After a long hiatus, one of the people's most popular guests returns. Randy Baron ventures across the pond to talk about Victoria PLC. Victoria has run into hard times, driven by a bunch of debt and a vicious cyclical downturn, but Randy sees some light at the end of the tunnel and goes into all the ways the company can survive the downturn and the huge potential upside for the common stock if he's right.
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[00:00:00] Podcast and guest introduction
[00:01:59] Reintroducing guest Randy Barron
[00:02:43] Company overview: Victoria PLC
[00:05:16] Stock down 95%, what happened
[00:09:58] Audit issue worsens perception
[00:11:58] UK flooring market fragmentation
[00:15:23] Headlam distress affects Victoria
[00:16:40] Business story vs. distressed debt
[00:19:44] Victoria's debt breakdown
[00:21:04] Coke preferred equity explained
[00:25:54] Coke takeover rules in UK
[00:28:16] Preferred overhang and resolution
[00:30:22] Stock impact from deal structure
[00:33:02] Coke debt buyout possibility
[00:34:07] Cyclical vs. structural downturn
[00:36:36] Housing slowdown impacts demand
[00:37:32] 2028 bonds trade at heavy discount
[00:41:48] Asset sales to pay down debt
[00:43:01] Jeff Wilding's role and strategy
[00:47:28] Chairman’s capital allocation record
[00:48:01] Assessing market misjudgment
[00:50:19] UK market investment case
[00:51:46] UK stamp tax impact
[00:52:19] Making UK more investible
[00:54:38] Macro vs. valuation gap in UK
[00:55:16] Downside risk and cash flow
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Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/
