邀请参加Volution炉边谈话 - 2025年结构性赢家系列

EUROPE | Capital GoodsVolution Group Invitation: Volution Fireside Chat - StructuralWinners 2025 Series Please join us on Tuesday 17th June at 3pm BST for a fireside chat withVolution's CEO Ronnie George, CFO Andy O'Brien and Director of BusinessDevelopment Lee Nurse. Volution is a leading supplier of residential/commercial ventilation equipment and was identified as a structural winnerin the recent EMEA Research Report (LINK) thanks to regulatory tailwindsaround building energy efficiency and indoor air quality that are drivingstrong demand growth. Speakers: Ronnie George (CEO), Andy O'Brien (CFO) and Lee Nurse (Business DevelopmentDirector) Host: UK Industrials Research Team Date: Tuesday 17th June at 3.00pm BST Please register following this link. About the speakers Ronnie George joined Volution in 2008 as Managing Director of Vent-Axia Division and becameCEO in 2012 upon leading the management buy-out backed by TowerBrook Capital Partners.Since then, he has transformed the company from a UK-centric provider of air quality solutionsinto a globally diversified organisation with 27 sites across the UK, Europe and Australasia.Ronnie led the successful listing of Volution on the LSE in 2014. Andy O'Brien joined Volution as CFO in Aug 2019 following nine years at Aggreko, where heheld a number of senior finance roles most recently as Finance Director, Power Solutions.Andy’s background also includes broad financial leadership, strategy and general managementpositions in the oil & gas and building materials industries with General Electric and Lafarge. Lee Nurse has extensive experience in the ventilation industry. Lee started his career in 1995at Greenwood Airvac, and in 2009, he joined Vent-Axia as the Marketing Director. He has beenVolution's group Business Development Director since 2020. David Farrell * | Equity Analyst44 (0)20 7029 8407 | david.farrell@jefferies.com Structural Winners Andy Douglas * | Equity Analyst44 (0) 20 7029 8166 | andrew.douglas@jefferies.com Following the publication of our latest Structural Winners report, we will be showcasingcompanies that feature by hosting a series of C-Suite 45-minute virtual Fireside Chats. Pleaseregister via this link for any of the other companies. Vanessa Jeffriess * | Equity Analyst44 (0)20 7548 4123 | vjeffriess@jefferies.com Richard Hill * | Equity Associate+44 (0)20 7548 4540 | rhill1@jefferies.com Company Description Volution Group Volution Group plc is a supplier of ventilation products to the residential and commercial construction markets in the United Kingdom and Europe.The company is principally engaged in designing, manufacturing and distribution of unitary and systems ventilation products and equipment. Company Valuation/Risks Volution Group Valuation:Our 700p price target is based upon a SOTP valuation approach which employs target multiples of 3.52x EV/Sales and 16.2x EV/EBITA of our calendarized FY26F estimates.Risks:Raw material input costs / availability; pace of Regulation roll-out; ability to access valuecreating M&A. Analyst Certification: I, David Farrell, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Andy Douglas, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Vanessa Jeffriess, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Richard Hill, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. Registration of non-US analysts:David Farrell is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. Registration of non-US analysts: