@equitydevelopment.bsky.social
#VIC We initiate on Victorian Plumbing!
FY25 highlights:
✅ £310 revenue, up 5%
✅ UK bathroom market share 21.5% (up 140bps)
✅Strong cash flow & homewares launch
Fair Value 110p vs recent 40% sell-off
#VictorianPlumbing #UKRetail #VIC
Research report here!
www.equitydevelopment.co.uk/research/con...
FY25 highlights:
✅ £310 revenue, up 5%
✅ UK bathroom market share 21.5% (up 140bps)
✅Strong cash flow & homewares launch
Fair Value 110p vs recent 40% sell-off
#VictorianPlumbing #UKRetail #VIC
Research report here!
www.equitydevelopment.co.uk/research/con...
December 3, 2025 at 8:16 AM
#VIC We initiate on Victorian Plumbing!
FY25 highlights:
✅ £310 revenue, up 5%
✅ UK bathroom market share 21.5% (up 140bps)
✅Strong cash flow & homewares launch
Fair Value 110p vs recent 40% sell-off
#VictorianPlumbing #UKRetail #VIC
Research report here!
www.equitydevelopment.co.uk/research/con...
FY25 highlights:
✅ £310 revenue, up 5%
✅ UK bathroom market share 21.5% (up 140bps)
✅Strong cash flow & homewares launch
Fair Value 110p vs recent 40% sell-off
#VictorianPlumbing #UKRetail #VIC
Research report here!
www.equitydevelopment.co.uk/research/con...
#MERC Mercia AM - HY26 Results out this morning
- EBITDA +14%
- EBITDA margin up to 24.6%
- No redemptions
MERC has a proven track record of exiting at prem to NAV, but portfolio is currently deeply discounted. Our fair value is 58p/share - see our research report & video summary below!
- EBITDA +14%
- EBITDA margin up to 24.6%
- No redemptions
MERC has a proven track record of exiting at prem to NAV, but portfolio is currently deeply discounted. Our fair value is 58p/share - see our research report & video summary below!
December 2, 2025 at 9:39 AM
#MERC Mercia AM - HY26 Results out this morning
- EBITDA +14%
- EBITDA margin up to 24.6%
- No redemptions
MERC has a proven track record of exiting at prem to NAV, but portfolio is currently deeply discounted. Our fair value is 58p/share - see our research report & video summary below!
- EBITDA +14%
- EBITDA margin up to 24.6%
- No redemptions
MERC has a proven track record of exiting at prem to NAV, but portfolio is currently deeply discounted. Our fair value is 58p/share - see our research report & video summary below!
Eco Animal Health #EAH H126 numbers
- Rev's up 19% YoY to £39.4m, adj. EBITDA £3m vs £0.4m last year.
- Strong growth in NA (+30%) & China/Japan (+48%).
- EMA Positive Opinion for ECOVAXXIN®MS sets stage for EU launch in H2 FY26
New research note here: www.equitydevelopment.co.uk/research/fy2...
- Rev's up 19% YoY to £39.4m, adj. EBITDA £3m vs £0.4m last year.
- Strong growth in NA (+30%) & China/Japan (+48%).
- EMA Positive Opinion for ECOVAXXIN®MS sets stage for EU launch in H2 FY26
New research note here: www.equitydevelopment.co.uk/research/fy2...
December 1, 2025 at 11:03 AM
Eco Animal Health #EAH H126 numbers
- Rev's up 19% YoY to £39.4m, adj. EBITDA £3m vs £0.4m last year.
- Strong growth in NA (+30%) & China/Japan (+48%).
- EMA Positive Opinion for ECOVAXXIN®MS sets stage for EU launch in H2 FY26
New research note here: www.equitydevelopment.co.uk/research/fy2...
- Rev's up 19% YoY to £39.4m, adj. EBITDA £3m vs £0.4m last year.
- Strong growth in NA (+30%) & China/Japan (+48%).
- EMA Positive Opinion for ECOVAXXIN®MS sets stage for EU launch in H2 FY26
New research note here: www.equitydevelopment.co.uk/research/fy2...
#IPX a FY fall in AUM fall meant a decline in key financial metrics for Impax AM, but balance sheet remains strong and inflows are picking up.
