SBRY.L 12m Price Target: 325p Price: 315.8p Upside: 2.9% GS View: While solid 1Q27 trading was broadly in line with our expectations, with volume market share progress driving Grocery sales (+3.6%) and Argos (-0.5%), the outlook from here is likely to be more challenging. This view stems from our +0.6% calendar 2026 UK HAC growth forecast, implying no growth for the rest of this year, the lowest annual HAC growth since 2009 (ex COVID). In this context, we forecast FY27E as another year of c.flat Retail EBIT ...