Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    Lepidico

    MCap

    AUD29m

    Last close

    AUD0.00

    ▲ 0.00 (50.00%)

    Pharnext

    MCap

    1m

    Last close

    EUR0.10

    ▲ 0.03 (42.86%)

    MGI – Media and Games Invest

    MCap

    EUR235m

    Last close

    EUR1.50

    ▲ 0.35 (30.21%)

  • Sectors

    Sectors

  • Investment Strategy

    Investment Strategy

    View All

    Latest

  • Thematics

    Thematics

    View All Thematics

    Latest

  • Audiovisual

    Audiovisual

    View All Audiovisual

    Latest

Norcros (LSE: NXR)

Last close As at 17/04/2024

GBP1.75

▲ 0.50 (0.29%)

Market capitalisation

GBP157m

Norcros is a leading supplier of showers, enclosures and trays, tiles, taps and related fittings and accessories for bathrooms, kitchens, washrooms and other commercial environments. It has operations in the UK and South Africa, with some export activity from both countries.

The UK’s new build housing market is subdued following the interest rate increases, although the repair, maintenance and improvement market has been more robust. In South Africa, demand across the board has been affected by the ongoing power disruption issues, which are likely to remain a feature.

Latest Insights

View More

Industrials | Flash note

Norcros — FY24 trading in line with expectations

Industrials | Update

Norcros — UK margins up materially, South Africa stabilising

Industrials | Update

Norcros — Strong anchors weather the storms

Industrials | Update

Norcros — New CEO likely to pursue existing strategy
Visit Website

Sector

Industrials

Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • James Eyre

    CFO

  • Thomas Willcocks

    CEO

Balance Sheet

Forecast net debt (£m)

40

Forecast gearing ratio (%)

18

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.4) (9.1) (6.2)
Relative (6.5) (13.4) (5.9)
52 week high/low 195.0p/135.5p

Financials

FY24 trading underpins Norcros’s compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. We believe that Norcros’s key strengths are underappreciated and that legacy issues have been resolved. Its rating is low at 5.6x FY24e P/E, which is attractive, especially when compared to its yield of 5.7% on its well-covered dividend. We retain our estimates and value the shares at 246p, implying c 40% upside.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 396.3 47.0 38.6 37.99 4.6 3.0
2023A 441.0 52.3 41.5 40.89 4.3 2.9
2024E 411.7 49.3 35.3 30.00 5.8 3.2
2025E 412.0 49.8 36.5 30.92 5.7 3.1

Research

norcros03

Update

Industrials

Norcros — UK margins up materially, South Africa stabilising

Update

Industrials

Norcros — Strong anchors weather the storms

Industrials

Flash note

Norcros — FY24 trading in line with expectations

Update

Industrials

Norcros — New CEO likely to pursue existing strategy

Update

Industrials

Norcros — In-line update highlights undervalued entity

Update

Industrials

Norcros — Well placed to gain market share

Update

Industrials

Norcros — Key strengths undervalued, legacy issues fixed
norcros03

Update

Industrials

Norcros — Broadening the UK bathroom product offering

Update

Industrials

Norcros — Record revenue and EBIT in FY22

Update

Industrials

Norcros — Delivering progress

Update

Industrials

Norcros — Sure-footed progress
View All

Thematics

thematic

Industrials

Deutsches Eigenkapitalforum (EKF) 2023 industrials

thematic

Industrials

The long and winding road

thematic

Industrials

Quantum computing: A booming industry

thematic

Industrials

UK housebuilders
View All

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free