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Berenberg lowers target price on Victoria
(Sharecast News) - Analysts at Berenberg cut their target price on floorings business Victoria from 100p to 60p on Monday after the group's unscheduled year-to-date trading update earlier in the morning. Berenberg said that overall, the statement notes that year-on-year revenues had improved in Q3 versus H1, but also pointed out that trading in January was "rather weak" due to a variety of consumer-related factors.
As a result, Victoria has now forecast FY26 underlying earnings of roughly £95m, versus a prevailing consensus of around £110m.
"We update our forecasts for the update, resulting in 9-14% cuts to underlying EBITDA across the forecast period. The business remains heavily indebted and is ultimately waiting for the flooring market to turn more positive," said Berenberg, which has a 'buy' rating on the stock.
The German bank also noted that the numbers themselves "certainly reflect the ongoing subdued conditions" in many of Victoria's end-markets.
Berenberg said Victoria's shares trade on 12.2x FY27 EBITDA.
Reporting by Iain Gilbert at Sharecast.com
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