- Below is the Victoria PLC Live Discussion, edited into smaller videos for your convenience - for speed listening, go to the settings wheel on the bottom right of the video and choose playback speed - after one minute video becomes high-resolution -

Intro, Cap and Legal Structure - 22 Nov 24

Game Theory - 22 Nov 24

Company - 22 Nov 24

Q&A - 22 Nov 24

Situational Overview - 22 Nov 24

Investment Discussion - 22 Nov 24

Modeling 22 Nov 24

SARRIA News -INTU
Tomás Mannion
Victoria Plc - comment
Tomás Mannion

The Spruce House Partnership has effectively left the share register in Victoria Plc, reducing its exposure to 3.8%.  Spruce House historically had

Tomás Mannion
Tomás Mannion
Victoria Plc - comment
Tomás Mannion

Fitch has caught up with the reality of Victoria's situation and downgraded the bonds to B+ from BB. This is a reaction to the deterioration of EBITDA as

Tomás Mannion
Tomás Mannion
Victoria Plc - comment
Tomás Mannion

A new shareholder has appeared on Victoria’s register, Philosophy Capital Management LLC, with a 6.6% stake.  In context, this is a £3m position and

Tomás Mannion
Tomás Mannion
Victoria Plc - comment
Tomás Mannion

The share register in Victoria Plc continues to evolve as The Spruce House Partnership exits its position.  From holding 20.7% at year-end, they have reduced to

Tomás Mannion
Victoria Plc - comment
Tomás Mannion
Victoria Plc - comment
Tomás Mannion

Victoria Plc released their full H1 24/25 numbers, with investors focusing firmly on the outlook.  There was no mention of negotiations with bondholders with

Tomás Mannion
Tomás Mannion
Victoria Plc - comment
Tomás Mannion

Before releasing their H1 numbers next Tuesday (26th), the Company has announced the sale of its ceramic business in Turkey.  Cash proceeds are

Tomás Mannion
Tomás Mannion
Victoria Plc - comment
Tomás Mannion

We will be hosting a call on Victoria on Friday 22nd. Victoria Plc confirmed their previous guidance issued in early October that H2 will see

Tomás Mannion
Victoria Plc - Cyclical or Structural?
Tomás Mannion
Victoria Plc - Cyclical or Structural?
Tomás Mannion

Please find our model on Victoria Plc here.

Victoria has seen an 18-month downturn in demand, which has reduced EBITDA from c. £150m to an expected £60m for FYE Mar-'25. The Company has

Tomás Mannion
Tomás Mannion
Victoria PLC - comment
Tomás Mannion

S&P has downgraded Victoria to B—with a negative outlook due to increasing leverage and upcoming maturities,

Tomás Mannion