Victorian Plumbing’s strong underlying H126 results are further evidence of the success of its market-leading, profitable and cashflow generative business. H126 Adj. EBITDA rose 11.8% to £17m, excluding the £1.8m planned strategic investment in homewares under the MFI brand. Trading on only c.7.5x cal 2027 EV/EBITDA and c.13.5x cal 2027 PER we see upside to our 110p Fair value per share; equivalent to a c.5% cal 2027 FCF yield.
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