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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Norcros Plc | NXR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 10.00 | 4.35% | 240.00 | 16:35:15 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 232.00 | 232.00 | 233.00 | 240.00 | 230.00 |
| Industry Sector |
|---|
| CONSTRUCTION & MATERIALS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 13/06/2024 | Final | GBP | 0.068 | 27/06/2024 | 28/06/2024 | 02/08/2024 |
| 16/11/2023 | Interim | GBP | 0.034 | 30/11/2023 | 01/12/2023 | 16/01/2024 |
| 15/06/2023 | Final | GBP | 0.068 | 29/06/2023 | 30/06/2023 | 04/08/2023 |
| 09/11/2022 | Interim | GBP | 0.034 | 24/11/2022 | 25/11/2022 | 10/01/2023 |
| 09/06/2022 | Final | GBP | 0.069 | 23/06/2022 | 24/06/2022 | 29/07/2022 |
| 11/11/2021 | Interim | GBP | 0.031 | 25/11/2021 | 26/11/2021 | 11/01/2022 |
| 10/06/2021 | Final | GBP | 0.082 | 24/06/2021 | 25/06/2021 | 30/07/2021 |
| 14/11/2019 | Interim | GBP | 0.031 | 28/11/2019 | 29/11/2019 | 10/01/2020 |
| Top Posts |
|---|
Posted at 18/7/2024 08:33 by spangle93 Nice broker upgrade‘Buy’ Norcros, says Deutsche Bank Bathroom supplies group Norcros (NXR) is ‘poised’ for ‘material value creation’, according to Deutsche Bank. Analyst Christen Hjorth retained his ‘buy’ recommendation and increased his target price from 305p to 375p on the stock, which inched up 0.4% to 237p on Wednesday and is up 30% year-to-date. ‘Norcros has gone through a transformation over the past decade,’ said Hjorth. ‘The group is now focused on mid-premium positioned, branded, design-led, and capital-light bathroom products, and is the UK leader in electric showers, shower enclosures, and bathroom wall panels.’ He estimated that these product categories represent 75% of the group’s earnings and generate an earnings margin of between 18% and 23%. ‘In contrast, legacy issues have greatly reduced, including exposure to DIY retail – now only 10%, UK tiles – which was recently divested, and the pension scheme, which is now in an accounting surplus,’ he said. |
Posted at 18/6/2024 23:50 by pj84 The key takeaway for me as well as the low PE and near 5% dividend yield at the current share price is that as well as paying the dividend they are forecast to generate an additional £27m of cash over the next 3 years reducing the debt from £37m to £10m. |
Posted at 14/6/2024 09:13 by davebowler Zeus-FY24 results ahead, UK performing strongly Norcros has reported a strong set of results for FY24 showing Group operating margin ahead of Zeus forecast at 11.0% (Zeus: 10.5%) despite revenue down 6.0% to £392.1m on a L4L constant current basis, broadly in line with Zeus’ forecast of £395.5m. The 30bps yoy margin expansion was driven by a record operating performance in its UK division which saw margins grow 100bps to 13.6% (15.0% excl. Johnson Tiles), highlighting the resilience of the mid-premium segment of the market despite weakness in RMI activity. Market dynamics in South Africa remained challenging and EBIT margins fell to 4.4% (FY23: 7.0%) but operating cash conversion was ahead of the prior year. Net debt (excl. leases) of £37.3m was ahead of Zeus forecast of 40.4m and a total FY24 dividend of 10.2p was flat yoy. Zeus update forecasts and introduce FY27e showing revenue unchanged for FY25 and FY26 but an upgrade to Group operating margin by 50bps in both years to 11.8% and 12.1%, respectively. Net debt for FY25 improves by £7.5m to £24.5m, representing 0.5x EBITDA, which should provide the Group with further optionality to focus on strategic M&A within its highly fragmented markets. On our updated forecasts, Norcros trades on 6.7x FY25 earnings and 5.3x EV/EBIT, representing a discount of c. 50% to its peer group despite having above average margins and a ROCE consistently above 15.0%. Zeus reiterate its fair value estimate of 479p, derived from our SoTP estimate. FY24 results: Norcros reported FY24 results ahead of Zeus forecasts at the operating level with Group EBIT of £43.2m (Zeus: £41.4m), indicating a margin expansion of 30bps despite revenue being down 6.0% to £392.1m (cc, L4L). On a reported basis, Group revenue was down 11.1%. A record operating performance in the UK division saw EBIT margin expand 100bps to 13.6% (15.0% excl. JT), supported by strong price increases and a resilient mid-premium market segment. South Africa faced difficulties as load shedding continued, contributing to a 