The target market is huge and our fair value is 380p/share. See new research note here (video summary below): www.equitydevelopment.co.uk/research/sta...
The target market is huge and our fair value is 380p/share. See new research note here (video summary below): www.equitydevelopment.co.uk/research/sta...
December 1, 2025 at 10:47 AM
#IPX a FY fall in AUM fall meant a decline in key financial metrics for Impax AM, but balance sheet remains strong and inflows are picking up.
The target market is huge and our fair value is 380p/share. See new research note here (video summary below): www.equitydevelopment.co.uk/research/sta...
The target market is huge and our fair value is 380p/share. See new research note here (video summary below): www.equitydevelopment.co.uk/research/sta...
#SDY Speedy Hire’s ProService deal accelerates growth 🚀.
- Velocity moves into its next phase, fair value up to 61p.
- Earnings forecast +35–40% over 2 years despite tough markets. #SpeedyHire #GrowthStrategy #ProService
Link to new research note: www.equitydevelopment.co.uk/research/opp...
- Velocity moves into its next phase, fair value up to 61p.
- Earnings forecast +35–40% over 2 years despite tough markets. #SpeedyHire #GrowthStrategy #ProService
Link to new research note: www.equitydevelopment.co.uk/research/opp...
November 28, 2025 at 11:44 AM
#SDY Speedy Hire’s ProService deal accelerates growth 🚀.
- Velocity moves into its next phase, fair value up to 61p.
- Earnings forecast +35–40% over 2 years despite tough markets. #SpeedyHire #GrowthStrategy #ProService
Link to new research note: www.equitydevelopment.co.uk/research/opp...
- Velocity moves into its next phase, fair value up to 61p.
- Earnings forecast +35–40% over 2 years despite tough markets. #SpeedyHire #GrowthStrategy #ProService
Link to new research note: www.equitydevelopment.co.uk/research/opp...
If you missed last week's event with Polar Capital #POLR, catch up with the full recording of our webinar covering Interim Results with Q&A - a +25% ⬆️ in AuM to an all-time high, seamless leadership transition, improvement in fund performance, and more!
See video here: youtu.be/t1_orz8zr9U
See video here: youtu.be/t1_orz8zr9U
Polar Capital Holdings - Investor Presentation (Interim Results) - November 2025
YouTube video by Equity Development
youtu.be
November 27, 2025 at 3:35 PM
If you missed last week's event with Polar Capital #POLR, catch up with the full recording of our webinar covering Interim Results with Q&A - a +25% ⬆️ in AuM to an all-time high, seamless leadership transition, improvement in fund performance, and more!
See video here: youtu.be/t1_orz8zr9U
See video here: youtu.be/t1_orz8zr9U
#KGF Kingfisher Q3 beat expectations this week:
✅ Sales +1.0% (LFL +0.9%) on UK share gains
📦 E-commerce & trade up double digits
FY26 Adj. PBT guidance raised to £540–£570m; we lift to £555m
Our fair value: 365p (~14x PER, 3.5% yield) #Kingfisher
Note:
www.equitydevelopment.co.uk/research/str...
✅ Sales +1.0% (LFL +0.9%) on UK share gains
📦 E-commerce & trade up double digits
FY26 Adj. PBT guidance raised to £540–£570m; we lift to £555m
Our fair value: 365p (~14x PER, 3.5% yield) #Kingfisher
Note:
www.equitydevelopment.co.uk/research/str...
November 27, 2025 at 12:00 PM
#KGF Kingfisher Q3 beat expectations this week:
✅ Sales +1.0% (LFL +0.9%) on UK share gains
📦 E-commerce & trade up double digits
FY26 Adj. PBT guidance raised to £540–£570m; we lift to £555m
Our fair value: 365p (~14x PER, 3.5% yield) #Kingfisher
Note:
www.equitydevelopment.co.uk/research/str...
✅ Sales +1.0% (LFL +0.9%) on UK share gains
📦 E-commerce & trade up double digits
FY26 Adj. PBT guidance raised to £540–£570m; we lift to £555m
Our fair value: 365p (~14x PER, 3.5% yield) #Kingfisher
Note:
www.equitydevelopment.co.uk/research/str...
