Updates

Victoria

December 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.

Victoria has completed two acquisitions in the ceramic flooring market, one of which is particularly substantial and funded by a placing of new shares.Smaller of the two acquisitions is Serra, an Italian ceramic flooring manufacturer, for £50.4m (£32.6m cash upfront and the rest based on future performance). In the year to 31 December 2016, Serra made £9.4m ebitda on sales of £25m, which represents a multiple of just 5.4x trailing ebitda.The bigger deal and the one that has set the shares on fire is the acquisition of Keraben Group for £246.5m. The consideration is partly satisfied with a placing of 22.99m new shares at 783p to raise £180m. There was no discount on the placing price and wit ...

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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 (September 2017)

Victoria (March 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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