Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    Good Life Plus

    MCap

    GBP12m

    Last close

    GBP0.02

    ▲ 0.40 (22.86%)

    KEFI Gold and Copper

    MCap

    GBP38m

    Last close

    GBP0.01

    ▲ 0.11 (20.00%)

    OSE Immunotherapeutics

    MCap

    EUR134m

    Last close

    EUR6.14

    ▲ 0.68 (12.45%)

  • 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 02/07/2024

GBP2.25

▲ 1.00 (0.45%)

Market capitalisation

GBP202m

Norcros is a leading supplier of showers, enclosures and trays, bathroom wall panels, 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 | Update

Norcros — Robust performance, improving outlook

Industrials | Update

Norcros — Vast opportunity and new targets revealed

Industrials | Flash note

Norcros — Sale of Johnson Tiles UK agreed

Industrials | Flash note

Norcros — FY24 trading in line with expectations
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)

27.3

Forecast gearing ratio (%)

12

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 5.6 22.3 36.4
Relative 7.2 19.2 25.5
52 week high/low 232.0p/135.5p

Financials

Norcros’s FY24 results highlight its resilience in the face of tough markets, but we continue to believe that the outlook is improving in both of its core markets, the UK and South Africa. Despite the improving outlook, we have maintained our revenue and profit forecasts and 251p/share valuation post the results. However, it is worth highlighting the scale of the opportunity on offer to Norcros, which was illustrated at the recent capital markets day.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A 441.0 52.3 41.5 40.89 5.5 3.8
2024A 392.1 47.5 35.9 33.51 6.7 4.2
2025E 364.7 49.8 36.5 31.53 7.1 4.0
2026E 369.4 50.4 37.7 32.49 6.9 4.0

Research

Update

Industrials

Norcros — Vast opportunity and new targets revealed

Flash note

Industrials

Norcros — Sale of Johnson Tiles UK agreed

Industrials

Update

Norcros — Robust performance, improving outlook

Flash note

Industrials

Norcros — FY24 trading in line with expectations
norcros03

Update

Industrials

Norcros — UK margins up materially, South Africa stabilising

Update

Industrials

Norcros — Strong anchors weather the storms

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
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