finnCap - Victoria, Initiation of coverage

FCAP , VCP Fri, 07 Oct 2016, 07:00 BST

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.