LINK’s Q4 profit warning marked a significant step-down in growth, showing -4% organic GP growth, vs 6% in Q3. Based on the soft trading update, we lower gross profit by ~4% for 2026/27e, which results in 8% lower cEPS. We have taken a somewhat more conservative approach to 2026e sales than the lost client and downscaled volumes indicate, to weigh up for lower visibility going forward. While we find it too early to conclude on the structural effects, we consider i) yesterday’s share price develo ....