12.3% fall in revenue (cc) and an EBIT margin contraction to 4.4% (FY23: 7.0%). Net debt was £3.1m ahead of Zeus’ forecast to £37.3m and a £12.6m improvement yoy. The final dividend was in line at 6.8p, bringing total FY24 dividend to 10.2p. Updated forecasts: Zeus update forecasts following yesterday’s results and introduce estimates for FY27. Revenue is unchanged for FY25 and FY26, but operating profit is rebased on the outperformance in FY24 and the sale of its lower margin Johnson Tiles business. Group EBIT margin increases 50bps in FY25 to 11.8%, driven by an improving South Africa margin and a UK division maintaining an underlying 15.0% margin. Following the sale of its working capital intensive Johnson Tiles and a rebase to FY24, net debt (excl. leases) improves by £7.5m in FY25 to £24.5m and by £6.7m in FY26 to £11.1m versus prior estimates. Net debt to EBITDA is now 0.5x and 0.2x in FY25 and FY26, respectively, providing increased optionality for the Group to execute on its M&A strategy across its highly fragmented markets as indicated in our Capital Markets Day note. Zeus keep dividends unchanged and provide a further breakdown of changes on pages 4-5. Valuation remains compelling: Norcros’ current valuation fundamentally undervalues the Group’s operating performance. For a business with a UK division generating a 15.0% margin (ex JT) in FY24 trading on a c. 50% discount to peers based on its current one year forward P/E of 6.7x and EV/EBIT of 5.3x suggests the market is applying an unwarranted discount to South African business despite being profitable, cash generative and a market leader. A dividend yield of 5.0% is further supported by a strong balance sheet with reduced leverage and a strong dividend history growing at a 7.2% CARG over the last decade. Based on our SoTP valuation, Zeus reiterate a fair value of 479p, offering c. 130% upside. |
Posted at 14/6/2024 07:41 by spangle93 Norcros (NXR) is ‘underappreciaAnalyst Tom Fraine retained his ‘buy’ recommendation and ‘fair value’ target price of 400p on the Citywire Elite Companies A-rated bathroom supplies group, which rose 0.5% to 208p yesterday after full-year results showed profits were slightly ahead of target. Although the shares have rallied nearly 14% this year, Fraine said the valuation ‘fails to recognise Norcros’s resilient operating performance over recent years’. ‘The quality of the group’s offering, including its customer service, distribution, supplier relations and new product development, are continuing to help deliver market share gains,’ he said. ‘We are confident that the company can continue to deliver a resilient performance under uncertain market conditions, as it has consistently done in recent years.’ In particular, the South African business, which has delivered strong growth is ‘materially underappreciated by investors, despite recent temporary difficulties’. ‘We believe the market share gains and the higher returns and margin profile, enhanced by the acquisition of Grant Westfield and the recent disposal of Johnson Tiles UK, indicate the group is a higher quality business than it was previously, and worthy of a much higher valuation,’ said Fraine. |
Posted at 09/5/2024 08:27 by davebowler Bathroom supplies group Norcros (NXR) is 'very undervalued' given its clear focus on growth, says Berenberg.Analyst Robert Chantry retained his 'buy' recommendation and target price of 325p on the stock, which gained 4.6% to 203p yesterday.The group held a capital markets day last week that focused on new medium-term targets and positioning the company as a 'design-led, capital-light and cash-generative building products business'.Its recent full-year trading update showed that it was 'more resilient' than several peers thanks to new product development, cross-selling and new customer wins that all combined to '[sell] a better mix of products and [help] operating margins move in the right direction'.It then disposed of the 'marginally profitable Johnson Tiles business', which Chantry said would 'improve UK margins further'.'More broadly, we like Norcros and its strategy to increase the quality of business mix in the portfolio, and we believe the stock is very undervalued at 6.6 times full-year 2025 price to earnings,' said Chantry. |
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 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% |
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