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NXR Norcros Plc

-3.00 (-1.67%)
12 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Norcros Plc NXR London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-3.00 -1.67% 177.00 16:29:55
Open Price Low Price High Price Close Price Previous Close
176.00 175.00 178.50 177.00 180.00
more quote information »
Industry Sector

Norcros NXR Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 12/4/2024 13:10 by fegger
Exactly Kipper7. Thats why Im out after 5 years. And there are much better dividend stocks on offer at present such as Polar Capital Holdings which Ive topped up with half the Norcros proceeds. 9% dividend plus good growth prospects.
Posted at 11/4/2024 14:27 by kipper7
Does anyone care?There appears to be no interest/ no volumeCompany is fine but no growth in revenues/ eps etc. Dividend stock not growth imo
Posted at 15/3/2024 09:30 by fegger
I've done the maths on my holding of Norcros shares.

Have held Norcros shares for just over 7 years and bought and sold a few along the way
Value of total shares bought: 30501
Value of total shares sold: 12800
Dividends received over 7 years: 6018
Value of current shares in market today: 20341

Therefore for an investment of £17700 I have had a return of £26359 over 7 years.

A 4% interest rate would have produced £23408

As a comparison I recently did the same exercise for Sylvania Platinum another share I hold with South African exposure. The return on Sylvania has been for an investment of £14621 I have had a return of £45204 over 5 years.

Norcros pays a decent dividend but Sylvania is better and better share appreciation. Have sold some Norcros today and will likely sell more over next few months
Posted at 08/1/2024 09:14 by davebowler
Zeus top ten 2024 pick -
UK underappreciated, South Africa misunderstood Norcros was one of our top picks 2023 and whilst the shares did not get the rerating we argued it deserved they did perform relatively well due to the strength of the operational execution in what was a very difficult year. The company remains a top pick for 2024 due to its discount to peers, despite long term margin expansion within the UK, its ability to win market share and, hopefully, a gradually improving operating environment that will highlight the undervaluation of the South Africa business. The UK business reported 13% operating margin in H1 24 and the SA business consistently generates both profit and cash but both seem to be undervalued by the market. An improving economic backdrop in SA might focus attention on the margin expansion in the UK leading to investors placing a higher multiple on the Group as a result.  The UK business continues to perform well: Over the last 10 years, Norcros has successfully grown revenue in its UK business in all but the two years during the pandemic. Impressively, over the last 5 years, UK revenue has grown at a 8.1% CAGR, whilst rising operating margins have magnified this result on its underlying EBIT, growing at a 5-year CAGR of 14.9%. During H1-24, the UK business also saw a 160bp improvement in its operating margin, growing to 13.0% from 11.4% a year earlier, despite a small drop in revenue. More importantly, this was somewhat driven by its recently acquired brand Grant Westfield (May 2022), highlighting the successful execution by management. If, as we expect, operating margin can get to mid teens over the next couple of years Norcros’ current multiple looks to materially undervalue the business relative to peers. A final point worth highlighting was the ability of its leading shower brand, Triton, to grow volumes during the first six months of the year, bucking the trend vs its peers and the wider RMI market.  South African business misunderstood: Representing c. 33% of Group revenue in FY23, Norcros’ South African business has a strong track record of growth with a 11.0% revenue CAGR between FY13 - FY23 (constant currency) and robust profitability. During H1-24, the region suffered due to some of the worst electricity load-shedding seen in recent history coupled with a GBP/ZAR exchange rate at historic lows. Whilst FX has a clear impact on reported numbers, management recently confirmed the region remains cash generative with no additional cash needed to fund operations, making the region self-sufficient. We believe this is misunderstood by the market. We also have reason to believe recent developments in the South African electricity market will drive higher demand in the medium term. In mid2023, the South African Government approved a new law to open up the electricity market for private companies, allowing the establishment of a competitive market away from its lossmaking state-owned monopoly, Eskom. Not only should this improve manufacturing operations, but less frequent load shedding should drive demand higher as confidence in the economy grows.  Valuation compelling: Based on consensus estimates, Norcros trades on a one-year-forward P/E of 6.2x and EV/EBITDA of only 4.8x, with a 5.4% dividend yield. The P/E ratio is more than a 50% discount to the average of its UK building products peers despite Norcros having forecasted average EBIT margins over the next three years in line with the peer average. At the current average FY1 UK peer EV/EBIT multiple (12.9x), the UK business alone would be worth c. 460p per share (adjusting for all of the Group’s net debt and leases and applying a UK EBIT margin of 12.5%), which is 140% more than the Group’s current share price.
Posted at 05/12/2023 14:35 by rmillaree
what i like here is that the forecasts lkook realistic and are warts and all. So many companies promise the earth then faily deliver. all nxr wants its to be valued at 7.4 * earnings - not much of an ask really is it? or is it ?
Posted at 05/12/2023 14:13 by pj84
Valuation suggests c 50% upside

