2303 GMT - Sports-tech provider Catapult's share price has declined by around 50% over the past 12 months, and Jefferies seeks to explain why. "The global tech stock sell-off clearly played a part in this, but we think another key driver was the significant level of consensus FY27 and 28 net profit/EPS downgrades," says analyst Evan Karatzas. The net profit downgrades was strictly driven by non-cash items. When assessing fundamental metrics like annualized contract value and contribution margin, consensus forecasts for FY27 and FY28 increased by 8% and 11%, respectively, says Jefferies. "With the non-cash accounting downgrades now fully reflected in consensus, the next 12 months of Catapult share price performance should now be driven by true operational fundamentals," Jefferies says. It retains a buy call on Catapult.