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Norcros (LSE: NXR)

Last close As at 19/07/2024

236.00

▲ 2.00 (0.85%)

Market capitalisation

GBP212m

Edison Investment Research is terminating coverage on Norcros (NXR). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Latest Insights

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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
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Sector

Industrials

Balance Sheet

Forecast net debt (£m)

27.3

Forecast gearing ratio (%)

12

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 14.6 35.2 48.0
Relative 13.4 28.5 33.9
52 week high/low 238.0p/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, with the company trading on an undemanding P/E rating of 6.6x. 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 5.8 4.0
2024A 392.1 47.5 35.9 33.51 7.0 4.4
2025E 364.7 49.8 36.5 31.53 7.5 4.2
2026E 369.4 50.4 37.7 32.49 7.3 4.2

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
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