Inclusive Investor Relations, Equity Development

Equity Development

We help companies communicate with all investors by providing research and access to management. Equity Development makes Investor Relations genuinely inclusive.

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

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<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)