Vp plc #Vp Interims showed solid performance & highlight strength of diversified business model
- Brandon Hire Station repositioned for profitability
- Strong demand in International continues to offset persistent weakness in General Construction in UK
- 1,000p Fair Value
- Research & audio below!
- Brandon Hire Station repositioned for profitability
- Strong demand in International continues to offset persistent weakness in General Construction in UK
- 1,000p Fair Value
- Research & audio below!
November 27, 2025 at 9:04 AM
Vp plc #Vp Interims showed solid performance & highlight strength of diversified business model
- Brandon Hire Station repositioned for profitability
- Strong demand in International continues to offset persistent weakness in General Construction in UK
- 1,000p Fair Value
- Research & audio below!
- Brandon Hire Station repositioned for profitability
- Strong demand in International continues to offset persistent weakness in General Construction in UK
- 1,000p Fair Value
- Research & audio below!
#BEG 2 more deals by Begbies Traynor this week that look an ideal fit with their strategy of value-accretive acquisitions that add services or geographies. On under 10x cal 2026 P/E ratio, BEG shares look undervalued: we keep a 150p fair value in new note: www.equitydevelopment.co.uk/research/com...
November 26, 2025 at 9:05 AM
#BEG 2 more deals by Begbies Traynor this week that look an ideal fit with their strategy of value-accretive acquisitions that add services or geographies. On under 10x cal 2026 P/E ratio, BEG shares look undervalued: we keep a 150p fair value in new note: www.equitydevelopment.co.uk/research/com...
#KETL Strix Group H1
✅ Billi & Consumer Goods on track; Controls lagging → PBT/EPS down 9.7%
💰 Net debt/EBITDA 2.5x, debt reduction plans in place
👤 CEO to step down by May ’26; successor search underway
📊 Fair value now 89p (vs 95p), still above current price
Link to new research & video summary ⬇️
✅ Billi & Consumer Goods on track; Controls lagging → PBT/EPS down 9.7%
💰 Net debt/EBITDA 2.5x, debt reduction plans in place
👤 CEO to step down by May ’26; successor search underway
📊 Fair value now 89p (vs 95p), still above current price
Link to new research & video summary ⬇️
November 26, 2025 at 7:54 AM
#KETL Strix Group H1
✅ Billi & Consumer Goods on track; Controls lagging → PBT/EPS down 9.7%
💰 Net debt/EBITDA 2.5x, debt reduction plans in place
👤 CEO to step down by May ’26; successor search underway
📊 Fair value now 89p (vs 95p), still above current price
Link to new research & video summary ⬇️
✅ Billi & Consumer Goods on track; Controls lagging → PBT/EPS down 9.7%
💰 Net debt/EBITDA 2.5x, debt reduction plans in place
👤 CEO to step down by May ’26; successor search underway
📊 Fair value now 89p (vs 95p), still above current price
Link to new research & video summary ⬇️
#NXR H1 for Norcros plc saw margin progression, cash generation and dividend growth – followed by purchase of Fibo. With an evolving portfolio NXR shares have done well but a re-rating looks due.
We raise our fair value to 397p/share, see new research: www.equitydevelopment.co.uk/research/nor...
We raise our fair value to 397p/share, see new research: www.equitydevelopment.co.uk/research/nor...
November 25, 2025 at 11:31 AM
#NXR H1 for Norcros plc saw margin progression, cash generation and dividend growth – followed by purchase of Fibo. With an evolving portfolio NXR shares have done well but a re-rating looks due.
We raise our fair value to 397p/share, see new research: www.equitydevelopment.co.uk/research/nor...
We raise our fair value to 397p/share, see new research: www.equitydevelopment.co.uk/research/nor...
#AO World - impressive interim results show strategic, customer-focussed progress
- Rev +14%
- Adj. PBT +10%
- We increase our FY26E Adj. PBT and Adj. EPS by 4-6%
Raise Fair Value (again) to 170p
Research note: www.equitydevelopment.co.uk/research/5-s...
- Rev +14%
- Adj. PBT +10%
- We increase our FY26E Adj. PBT and Adj. EPS by 4-6%
Raise Fair Value (again) to 170p
Research note: www.equitydevelopment.co.uk/research/5-s...
