We cut forecasts following the AGM statement profit warning. Our estimates already indicated falling profit this year but clearly market conditions have worsened. For prudence, we cut numbers across our 2025-2027E forecasting period; on average, revenue is reduced by 5.5% and PBT by 21.4%. Our target price is cut to 4,000p from 4,500p. Cuts are focused on Broking, but we also assume Financial will remain subdued, and with a weaker USD overlay. Clarkson has a strong net cash balance and free cash ....
