIGROUPbuy
JPMORGANnegative catalyst watch
KEPLER CHEUVREUXbuy (hold)
BOFAbuy
JefferiesHold
JEFFERIEShold
BARCLAYSoverweight
Kris Licht6,505 shares
Shannon Eisenhardt10,328 shares
Susan Sholtis6,910 shares
Kris Licht17,116 shares
Kris Licht175,000 shares
Shannon Eisenhardt42,500 shares
Susan Sholtis60,000 shares
Susan Sholtis30,000 shares
Kris Licht87,500 shares
Shannon Eisenhardt85,000 shares
Susan Sholtis2,554 shares
Kris Licht2,109 shares
Shannon Eisenhardt189 shares