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Victorian Plumbing Group PLC (VIC) Fair Value & Analysis

Consumer Cyclical · GB · Market cap 251M GBX · ISIN GB00BNVVHD43

What is Victorian Plumbing Group PLC really worth?

VP Victorian Plumbing Group PLC VIC · LSE
Price£0.7190
Fair Value£0.8600
Upside+19.6%
Quality60/100

A solid business, trading 16% below our fair value of £0.8600.

As of Sep 5, 2026, the fair value of Victorian Plumbing Group PLC is £0.8600 per share against a price of £0.7190, so the fair value sits 20% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

generates free cash flow

Risks

!Mixed Growth (revenue 5y +8.0 %/yr)
!Thin margins · 4.4% net margin
!Mixed vs. peers (7/13)
!Moderate moat 54/100
!Evidence only low, so the estimate is less certain

For context

·3.06% dividend yield
Evidence: Low Range £0.5900 – £1.08

Fair value as of: Sep 5, 2026

From 26 valuation models · updated yesterday

Share price −6.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A fairly wide model range (£0.5900 to £1.08) leaves room in how you read the outcome.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Price vs Fair Value (5 years)

£2.98 £0.3074 Fair Value £0.8600 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range £0.3074 – £2.98 · fair‑value band £0.5900 – £1.08 · the £0.7190 price screens below the £0.8600 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

Victorian Plumbing Group PLC (VIC) currently trades at £0.7190, while our model-based Fair Value estimate is £0.8600, implying the stock looks roughly 16.4% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of £0.8700 per share, and 16 of the 26 models we run sit above the £0.7190 price. Bear case: the Asset-Based group reads lowest at £0.1200, and 10 of the 26 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Victorian Plumbing Group PLC generated revenue of £326M at a net margin of 4.4%. Revenue grew 10.5% year over year. It earns a return on equity of 22.9%. Net debt stands at £33.4M. Fundamentals as of Sep 5, 2026

Our scenario range runs from £0.5900 (bear case) to £1.08 (bull case); at £0.7190, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Consumer Cyclical peers we cover trades at −25% fair-value upside, at 20%, VIC screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 11 months have passed since. In that time the company retained roughly £0.0168 per share, which is 2.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence £0.5800 £0.8100 £1.09 79
Growth DCF £0.5800 £0.7700 £1.00 77
Owner Earnings £0.5600 £0.7800 £1.05 74
All 26 models by family
DCF Models
FCF DCF best evidence £0.5800 £0.8100 £1.09 79
Owner Earnings £0.5600 £0.7800 £1.05 74
5Y Revenue Exit £0.6400 £0.9800 £1.43 70
5Y EBITDA Exit £0.7200 £1.15 £1.65 72
5Y P/E Exit £0.6100 £0.9300 £1.27 68
10Y Revenue Exit £0.5900 £0.8700 £1.25 64
10Y EBITDA Exit £0.6500 £0.9700 £1.40 66
10Y P/E Exit £0.5900 £0.8400 £1.15 62
Earnings-Based
Graham-Dodd £0.2700 £0.9000 £1.20 64
Lynch FV £0.2000 £0.2900 £0.3800 61
PEG = 1.0 £0.2000 £0.2900 £0.3800 57
EPV £0.5200 £0.5700 £0.6200 70
Dividend Discount
Gordon GGM £0.1200 £0.2100 £0.2700 68
DDM Multi-Stage £0.1200 £0.1900 £0.2200 67
Multiples
P/E Multiple £0.6500 £0.8600 £1.08 63
P/S Multiple £0.5000 £0.6700 £0.8300 58
P/B Multiple £0.5000 £0.6700 £0.8300 55
EV/EBIT £1.03 £1.36 £1.68 63
EV/EBITDA £0.9300 £1.23 £1.52 64
EV/Revenue £0.7100 £1.00 £1.28 51
Asset-Based
NCAV (Graham) £0.0900 £0.1200 £0.1800 51
Growth DCF
Growth DCF £0.5800 £0.7700 £1.00 77
Rev-Margin DCF £0.6400 £0.9900 £1.39 70
Economic Profit
Residual Income £0.2000 £0.2600 £0.6400 69
ROIC Compounder £0.5400 £0.6200 £0.7000 70
Growth Earnings
Growth-Adj P/E £0.5500 £0.7800 £1.02 67

Widest divergence: DCF Models (£0.8700) versus Asset-Based (£0.1200). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 18.0
P/S ratio 0.76 P/E × margin
EPS (TTM) £0.0400 price ÷ EPS = P/E 18.0
Dividend yield 3.1% payout 55.0%
Net margin 4.2% FY2025
Return on equity 22.9% TTM
More key figures
Profitability
Return on assets (EBIT) 14.8% avg 5y
Operating margin 5.8% TTM
Growth
Revenue (TTM) £326M TTM
Revenue growth (YoY) +10.5% 3y avg +4.3%
EPS growth (YoY) +11.1%
Balance sheet & cash flow
Free cash flow 20.6M GBX FY2025
Net debt 33.4M GBX FY2025 · ≈ 1.6 yrs of FCF

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 62 · Market factors (momentum, volatility) 49

Profitability 71
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 48
Disciplined investing over empire-building
Low Volatility 48
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 57
Distance to the 52-week high (market factor)
Net Issuance 68
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Victorian Plumbing Group plc operates as an online retailer of bathroom products and accessories for B2C and trade customers in the United Kingdom. Its products include showers, toilets, baths, taps, radiators and bathroom accessories.

