3i down 18% as Action disappoints, selling accelerates

3i III.L down over 18% after core asset Action misses investor expectations on margins and growth visibility

Citi, which has buy rating, sees broadly solid trading offset by disappointing EBITDA margin and white space guidance

Higher energy and transport costs may explain the margin miss, Citi adds, along with below trend LFL sales growth

Sell-off amplified by positioning, with a broker saying “people are selling because other people are selling”

The broker adds U.S. expansion adds uncertainty rather than support, with limited financial detail and acknowledgment that costs will be higher than in European rollouts

3i top FTSE .FTSE faller by 1536 GMT; shares down 31% YTD