Report
Chris Wickham

New Board appointments support growth potential

Strong relations with UK retailers and the potential to build on European expansion are important components of the value proposition and growth case for Ultimate Products plc.

The owner of the Beldray and Salter brands today announced two important Board appointments that are consistent with those objectives. As a brand manager with clearly prioritised distribution channels, we retain our 200p Fair Value for UP’s shares.

UP is to appoint two new Non-Executive Directors, both of which have pertinent experience and strong track records, to its Board with effect from 28th October this year. Andrew Milne, the current CEO of diversified and international soft drinks group Nichols plc, and José Carlos González-Hurtado, who holds Senior Advisor roles at global private equity firm Advent International and Roland Berger, an international management consultancy. We view these appointments positively.

Today’s announcement is consistent with UP’s growth strategy, which is driven by a twin commitment to its brands and distribution channels.

We reiterate the case for a 200p fair value, at which the company’s FY2025 EV/EBITDA would be 8.9x and its prospective P/E ratio an undemanding 13.8x.
Underlying
Up Global Sourcing Holdings

Up Global Sourcing Holdings is a supplier of household products to global markets. Co. is the owner, manager, designer and developer of a range of consumer goods brands, focused on the home. Co. sources, imports and sells products across a range of categories including small domestic appliances, audio, laundry, housewares, heating and cooling and luggage.

Provider
Equity Development
Equity Development

​Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.

Analysts
Chris Wickham

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