Inclusive Investor Relations, Equity Development

Equity Development

Inclusive Investor Relations

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Equity Bottom-Up

Victorian Plumbing Group / Equity Bottom-Up

Victorian Plumbing Group PLC is a major online bathroom retailer. The Company offers toilets, basins, baths, showers, suites, shower enclosures, taps, heating, tiles, mirrors, curtain rails, extractor fans, plugs, and other related plumbing products. Victorian Plumbing Group serves customers in the United Kingdom.

<ul>
<li>Victorian Plumbing’s FY25 results illustrate the strength of its market-leading, profitable and cash-flow generative business.</li>
<li>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.</li>
<li>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).</li>
</ul>


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 Group - Considerable Untapped Potential (Initiation)

Mercia Asset Management / Equity Bottom-Up

Mercia Asset Management PLC is a venture capital firm specializing in incubation, seed EIS, and early stage investments. It invests in technology focusing on sectors such as digital entertainment, gaming, software, electronics and hardware, advanced materials, engineering and specialist manufacturing, and life sciences. The firm invests in Midlands and the North of the United Kingdom. It makes equity investments in companies either directly or via its funds under management and can also provides investments in form of debt or convertible securities. The firm seeks board position in its portfolio companies. Mercia Technologies PLC was founded in April, 2014 and is based in Henley-in-Arden, United Kingdom with an additional office in Edinburgh, United Kingdom.

<ul><li>H1-26 (to 30 Sep 25) saw EBITDA jump 14% y-o-y to £4.2m and EBITDA margin up from 20.8% to 24.6%.</li><li>Impressively, this was achieved in a muted period for portfolio activity, with revenue slightly down from £17.6m to £17.2m.</li><li> AUM was marginally up at £2.0bn.</li></ul>

H1-26 (to 30 Sep 25) saw EBITDA jump 14% y-o-y to £4.2m and EBITDA margin up from 20.8% to 24.6%.Impressively, this was achieved in a muted period for portfolio activity, with revenue slightly down from £17.6m to £17.2m. AUM was marginally up at £2.0bn.

Mercia Asset Management: EBITDA & margin up again, undervaluation rises

Impax Asset Management / Equity Bottom-Up

Impax Asset Management Group plc, through its subsidiaries, provides investment services to funds specializing in the environmental markets sector, with a focus on alternative energy, water, and waste sectors, primarily in the United Kingdom. It manages a range of funds and segregated accounts on behalf of institutional and private investors. The company was formerly known as Impax Group plc and changed its name to Impax Asset Management Group plc in October 2009. Impax Asset Management Group plc was founded in 1998 and is based in London, the United Kingdom.

<ul><li>FY25 was disappointing as AUM fell 30% to £26.1bn, heavily impacted by the loss of £6.2bn of St James’s Place mandates.</li><li>Yet, Impax’s current share price seems to price in further decline.</li><li>The PER is just 10.9, nearly the lowest in the sector, despite net cash of £68m (31% of market cap), no debt, and the group generating £20m PAT in a rare bad year.</li></ul>

FY25 was disappointing as AUM fell 30% to £26.1bn, heavily impacted by the loss of £6.2bn of St James’s Place mandates.Yet, Impax’s current share price seems to price in further decline.The PER is just 10.9, nearly the lowest in the sector, despite net cash of £68m (31% of market cap), no debt, and the group generating £20m PAT in a rare bad year.

Impax AM - stabilising after tough FY25, with huge opportunities

ECO Animal Health Group plc manufactures, supplies, and markets pharmaceutical products for the animal health markets worldwide. The company offers Aivlosin, a macrolide antibiotic for the treatment of respiratory and enteric diseases in pigs and poultry. It also provides generic drugs, such as Ecomectin, Ecoheart, Ecotraz, and Ecomintic, which are endectocides and other antiparasitics for the treatment and prevention of parasites in cattle, sheep, pigs, horses, and dogs; and Chlortet and Oxytet for the treatment of bacterial infections in pigs, poultry, and cattle. The company was founded in 1972 and is headquartered in New Malden, the United Kingdom.

<ul><li>Eco Animal Health delivers a strong H1 FY26 performance.</li><li>Revenue surged 19% YoY to £39.4m, ahead of guidance, with adjusted EBITDA up to £3.0m from £0.4m last year.</li><li>Regional growth was impressive: North America +30% YoY and China & Japan +48% YoY.</li></ul>

Eco Animal Health delivers a strong H1 FY26 performance.Revenue surged 19% YoY to £39.4m, ahead of guidance, with adjusted EBITDA up to £3.0m from £0.4m last year.Regional growth was impressive: North America +30% YoY and China & Japan +48% YoY.

Eco Animal Health - HY26: momentum accelerates

Speedy Hire Plc, is a service provider offering equipment for both hire and sale, and associated services to construction, infrastructure, industrial and related industries. The Company provides these services to customers who operate both in the UK and overseas.

<ul><li>The new ProService Agreement is the dominant feature of year-to-date performance, driving an uplift in revenue and profitability despite subdued market conditions.</li><li>Velocity implementation continues, moving from enabling to growth phases.</li><li>While higher interest costs reduce FY26 estimates, the ProService deal materially enhances expected earnings thereafter, and we have raised our fair value to 61p per share to reflect this.</li></ul>

The new ProService Agreement is the dominant feature of year-to-date performance, driving an uplift in revenue and profitability despite subdued market conditions.Velocity implementation continues, moving from enabling to growth phases.While higher interest costs reduce FY26 estimates, the ProService deal materially enhances expected earnings thereafter, and we have raised our fair value to 61p per share to reflect this.