Inclusive Investor Relations, Equity Development

Equity Development

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<ul><li>McBride has announced its proposed acquisition of the complementary Eurotab unit dosing business.</li><li>The anticipated acquisition price of c.€40m is just 3.1x EBITDA, post significant synergies, and the compelling deal could add c.</li><li>6% to FY27E revenues and FY27E Adj. EPS, rising to c.17% in FY29E.</li></ul>

McBride has announced its proposed acquisition of the complementary Eurotab unit dosing business.The anticipated acquisition price of c.€40m is just 3.1x EBITDA, post significant synergies, and the compelling deal could add c.6% to FY27E revenues and FY27E Adj. EPS, rising to c.17% in FY29E.

McBride PLC - A strategic, earnings-accretive acquisition

<ul><li>McBride’s H126 results confirm that for the third year running, demand for private label cleaning products remains at high levels, with private label volumes +0.9%, and Adj. EBIT margin a robust 6.6%.</li><li> Management has confirmed that H2 has started in-line with expectations and that new contract wins across divisions underpin the positive outlook for H226 and into FY27E.</li><li>Material costs are expected to remain flat and, with overhead costs under control, management is confident in meeting consensus expectations for FY26E of c.£64.7m Adj. EBIT.</li></ul>

McBride’s H126 results confirm that for the third year running, demand for private label cleaning products remains at high levels, with private label volumes +0.9%, and Adj. EBIT margin a robust 6.6%. Management has confirmed that H2 has started in-line with expectations and that new contract wins across divisions underpin the positive outlook for H226 and into FY27E.Material costs are expected to remain flat and, with overhead costs under control, management is confident in meeting consensus expectations for FY26E of c.£64.7m Adj. EBIT.

McBride plc - sustained private label profitability

<ul><li>McBride’s H126 trading update confirms that demand for private label cleaning products remains at high levels, with volume growth of 0.4% and total sales growth of 0.8%.</li><li>Moreover, McBride continues to win new contracts leading to management’s confidence in achieving FY26E expectations of Adj. EBIT of c.</li><li>£64m.</li></ul>

McBride’s H126 trading update confirms that demand for private label cleaning products remains at high levels, with volume growth of 0.4% and total sales growth of 0.8%.Moreover, McBride continues to win new contracts leading to management’s confidence in achieving FY26E expectations of Adj. EBIT of c.£64m.

McBride plc - sustained private label momentum

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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Thematic (Sector/Industry)

<ul><li>Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li><li>Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li><li>If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!</li></ul>

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a> IE considers <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a>’s A$3.00 offer fair and reasonable as it is within its A$2.79-A$3.28 per share valuation range.</li>
<li>The scheme remains conditional on shareholders' (Probiotec and Pyridam), FIRB, and OJK approvals. Probiotec can also pay a permitted dividend of up to A$0.04 per share.</li>
<li>The gross spread of 4.9% (6.3% including dividends) reflects doubts about Pyridam’s funding credibility, as Pyridam’s market cap is 16% of Probiotec’s implied by the offer.</li>
</ul>


The Probiotec Ltd (PBP AU) IE considers Pyridam Farma (PYFA IJ)’s A$3.00 offer fair and reasonable as it is within its A$2.79-A$3.28 per share valuation range.
The scheme remains conditional on shareholders' (Probiotec and Pyridam), FIRB, and OJK approvals. Probiotec can also pay a permitted dividend of up to A$0.04 per share.
The gross spread of 4.9% (6.3% including dividends) reflects doubts about Pyridam’s funding credibility, as Pyridam’s market cap is 16% of Probiotec’s implied by the offer.


Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger

United Kingdom

McBride plc develops laundry, household cleaning, and personal care products. The Company's products include textile washing powder, dishwash products, fabric conditioners, shampoos, foam baths, deodorants, toothpastes, and mouthwashes. Products are sold under the McBride label through major European grocery retailers.

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McBride PLC (MCB LN)

McBride PLC - A strategic, earnings-accretive acquisition

McBride has announced its proposed acquisition of the complementary Eurotab unit dosing business. The anticipated acquisition price of c.€40m is...

Equity Development

McBride plc - sustained private label profitability

McBride’s H126 results confirm that for the third year running, demand for private label cleaning products remains at high levels, with private...

Equity Development

McBride plc - sustained private label momentum

McBride’s H126 trading update confirms that demand for private label cleaning products remains at high levels, with volume growth of 0.4% and...

Equity Development

Monday Delight: 07/04/25

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help...

Contrarian Cashflows

Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger

The spread reflects concerns about the credibility of Pyridam’s funding (which requires OJK approval) due to the stark disparities in market cap....

Arun George

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