November 25, 2025 at 10:47 AM
#AO World - impressive interim results show strategic, customer-focussed progress
- Rev +14%
- Adj. PBT +10%
- We increase our FY26E Adj. PBT and Adj. EPS by 4-6%
Raise Fair Value (again) to 170p
Research note: www.equitydevelopment.co.uk/research/5-s...
- Rev +14%
- Adj. PBT +10%
- We increase our FY26E Adj. PBT and Adj. EPS by 4-6%
Raise Fair Value (again) to 170p
Research note: www.equitydevelopment.co.uk/research/5-s...
#SUP in H1 Supreme had revs of £132.6m, up a healthy 17% - reflecting both organic growth and impact of acquisitions.
We do not change EBITDA forecasts or our Fair Value per share of 237p, as you can read / hear in new note: www.equitydevelopment.co.uk/research/sup...
We do not change EBITDA forecasts or our Fair Value per share of 237p, as you can read / hear in new note: www.equitydevelopment.co.uk/research/sup...
November 25, 2025 at 9:51 AM
#SUP in H1 Supreme had revs of £132.6m, up a healthy 17% - reflecting both organic growth and impact of acquisitions.
We do not change EBITDA forecasts or our Fair Value per share of 237p, as you can read / hear in new note: www.equitydevelopment.co.uk/research/sup...
We do not change EBITDA forecasts or our Fair Value per share of 237p, as you can read / hear in new note: www.equitydevelopment.co.uk/research/sup...
#KGH Knights Group H126 TU
- Rev +30% (incl. 3% organic growth)
- Acquisitions integrating well
- Confident of achieving FY market expectations
- Despite share price rise, only trades on c.6x cal 26 P/E ratio
- We see scope for a significant rerating & reiterate our 230p/ share fair value estimate
- Rev +30% (incl. 3% organic growth)
- Acquisitions integrating well
- Confident of achieving FY market expectations
- Despite share price rise, only trades on c.6x cal 26 P/E ratio
- We see scope for a significant rerating & reiterate our 230p/ share fair value estimate
November 21, 2025 at 7:45 AM
#KGH Knights Group H126 TU
- Rev +30% (incl. 3% organic growth)
- Acquisitions integrating well
- Confident of achieving FY market expectations
- Despite share price rise, only trades on c.6x cal 26 P/E ratio
- We see scope for a significant rerating & reiterate our 230p/ share fair value estimate
- Rev +30% (incl. 3% organic growth)
- Acquisitions integrating well
- Confident of achieving FY market expectations
- Despite share price rise, only trades on c.6x cal 26 P/E ratio
- We see scope for a significant rerating & reiterate our 230p/ share fair value estimate
#BEG robust H1 reported by Begbies Traynor with revenues up 7% and confident of matching FY PBT ests.
Begbies trades on only c.6x EV/EBITDA, a material discount to both its long-run average valuation multiples and our unchanged fair value of 150p/ share.
See new note here (video summary below) ⬇️
Begbies trades on only c.6x EV/EBITDA, a material discount to both its long-run average valuation multiples and our unchanged fair value of 150p/ share.
See new note here (video summary below) ⬇️
November 20, 2025 at 9:16 AM
#BEG robust H1 reported by Begbies Traynor with revenues up 7% and confident of matching FY PBT ests.
Begbies trades on only c.6x EV/EBITDA, a material discount to both its long-run average valuation multiples and our unchanged fair value of 150p/ share.
See new note here (video summary below) ⬇️
Begbies trades on only c.6x EV/EBITDA, a material discount to both its long-run average valuation multiples and our unchanged fair value of 150p/ share.
See new note here (video summary below) ⬇️
#MCB much good news in the McBride plc AGM trading update: adj op. profit seen in line for FY; wave 1 SAP ERP live; credit facility extended; £20m share buyback planned.
All this supports our fair value of 235p/share, as detailed here: www.equitydevelopment.co.uk/research/pro...
All this supports our fair value of 235p/share, as detailed here: www.equitydevelopment.co.uk/research/pro...
Proudly, profitably, private label
We initiate coverage with a 235p Fair Value equating to 10x PER, 6x EV/EBITDA and a c.6% FCF yield (cal 2026).
www.equitydevelopment.co.uk
November 20, 2025 at 9:13 AM
#MCB much good news in the McBride plc AGM trading update: adj op. profit seen in line for FY; wave 1 SAP ERP live; credit facility extended; £20m share buyback planned.
