Victorian Plumbing Group PLC

This report is an updated version of the report published on 27 May 2025 at 08:05 AM GMT+1.

Kalkine’s Global Tariff Report provides fully independent analysis and data-driven analysis of major global sectors affected by tariff changes, evaluating the implications these shifts may have on equity valuations across those industries. The report concentrates on trade-sensitive sectors that typically experience heightened investor scrutiny during periods of tariff uncertainty. It also identifies defensive and countercyclical segments that demonstrate relative resilience or may even outperform, amid disruptions to global trade flows.

As illustrated in the table below, several key sectors in different countries are directly impacted by the recent tariff announcement from President Trump.

Latest Updates on Global Tariffs by Trump’s Administration

1. 1. 10% Baseline Tariff & Temporary Suspension: A 10% tariff on all imports remains in effect under the IEEPA (effective April 5, 2025), while additional country-specific levies (11%–50%) for 57 nations are suspended from April 9 to July 9, 2025.

2. Sectoral Exemptions: Critical sectors like energy (oil, gas, copper, potash), pharmaceuticals, and electronics are excluded from the baseline tariff, though some face alternative duties (e.g., Section 232 on Canadian crude); a potential 25% tariff on pharma imports remains under review.

3. 3. China Tariff Adjustment: After a sharp escalation (U.S. tariffs at 145%, China at 125%), both sides agreed to temporarily reduce tariffs to 30% and 10% respectively for 90 days starting May 12, 2025.

4. Canada & Mexico Trade Measures: A 25% tariff remains on non-USMCA vehicles and parts, with Canada imposing reciprocal duties on $107 billion of U.S. goods; energy imports also face a 10% tariff outside USMCA terms.

5. 5. EU Tariff Pause: Former President Donald Trump had initially declared a 50% tariff on all imports from the European Union, set to take effect on June 1, due to a breakdown in trade discussions. However, following recent talks with European Commission President Ursula von der Leyen, the decision has been postponed to July 9 to provide additional time for negotiations.

What are the different types of Tariffs?

A Snapshot of UK’s Trade Size

UK closed first quarter of 2025 with a trade deficit of GBP ~41.90 bn. Total exports reached GBP ~881.00 billion, while imports stood at GBP ~922.90 billion.

Global Implications of Tariffs

Impact of US Tariffs on Various Sectors

Why the UK Retail Sector Remains Resilient During Tariff Challenges?

Amid elevated Market Volatility and Tariff pressures, Victorian Plumbing Group PLC (LSE: VIC) stands out as our defensive pick within the Consumer Staples sector, supported by rigorous fundamental and technical research

Kalkine’s Global Tariff Report covers the Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the Victorian Plumbing Group PLC (LSE: VIC).

Section 1: Company Overview and Fundamental Insights

1.1 Company Overview:

Victorian Plumbing Group PLC (LSE: VIC) is an FTSE AIM UK 50 index-listed home furnishing company that deals in bathroom products and accessories retailing.

1.2 The Key Positives, Negatives, Investment Highlights and Risks

1.3 Top 10 Shareholders:

The top 10 shareholders together form ~79.47% of the total shareholding. Radcliffe (Mark Andrew) and Radcliffe (Neil George) hold a maximum stake in the company at ~47.52% and ~10.87%, respectively.

1.4 Key Metrics:

Section 2: Financial Highlights

Section 3: Key Risks, Company Outlook:

Section 4: Stock Recommendation Summary:

4.1 Price Performance and Technical Summary:

The stock has witnessed a downside of ~21.03% and ~33.39% over the last 1 month and 6 months respectively. Moreover, the stock is trading below the average 52-week high price of GBX 124.00 and 52-week low price of GBX 72.82, providing an opportunity to accumulate the stock.

4.2 Fundamental Valuation

Valuation Methodology: P/E Multiple Based Relative Valuation (Illustrative)

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 23 May 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 6: Dividend Yield may vary as per the stock price movement.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.