Full company description

Victorian Plumbing Group plc operates as an online retailer of bathroom products and accessories for B2C and trade customers in the United Kingdom. Its products include showers, toilets, baths, taps, radiators and bathroom accessories. The company offers its products under the Grohe, Roca, Hansgrohe, Arezzo, Chatsworth, and the Victorian Plumbing brand names. Victorian Plumbing Group plc was founded in 2000 and is headquartered in Leyland, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Victorian Plumbing Group PLC reported revenue of £306M in FY2025 versus £269M in FY2021, a compound +3.3%/yr. Reported net income was £12.9M in FY2025, compounding −2.5%/yr from FY2021.

Growth Quality 76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£306M
Latest YoY
+3.5%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.3%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.0%
Avg. revenue growth/yr (7Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.7%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+0.7% · in GBP
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−2.4%
Dividend yield3.1%
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11.5% (2020) → 7.8% (2025) · falling
Worst earnings drop55% (2024) · in GBP
Revenue +3.3%/yr
FY21 £269M
FY22 £269M
FY23 £285M
FY24 £296M
FY25 £306M
Net income −2.5%/yr
FY21 £14.3M
FY22 £9.2M
FY23 £11.8M
FY24 £5.5M
FY25 £12.9M

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Cite: Fair Value Calculator (2026). "Victorian Plumbing Group PLC Fair Value". https://www.fairvalue-calculator.com/stock/VIC.LSE

Peer Group

Home Improvement Retail · 34 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 60 · Above median
Fair Value upside +20% · Above median
Return on equity (TTM) 23% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 4% · Above median
Operating margin (TTM) 6% · Above median
Revenue growth 11% · Top 25%
Dividend yield (TTM) 3.1% · Below median

Valuation Multiples vs Home Improvement Retail median · lower = cheaper

P/E (TTM) 18.0× · Cheaper than median
P/B 5.60× · Pricier than 75% of peers
P/S (TTM) 1.04× · Pricier than median
P/FCF 16.5× · Pricier than 75% of peers
EV/EBITDA 10.8× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE59 · sector 29
FUTURE53 · sector 11
PAST91 · sector 32
HEALTH0 · sector 95
DIVIDEND61 · sector 61

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Home Improvement Retail stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).

Stock Price Fair Value vs Fair Value
The Home Depot, Inc HD $321.05 $236.85 −26%
Lowe's Companies, Inc LOW $208.05 $186.32 −10%
Wesfarmers Limited WES A$77.73 A$50.50 −35%
Floor & Decor Holdings FND $59.33 $27.30 −54%
Mr D.I.Y. Group 5296 1.51 MYR 1.47 MYR −3%
Home Product Center Public Company HMPROR 6.70 THB 6.31 THB −6%
Siam Global House Public Company GLOBAL 6.65 THB 5.96 THB −10%
Haverty Furniture Companies, Inc HVT $27.26 $20.42 −25%
Dohome Public Company DOHOME 3.78 THB 2.75 THB −27%
Test-Rite International Co 2908 21.80 TWD 4.97 TWD −77%

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Frequently asked questions

Is Victorian Plumbing Group PLC (VIC) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of £0.8600 versus a price of £0.7190, about +20% upside (undervalued).
What is the fair value of VIC?
Our model-based fair value for Victorian Plumbing Group PLC is £0.8600 (as of Sep 5, 2026), built from audited fundamentals. The current price: £0.7190.
What is the quality score of VIC?
Victorian Plumbing Group PLC has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Victorian Plumbing Group PLC (VIC)?
Our model-based price target is the fair value of £0.8600 (as of Sep 5, 2026) from 26 valuation models. Cautious scenario £0.5900, optimistic scenario £1.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Victorian Plumbing Group PLC stock forecast for 2026?
Our models put fair value at £0.8600, about +20% upside versus a price of £0.7190 (undervalued). Cautious scenario £0.5900, optimistic scenario £1.08. The calculation is refreshed regularly with new filings.
What is the revenue of Victorian Plumbing Group PLC (VIC)?
Victorian Plumbing Group PLC reported trailing-twelve-month revenue of about £326M (latest available figure, as of Sep 5, 2026).
What is the net profit margin of VIC?
The net profit margin of Victorian Plumbing Group PLC is about 4.4%, meaning it keeps roughly 4.4% of revenue as net income. Based on the latest reported figures.
Does Victorian Plumbing Group PLC pay a dividend?
Victorian Plumbing Group PLC currently shows a dividend yield of about 3.06% relative to its recent price (as of Sep 5, 2026).
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