finnCap - Victoria, Initiation of coverage

finnCap initiate on Victoria with a price target of 400p, 24% upside to the current price, and a multiple of 17x 12-month adjusted EPS. A series of successful acquisitions since 2012 has transformed Victoria into the largest carpet manufacturer in the UK (~15% market share of carpets) and the second largest in Australia (~17% market share of carpets) with annualised revenues of £300m.

Roger Tejwani
Research Director - Consumer

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