EU Supply’s (EUSP) trading update for the year to end 2015 says it expects sales of £2.8m (Stockdale £3.1m) and an adj. LBIT of £1.4m (£1.3m). We have reduced our 2016 and 2017 forecasts to reflect the current foreign exchange rates and our more conservative assumptions on sales progress. We are encouraged that the company expects to be profitable on a run-rate basis in 2016 but have reduced our DCF-derived target price to 10p from 25p to reflect the deferral in ....