@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...
#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 ⬇️
#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) ⬇️
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...
#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-...
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 ...
#NXR Norcros plc has completed its strategic acquisition of Fibo: we see materially enhanced earnings (13-14% in a full year) as well as new marketing opportunities.
Read all about it in our new research note (freely accessible) along with audio summary:
www.equitydevelopment.co.uk/research/ear...
Read all about it in our new research note (freely accessible) along with audio summary:
www.equitydevelopment.co.uk/research/ear...
October 14, 2025 at 8:42 AM
#NXR Norcros plc has completed its strategic acquisition of Fibo: we see materially enhanced earnings (13-14% in a full year) as well as new marketing opportunities.
Read all about it in our new research note (freely accessible) along with audio summary:
www.equitydevelopment.co.uk/research/ear...
Read all about it in our new research note (freely accessible) along with audio summary:
www.equitydevelopment.co.uk/research/ear...
#POLR Polar Capital AUM was up £1.8bn over Q1 of FY26 to £23.2bn
- Investment returns were impressive compared to benchmarks contributing +£2.7bn
- Strange it doesn't trade at a significant premium to peers given strong net flows
Full note here: www.equitydevelopment.co.uk/research/str...
- Investment returns were impressive compared to benchmarks contributing +£2.7bn
- Strange it doesn't trade at a significant premium to peers given strong net flows
Full note here: www.equitydevelopment.co.uk/research/str...
July 10, 2025 at 7:58 AM
#POLR Polar Capital AUM was up £1.8bn over Q1 of FY26 to £23.2bn
- Investment returns were impressive compared to benchmarks contributing +£2.7bn
- Strange it doesn't trade at a significant premium to peers given strong net flows
Full note here: www.equitydevelopment.co.uk/research/str...
- Investment returns were impressive compared to benchmarks contributing +£2.7bn
- Strange it doesn't trade at a significant premium to peers given strong net flows
Full note here: www.equitydevelopment.co.uk/research/str...
$HTG #HTG Hunting's focus on executing its order book and addressing underperforming areas drove excellent progress in H1. We keep our 347p/share fair value for now, but will revisit models after H1’25 results. Detailed new analysis & audio summary here: www.equitydevelopment.co.uk/research/pro...
July 9, 2025 at 8:59 AM
$HTG #HTG Hunting's focus on executing its order book and addressing underperforming areas drove excellent progress in H1. We keep our 347p/share fair value for now, but will revisit models after H1’25 results. Detailed new analysis & audio summary here: www.equitydevelopment.co.uk/research/pro...
$IPX Impax AM - encouragingly, AUM at Impax AM rose 3% over Q3, boosted by investment performance and Sky Harbor acquisition. We leave forecasts unchanged, but highlight a deep discount in peer PER and retain a Fair Value of 400p in new research note here: www.equitydevelopment.co.uk/research/aum...
July 9, 2025 at 8:08 AM
$IPX Impax AM - encouragingly, AUM at Impax AM rose 3% over Q3, boosted by investment performance and Sky Harbor acquisition. We leave forecasts unchanged, but highlight a deep discount in peer PER and retain a Fair Value of 400p in new research note here: www.equitydevelopment.co.uk/research/aum...
Springfield Properties #SPR FY25 Trading Update
- Net bank debt significantly lower than prev f/c
- FY25 PBT in line with mkt expectations
- Valuation undemanding at 0.7x price/ book (peer group avg 0.9x)
- reiterate our 150p fair value estimate
Research report below, audio summary of key points ⬇️
- Net bank debt significantly lower than prev f/c
- FY25 PBT in line with mkt expectations
- Valuation undemanding at 0.7x price/ book (peer group avg 0.9x)
- reiterate our 150p fair value estimate
Research report below, audio summary of key points ⬇️
July 8, 2025 at 7:26 AM
Springfield Properties #SPR FY25 Trading Update
- Net bank debt significantly lower than prev f/c
- FY25 PBT in line with mkt expectations
- Valuation undemanding at 0.7x price/ book (peer group avg 0.9x)
- reiterate our 150p fair value estimate
Research report below, audio summary of key points ⬇️
- Net bank debt significantly lower than prev f/c
- FY25 PBT in line with mkt expectations
- Valuation undemanding at 0.7x price/ book (peer group avg 0.9x)
- reiterate our 150p fair value estimate
Research report below, audio summary of key points ⬇️
#CABP CAB Payments
- new US licence widens global footprint
- we expect this to ⬆️ growth in the greater Americas region
- footprint expansions are part of CAB’s strategic plan to be a primary player in moving money for clients between DM & EM
- See note: www.equitydevelopment.co.uk/research/new...
- new US licence widens global footprint
- we expect this to ⬆️ growth in the greater Americas region
- footprint expansions are part of CAB’s strategic plan to be a primary player in moving money for clients between DM & EM
- See note: www.equitydevelopment.co.uk/research/new...
June 4, 2025 at 8:53 AM
#CABP CAB Payments
- new US licence widens global footprint
- we expect this to ⬆️ growth in the greater Americas region
- footprint expansions are part of CAB’s strategic plan to be a primary player in moving money for clients between DM & EM
- See note: www.equitydevelopment.co.uk/research/new...
- new US licence widens global footprint
- we expect this to ⬆️ growth in the greater Americas region
- footprint expansions are part of CAB’s strategic plan to be a primary player in moving money for clients between DM & EM
- See note: www.equitydevelopment.co.uk/research/new...
#KGF Kingfisher beat consensus estimates by c.1.5% as B&Q led with nearly 8% LFL sales growth.
- We raise our FV from 340p to 355p, equivalent to 14x cal 2026 PER and a 3.5% dividend yield.
- Full note available here: equitydevelopment.co.uk/research/sun... but 1 min video synopsis below!
- We raise our FV from 340p to 355p, equivalent to 14x cal 2026 PER and a 3.5% dividend yield.
- Full note available here: equitydevelopment.co.uk/research/sun... but 1 min video synopsis below!
May 29, 2025 at 11:32 AM
#KGF Kingfisher beat consensus estimates by c.1.5% as B&Q led with nearly 8% LFL sales growth.
- We raise our FV from 340p to 355p, equivalent to 14x cal 2026 PER and a 3.5% dividend yield.
- Full note available here: equitydevelopment.co.uk/research/sun... but 1 min video synopsis below!
- We raise our FV from 340p to 355p, equivalent to 14x cal 2026 PER and a 3.5% dividend yield.
- Full note available here: equitydevelopment.co.uk/research/sun... but 1 min video synopsis below!