gloucesterman
29 Nov 2016
Re: Paul Scott of Small Cap value report has reviewed the results and has taken a long position.[link]
CASTLEFORD TIGER
25 Nov 2016
boom 10% in a day.tiger
WD in yorkshire
22 Nov 2016
"Today's interim figures show that growth is continuing" "Today's interim figures show that growth is continuing.............the risk of holding on seems relatively low."[link]
WD in yorkshire
22 Nov 2016
Victoria Profit More Than Doubles As Local Sourcing Gives It Advantage [link]
WD in yorkshire
22 Nov 2016
Investors Chronicle view changes from HOLD to BUY[link]
pearlsasinger
22 Nov 2016
Dividends? May I take it that dividends are nolonger paid by Victoria??
Hauler1
22 Nov 2016
Interims out... Victoria's successful growth has continued:· Group revenues for the six months ending 1 October 2016 grew by 45% from £105.6m to £153.4m· Like-for-like revenues grew by 8.0% (4.9% on a constant currency basis)4• Underlying operating profit increased from £7.9m to £14.4m• Underlying profit before tax substantially increased from £6.4m to £12.3m• Net debt as at the half year was £67.7m, representing a very comfortable 1.93x annualised EBITDA2 (2015 H1: 2.25x)• Acquisition of Ezi Floor on 30 September 2016 for initial cash consideration of £6.5m and deferred consideration of £6.5m, plus contingent cash consideration of up to a further £6.5m wholly dependent on improved EBITDA over the next four years
Hauler1
16 Nov 2016
Re: Has anyone else noticed... Either way W...it's good to see that the regular £15 share price is the new £10 share price if you know what I mean..hinged around a very modest PE in the low low teens....proper growth of the business. Next week interims...let's see what they bring. I think it's about time for our old friend Numberbitter to come out of the woodwork with his creative Projections of VCP being a 60 PE stock...
WD in yorkshire
16 Nov 2016
Re: Has anyone else noticed... My timing, the minute I post this observation the price swung -4%.
WD in yorkshire
16 Nov 2016
Re: Forgive my whining. I believe there are similar UP days, today may be one.
WD in yorkshire
16 Nov 2016
Re: Has anyone else noticed... Has anyone else noticed that in the week ahead of interim results we are up 5%. Could someone know something? A return to 330p would be welcome. Current price is below pre-Ezi Floor level and that makes no sense. Previous high was 349p hopefully we will see this broken on the back of the results.
WDC1109
10 Nov 2016
Has anyone else noticed... Has anyone else noticed VCP is trading on a current year PE of just 12x and 10.5x next year? And this for a company that has beaten every analyst forecast and had 13 profit upgrades in the last four years?
Hauler1
03 Nov 2016
Stockopedia article... Quoting Stockopedia..."I had a fascinating meeting yesterday with Geoff Wilding, the former investment banker who has been instrumental in Victoria Carpet's remarkable renaissance over the last 4 years. He gave me a masterclass in how to do a successful buy & build (he's done 6 of them, in various sectors, including Victoria, so is worth listening to).His 4 key points were;1) Don't buy turnaround situations. Target companies must already be well run, and profitable.2) Retain existing management - lock them in with earn outs over 3-4 years, to keep them motivated & involved.3) Buy companies which have modern factories & equipment - this minimises capex requirements in future.4) Management have to be honest & trustworthy. If in any doubt, walk away.He pointed out that many private companies have very inefficient balance sheets, as owners often focus on profitability, but not ROCE. So there can often be surplus assets on the balance sheet, which is great for an acquirer - cashflow can be freed up from squeezing inventories & debtors, selling freeholds, etc.Carpet-making is quite simple, and should generate good cashflow, if company is well managed. So quality of management is the critical success factor - "any id*ot can run a tufting machine, but not everyone will make money from it!" The machines are big, but only cost about £400k each. So you can generate a lot of revenue & profit from relatively modest capex. The good cashflow is one of the reasons why Warren Buffett bought a large carpet manufacturer.I really like this company, but aired my concern about its debt, and relatively weak balance sheet, and what impact this might have in an economic downturn. He showed me a graph which depicted the cost structure, and most costs are variable, or semi-variable. Therefore, carpet-making has little operational gearing - so profits should be fairly safe, even in a recession, as most costs would reduce (perhaps after a delay) in line with reduced revenues.He doesn't sound at all worried about debt - saying the business has scope to increase its borrowings if the right deal came along. If debt ever did become a problem, he would just switch off acquisitions for a while, and the strong cashflows would repay debt fairly quickly.the end of the meeting I was regretting having recently sold my VCP shares! I only sold them as part of a general portfolio pruning, due to margin calls after a few other things had gone wrong. It's certainly back on my buying list, but I'll bide my time until after the US Presidential Election is out of the way - as that seems to be causing some general market turbulence at the moment.I wish there were more hours in the day, as I'd like to meet more management - you learn so much from discussing the business with its CEO. Good news also - as I was impressed with the company, I invited Geoff Wilding to do an audio interview with me for Quality Small Caps after the next set of results, due out later this month. He said yes, so I'm looking forward to doing that, and will soon be soliciting your questions for me to ask him.Geoff Wilding is an engaging, and interesting New Zealander - and pretty direct - so you get straight answers to questions. It amused me that a couple of times he paused mid-sentence, frowned, then said, "No, I can't say what I was about to say, I'll get myself into trouble!" "
Joey1
30 Oct 2016
Growth Company Investor article This month's Growth Company Investor magazine has an article rating VCP a "great value BUY" following the Ezifloor acquisition which added 10.4% to EPS next year according to finnCap and debt of 1.3x EBITDA falling to 0.5x in 18 months.
Hauler1
21 Oct 2016
Hi Bovem... Someone sent me the original Fincap research a few weeks ago - it is 36 pages of thorough, well informed, engaging & well written copy...best i have read yet.I have not seen the latest thing you have been sent...but it would be helpful if this Research (after a suitable time lag for FCA purposes...i.e. once the research is deemed as yesterday's news) became available for public consumption on the Victoria Investor page website...rather like the store of past Company Reports.It would raise the profile & information level surrounding the business to a wider retail audience...Given that the negative 16% move that Finn Cap references has seemingly (entirely) come from Retail orders it would be a great point of discussion to be able to point people towards a bit of illumination as to what is going on with the company...the piece was such a good summary!I might ping the company a quick email asking if this is possible...and also to tell them that their share chart is still based off a £16 share price and looks like a disaster...Hauler
