Updates

Victoria

March 2017

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Since my last update there have been further acquisitions pushing the shares to record highs – as always these are all-cash deals. Last month Victoria completed the acquisition of Dunlop Flooring, a distributor of underlay (market leader in Australia) and hardwood flooring, for £20m or 5.7x EBITDA. Victoria has also made an initial foray into Europe with the acquisition of Avalon and GrassInc, two Dutch-based suppliers of artificial grass, for £14.8m (£9.7m upfront, £4.4m deferred), which is 3.9x EBITDA (excluding a further £7.7m payable based on future profits). Cantor Fitzgerald has upgraded its price target to 525p but that is a PE of 22x eps or 13.2x EV/EBITDA fo ...

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Dunelm - Follow directors lead and buy

32Red - Cash bid at 196p a share; gain 35%

Victoria (January 2024)

Victoria - Stockpile of ceramic tiles built (January 2023)

Victoria (November 2022)

Victoria - Eps of 46.3p forecast for next year (August 2022)

Victoria (May 2022)

Victoria (December 2021)

Victoria - Forecasts lifted 12% (November 2021)

Victoria (August 2021)

Victoria (July 2021)

Victoria (June 2021)

Victoria (April 2021)

Victoria - Reports best ever Q3 (February 2021)

Victoria - Tremendous acquisition opportunities (December 2020)

Victoria (June 2019)

Victoria (January 2018)

Victoria (December 2017)

Victoria (September 2017)

Victoria - 5-way share split (October 2016)

Victoria (August 2016)

Victoria (May 2016)

Victoria - Eps forecasts upgraded to 80.1p and 105.5p (April 2016)

Victoria - To double sales within 18 months to US$1bn (March 2016)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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