Following the H124 results, we have essentially maintained our profit estimates and therefore our valuation of Norcros. Our P/E based valuation implies a value of 236p/share based on our diluted underlying FY24 EPS estimate of 31.5p/share, while our dividend discount model (DDM) implies a value of 255p/share, and if we take the average of the two, we arrive at 246p, implying c 50% upside. Norcros is trading at the lower end of its long-term consensus forward P/E range on 5.4x (Edison forecast P/E: 5.2x), suggesting that a lot of negativity is priced in. As and when we begin to see recovery in the UK and/or South Africa, the company may well attract a higher multiple.

Simple forward P/E multiple valuation implies 236p/share

The chart below details the progression of Norcros’s forward P/E over the last cycle. The range at the extremes is a low of 4x reached briefly post COVID-19 and again in 2022, and the high is c 12x at the end of 2013, before the Brexit hiatus. Over this period and outside the extreme ratings, the ‘real’ range has arguably been 6–9x and the average over the whole period is 7.4x.

If we apply the 7.4x forward P/E multiple to our estimate of FY24e diluted underlying EPS of 31.5p, we arrive at a value of 236p/share, implying c 45% upside to the share price. Arguably, this method gives little credit for future potential acquisitions, which are part of the company’s strategy and may be forthcoming.
Posted at 20/11/2023 09:34 by pj84
Norcros 1 of 5 shares in this morning's expert view update on

Norcros shares look cheap, says Peel Hunt

Bathroom supplier Norcros (NRX) has continued to deliver and the shares are cheap, says Peel Hunt.

Analyst Sam Cullen retained his ‘buy’ recommendation and target price of 220p on the Citywire Elite Companies A-rated stock, which was trading at 164p on Friday.

The group delivered a ‘solid set of interims’ with operating profit 3% lower than the previous year at £21.4m. Cullen kept expectations for full-year 2023 unchanged and reduced 2024 estimates by just 3%.

‘Norcros is delivering against its strategy in what are tough markets,’ he said.

‘The group’s UK brand continues to win share and has scope to grow further new product development and enhanced collaboration. The shares look cheap on just five times current year 2024 earnings, with a 10% free cashflow yield and 7% dividend.’
Posted at 17/11/2023 15:53 by edmonda
Fegger - no doubt many factors, but the link about 3 cms above your post appears to be one of them. NXR shares have been'overlooked and undervalued' far too long...
Posted at 12/6/2023 19:14 by s34icknote
This is from Barclays website Norcros (NXR)Broker Forecast breakdownHere you can find a breakdown of the broker forecasts.These opinions are from independent brokers, not Barclays and the data is collated and provided by Refinitiv. The brokers giving their opinions on consensus and forecast can be different from brokers giving their opinions on price targets.Broker Forecast breakdown 31-Mar-25 31-Mar-24Revenue (£m) 452.35 446.50Profit before tax (£m) 44.97 44.62EPS 32.76p 32.74pP/E 0.0 0.0PEG n/a n/aEPS growth 0% -8%Dividend 9.77p 9.57pDividend yield 0.0% 0.0%
Posted at 13/4/2023 14:12 by kalai1
Norcros plc issued a trading update for the year ended 31 March 2023 this morning. Group revenue is expected to be approximately £440 million up 11.3% on a reported basis, underlying operating profit is expected to be at a record level and in line with current market expectations of around £45.9 million. Both UK and South African businesses continue to perform well. The Group remains in a strong financial position with net debt at 31 March 2023 expected to be circa £50 million. The outlook also appears healthy despite the fragile macro environment with management expecting to deliver further market share growth in the year ahead. Valuation also now looks very attractive, forward PE ratio at just 5.2x ranks NXR top 1 out of 29 names in the Homebuilding and Construction Supplies sector. PS ratio at 0.38x is top quartile. All that is missing from the investment case is some near term share price momentum following an 18-month correction, but with a dividend yield over 5% NXR is already worth owning. BUY...

...from WealthOracle

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