All this supports our fair value of 235p/share, as detailed here: www.equitydevelopment.co.uk/research/pro...
All this supports our fair value of 235p/share, as detailed here: www.equitydevelopment.co.uk/research/pro...
Interims today from #TAM Tatton Asset Management - yet another exceptional performance:
- Profit +20%
- Dividend +26%
-Net cash sharply up
- H1 growth & flows far higher than all peers - and a strong outlook
Read our latest note (freely accessible) here: equitydevelopment.co.uk/research/tam...
- Profit +20%
- Dividend +26%
-Net cash sharply up
- H1 growth & flows far higher than all peers - and a strong outlook
Read our latest note (freely accessible) here: equitydevelopment.co.uk/research/tam...
November 18, 2025 at 9:51 AM
Interims today from #TAM Tatton Asset Management - yet another exceptional performance:
- Profit +20%
- Dividend +26%
-Net cash sharply up
- H1 growth & flows far higher than all peers - and a strong outlook
Read our latest note (freely accessible) here: equitydevelopment.co.uk/research/tam...
- Profit +20%
- Dividend +26%
-Net cash sharply up
- H1 growth & flows far higher than all peers - and a strong outlook
Read our latest note (freely accessible) here: equitydevelopment.co.uk/research/tam...
Following the Interim numbers published today, a reminder that we're hosting the management of Polar Capital Holdings #PCH tomorrow @ 10am for an Investor Presentation from Iain Evans (CEO) and Samir Ayub (CFO) with live Q&A - sign up at the link! #POLR
www.equitydevelopment.co.uk/news-and-eve...
www.equitydevelopment.co.uk/news-and-eve...
Polar Capital: HY Results investor presentation - 18th November 2025
Iain Evans (CEO) and Samir Ayub (CFO) of Polar Capital will be conducting an investor presentation at 10.00am on 18th November covering Interim Results.
www.equitydevelopment.co.uk
November 17, 2025 at 10:28 AM
Following the Interim numbers published today, a reminder that we're hosting the management of Polar Capital Holdings #PCH tomorrow @ 10am for an Investor Presentation from Iain Evans (CEO) and Samir Ayub (CFO) with live Q&A - sign up at the link! #POLR
www.equitydevelopment.co.uk/news-and-eve...
www.equitydevelopment.co.uk/news-and-eve...
#POLR Polar Capital Holdings H1 results
- AUM growth far higher than peers
- especially bullish on opportunity to build in the US and Asia
- we raise forecasts and our DCF fundamental valuation to 675p per share #growth #activemanagement
- Full note here: equitydevelopment.co.uk/research/h1-...
- AUM growth far higher than peers
- especially bullish on opportunity to build in the US and Asia
- we raise forecasts and our DCF fundamental valuation to 675p per share #growth #activemanagement
- Full note here: equitydevelopment.co.uk/research/h1-...
November 17, 2025 at 7:46 AM
#POLR Polar Capital Holdings H1 results
- AUM growth far higher than peers
- especially bullish on opportunity to build in the US and Asia
- we raise forecasts and our DCF fundamental valuation to 675p per share #growth #activemanagement
- Full note here: equitydevelopment.co.uk/research/h1-...
- AUM growth far higher than peers
- especially bullish on opportunity to build in the US and Asia
- we raise forecasts and our DCF fundamental valuation to 675p per share #growth #activemanagement
- Full note here: equitydevelopment.co.uk/research/h1-...
Encouraging news this week from Eco Animal Health, reporting that the CVMP of EMA has adopted a Positive Opinion recommending the granting of EU marketing authorisation for ECOVAXXIN® MS, #EAH's vaccine against Mycoplasma synoviae in poultry - a significant step towards commercialisation
November 13, 2025 at 9:27 AM
Encouraging news this week from Eco Animal Health, reporting that the CVMP of EMA has adopted a Positive Opinion recommending the granting of EU marketing authorisation for ECOVAXXIN® MS, #EAH's vaccine against Mycoplasma synoviae in poultry - a significant step towards commercialisation
If you missed the live event last week, check out the full video recording here of Ultimate Products #ULTP management presenting their FY results overview with extensive Q&A - an insightful session, worth a watch!
