Inclusive Investor Relations, Equity Development

Equity Development

Inclusive Investor Relations

We help companies communicate with all investors. We help all investors better understand those businesses.

Equity Bottom-Up

Victorian Plumbing Group / Equity Bottom-Up

<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)

United Kingdom

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.

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Victorian Plumbing Group (VIC LN)

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...

Equity Development

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