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Victoria PLC (VCPLN Secured; B2 Neg/B Neg/BB) cash bid (again)

CONSUMER CYCLICALS

Cash well bid for back-to-back sessions now; 28s another +3.4pts to €82.9/9.6%/Z+640 and 26s +2.2pts to €90.8/8.7%/Z+534 this morning.

  • Nothing on our side, unclear if co is tendering in the background but we'd note it only had €73m of cash at the end of March and guided to €50m+ from asset sales.
  • Hard to see Labour government commitment to build 1.5m homes within 5 years (conservatives had no target) as enough of a tailwind. UK construction PMI's are heading in the right direction (at 53 in April, up from 50.2 in May) but rates likely remain the larger headwind.
  • It's outlook lacked any detail and seemed to focus on a "reversion to mean" to 2019 levels in flooring volumes (+25% in that case). It added every +5% increase in volumes translated to £25m in earnings. Only numbers given was Capex guidance at £60m (in line with FY24's £63m).
  • Does trade wide to peers/for ratings but no view from us on co.
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