youtu.be/ksDSn9L2VV4
youtu.be/ksDSn9L2VV4
Ultimate Products - Investor Presentation (FY Results) - 31st October 2025
YouTube video by Equity Development
youtu.be
November 7, 2025 at 4:09 PM
If you missed the live event last week, check out the full video recording here of Ultimate Products #ULTP management presenting their FY results overview with extensive Q&A - an insightful session, worth a watch!
youtu.be/ksDSn9L2VV4
youtu.be/ksDSn9L2VV4
Check out our note on CAB Payments #CABP after this week's encouraging news that its Middle Eastern subsidiary has received in-principle approval for a Category 2 Financial Services Permission licence from the Financial Services Regulatory Authority of Abu Dhabi Global Markets. Once granted ...
October 29, 2025 at 4:35 PM
Check out our note on CAB Payments #CABP after this week's encouraging news that its Middle Eastern subsidiary has received in-principle approval for a Category 2 Financial Services Permission licence from the Financial Services Regulatory Authority of Abu Dhabi Global Markets. Once granted ...
Diales Group #DIAL FY25 trading update
- confirms the company achieving increasingly ambitious consensus estimates.
- pipeline for new business remains positive, indicating a promising start for FY26
- cash reserves have risen to £3m
- our fair value 35p
Audio summary here: youtu.be/dqSzsUGVJYY
- confirms the company achieving increasingly ambitious consensus estimates.
- pipeline for new business remains positive, indicating a promising start for FY26
- cash reserves have risen to £3m
- our fair value 35p
Audio summary here: youtu.be/dqSzsUGVJYY
Diales Group plc - FY25 Trading Update - continuing to deliver progress
YouTube video by Equity Development
youtu.be
October 28, 2025 at 9:23 AM
Diales Group #DIAL FY25 trading update
- confirms the company achieving increasingly ambitious consensus estimates.
- pipeline for new business remains positive, indicating a promising start for FY26
- cash reserves have risen to £3m
- our fair value 35p
Audio summary here: youtu.be/dqSzsUGVJYY
- confirms the company achieving increasingly ambitious consensus estimates.
- pipeline for new business remains positive, indicating a promising start for FY26
- cash reserves have risen to £3m
- our fair value 35p
Audio summary here: youtu.be/dqSzsUGVJYY
#ULTP Ultimate Products FY25 results confirm key numbers & brand growth messages. Owned brands +4.3%, re-branded Beldray +11.1%. Our FY26 forecasts are held & we maintain fair value at 165p/ share.
New research report with audio summary here!
youtu.be/dZzHutkrirA
New research report with audio summary here!
youtu.be/dZzHutkrirA
Ultimate Products - FY25 Results - "Brand growth central to investment case"
YouTube video by Equity Development
youtu.be
October 28, 2025 at 9:09 AM
#ULTP Ultimate Products FY25 results confirm key numbers & brand growth messages. Owned brands +4.3%, re-branded Beldray +11.1%. Our FY26 forecasts are held & we maintain fair value at 165p/ share.
New research report with audio summary here!
youtu.be/dZzHutkrirA
New research report with audio summary here!
youtu.be/dZzHutkrirA
#RST Restore site visit focussed on 2 of the group's growth engines: Restore Technology & Synertec (£33m acquisition).
Increased conviction that Tech biz has stabilised & refocused
Synertec adds highly complementary offering.
New research note with audio summary here!
youtu.be/YahPAVUumz0
Increased conviction that Tech biz has stabilised & refocused
Synertec adds highly complementary offering.
New research note with audio summary here!
youtu.be/YahPAVUumz0
Restore plc Oct 25 - Site visit
YouTube video by Equity Development
youtu.be
October 28, 2025 at 9:02 AM
#RST Restore site visit focussed on 2 of the group's growth engines: Restore Technology & Synertec (£33m acquisition).
Increased conviction that Tech biz has stabilised & refocused
Synertec adds highly complementary offering.
New research note with audio summary here!
youtu.be/YahPAVUumz0
Increased conviction that Tech biz has stabilised & refocused
Synertec adds highly complementary offering.
New research note with audio summary here!
youtu.be/YahPAVUumz0