reports
- Caroline Gulliver
Victorian Plumbing Group - CEO succession, acquisition and excellent t...
Victorian Plumbing has announced a change of CEO, a bolt-on acquisition and a very strong trading update. Revenue has risen an impressive 9% for the first 21 weeks of FY26E with profit margins maintained. As such, management is confident of meeting FY26E expectations, and we anticipate a smooth handover to Stephnie Judge as she steps up to become CEO. The group has completed the acquisition of Sovereign Transport Services Limited and Sovereign Commercials Limited for £3.4m cash (mostly). Victor...
- Caroline Gulliver
Victorian Plumbing Group - Considerable untapped potential (initiation...
Victorian Plumbing’s FY25 results illustrate the strength of its market-leading, profitable and cash-flow generative business. In this initiation report we review the group’s attractive investment thesis and conclude the 40% sell-off in the past 12 months significantly undervalues the group’s potential. We initiate coverage with a 110p Fair Value equating to 1.1x EV / Revenues, c.11x EV/EBITDA and a c.5% FCF yield (cal 2026). Victorian Plumbing has navigated major changes, completing a £21m war...
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