Victorian Plumbing (LSE:VIC) - [Discussion Thread]

This looks a really interesting stock, does anyone here hold this or looking at entry at the moment?

Key statements to also note:

Exceptional items
Total fees incurred in relation to the IPO were £9.8 million, of which £9.4 million has been expensed through the income statement as an exceptional item, with the balance of £0.4 million being charged to the share premium account.

Share-based payments
The Group incurred share-based payment charges (including associated NI) of £7.7 million (2020: £nil). The majority of the charge recognised relates to shares awarded to management to incentivise a change in ownership such as the IPO that occurred in June 2021.

And for Dividend Investors:

No final dividend for the year ended 30 September 2021 has been declared. The current intention of the Board is to pay a dividend in relation to the financial year ending 30 September 2022.

I see holding back dividends for another year as a good sign to further build up cash in bank, currently at 32m.

All in all I see the latest results as good. The EPS all being the same, should increase from 5.3p back to 11.1p would give a great yield going forward at current suppresses levels. That said given the note from directors of potential future headwinds, taking a 50% haircut and assuming EPS remains around the 5p mark, this share looks great value right now.

Another metric I like is the company has been profitable the last 3 years, has no debt, and I like what I see in the IPO document that originally listed this company at 262p.

I still need to run through analysis of typical consumer spend, and market size but this is looking to be a bargain at current levels.

If I were to bet, I could see the SP in the 6-12 month plus range depending on interim results returning to a range of 140-160p, so room for both capital and income growth here, but as always DYOR.

Note: I currently hold no shares.


Looks interesting, would work fine for me to get diversified across yet another consumer sector.

Any idea why the sp got so battered right after IPO?

Realistically I think its an over reaction, to the fact things are opening up and consumer spending is going elsewhere (pubs/xmas/holidays).

I’m going to wait a few days - Mark Radcliffe bought £3m worth of shares on Friday, which is 25% of the average monthly trading volume so expecting a dip. That said I’m terrible at timing the markets and already think the drop is an overreaction.

I don’t have the industry experience in their sector but i can see they are coming in as a disruptor which is a good thing but usually an uphill task - not many sector disruptors succeed.

So the big questions are -
Is the Market ready to be disrupted - timing?
Is this the right company to disrupt the market?

I don’t know if there’s anyone on the forum who lives, breathes and have practical work experience within this space that can shed some light…

There are other unlisted companies out there too going from strength to strength by expanding online.


I think a volatility in the market could get me close to 83.50p or below entry point.

With all the macro releases scheduled for this week, lets see how the market reacts