Victorian Plumbing has announced a change of CEO, a bolt-on acquisition and a very strong trading update. Revenue has risen an impressive 9% for the first 21 weeks of FY26E with profit margins maintained. As such, management is confident of meeting FY26E expectations, and we anticipate a smooth handover to Stephnie Judge as she steps up to become CEO. For more on Victorian Plumbing’s attractive investment thesis please see our recent initiation report “Considerable untapped potential”. Although the stock has rallied 20% in the past few weeks, trading on c.8x cal 2027 EV/EBITDA we see potential upside on a rerating as our Fair Value is 110p per share, equating to 1.1x EV / Revenues, c.10x EV/EBITDA and a c.5% FCF yield (2027).