Share Name Share Symbol Market Type Share ISIN Share Description
Norcros LSE:NXR London Ordinary Share GB00BYYJL418 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.75p -1.49% 181.50p 181.50p 184.25p 181.50p 181.50p 181.50p 13,990 16:35:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 271.2 11.5 13.9 13.1 145.11

Norcros Share Discussion Threads

Showing 3176 to 3198 of 3200 messages
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DateSubjectAuthorDiscuss
11/12/2017
12:57
Something to keep an eye on this week is the ANC's leadership election that is due to take place on December 16th. The election will decide the ANC's next presidential candidate, with the two lead candidates being Nkosazana Dlamini Zuma (the ex-wife of the current president and his favoured successor) and Cyril Ramaphosa. If Mr Ramaphosa wins, the economic forecasts for South Africa will likely improve.
andrewbyles
07/12/2017
23:06
Loganair - post 3002 - your point may well be correct but I don’t believe that Barratts bought Henry Boot which is and has been a quoted company for at least the last twenty years
sleepy
06/12/2017
11:58
Very poor that Norcros management did not at the very least have some sort of future earn out or performance related targets written into the acquisition deal with Merlyn. Its also very telling when founders and private equity backers as in Merlyn wanted to walk away with all the cash upfront and did not take any equity in Norcros which is supposedly going to do well in the future as a result of this acquisition. For Norcros management it as seem as they say much easier to waste other people's money.
lbo
06/12/2017
08:58
Often the price of a share has more to do with the Sentiment that people perceive of the company than any thing else.
loganair
05/12/2017
17:07
@edinburgh clarinet Check out my posts of 4, 5 and 10 November. In short, the pension issue will solve itself. I value NXR based on the average free cash flow (FCF) it generates. This FCF already takes into account the £2.5m annual outflow. There is no reason whatsoever to further adjust my valuation for the pension deficit. You really should look at FCF instead of profits because the former cannot be manipulated. The valuation of NXR is extremely low, lower than any other stock I own. Just sit tight is my advice.
norcros
05/12/2017
13:43
If you are adjusting your valuation down to reflect the amount of the pension fund deficit, then you should certainly adjust profits up to remove the annual cost of closing that deficit. Tax should be netted off both of these adjustments. Regarding your last point, I am of the view that it is much more likely that interest rates will move materially higher than yield curve expectations than that they will move materially lower. If that is correct, the risk from the pension fund deficit is skewed to the positive.
effortless cool
05/12/2017
13:08
Would any of you well informed investors care to comment on the role of the Norcros Pension Fund deficit in determining the share price. I have had my shareholding for several years, throughout this time Numis have said the shares are very cheap, and currently have a target price of 300p. Their target price has always been way above the share price! My back of envelope calculation is that if you factor in the PF deficit the p/e or EBITDA valuations are much closer to the sector average. Also, my understanding is that the annual Exceptional payment into the PF ( ? £2.5 million) by Norcros is not deducted from profits before calculating the EPS. If you did deduct it, you would arrive at a much lower EPS and higher PE ratio. Bit odd that Numis as the company's broker dont mention this significant accounting issue in their enthusiastic evaluation of the shares! I am happy to hold the share on basis of 4% yield, still well covered even after deducting the exceptional payment into the PF, and steadily rising dividend over several years. And who knows, rising bond yields may bring down PF defict in next few years. Any views?
edinburgh clarinet
05/12/2017
11:47
I am not saying Merlyn is not the right purchase, its just that in a couple of years time, Norcros may have been able to buy the company cheaper.
loganair
05/12/2017
11:39
If Merlyn does not develop new customers and the acquisition doe not enable synergies, then it is possible that the acquisition will become a poor one. But I don't think Merlyn has anything like tapped all the markets available. And to do this alone would have been costly and time-consuming for an owner who started this whole enterprise late in his career. There is a logic for both sides in this acquisition. And it improves Norcros' proposition as a one-stop shop. I speculate that this might be quite helpful in getting larger or more frequent newbuild contracts, but I don't know.
edmundshaw
05/12/2017
10:31
graham - I disagree due to its size, 5% still represents a huge amount in dollar terms, I would say virtually impossible to sell all in one go and secondly the Saudis are also trying to see what the actual value of Saudi-Aramco really is. It wouldn't surprise me, if Merlyn was to be sold in maybe only a couple of years time the price would be a great deal lower then it is today and the family owners know this.
loganair
05/12/2017
10:16
All very specific cases loganair so not necessarily relevant in this case (eg Saudi-Aramco is only selling a tiny percentage of the company in the float, so it's hardly a panic measure). In Merlyn's case, without double-checking, the founder is getting on in age and simply wanted to cash in, whilst giving his loyal staff the opportunity to grow the business through a company with international reach. But you may have a point.... Let's see in a couple of years!
grahamburn
05/12/2017
10:02
I am worried by Norcros take over of Merlyn when it comes to the market in general. Often private companies are sold at or near the top of the market as their owners often know that they're near or at the top. When it comes to the crash of 2008, two prime examples are Foxtons the London estate agency which sold itself for over £300mln, then just a few short years later bought back for around £100mln and Henry Boot the house builder sold itself to Barratt for around £1.4bln, just two years later Barratt had to reduce Boots value on its books by half to £700mln. Similarly it seems to me that the Saudis know the writing is on the wall when it comes to oil as they are wishing to sell Saudi-Aramco, the jewel in their crown as it were.
loganair
05/12/2017
09:29
Whilst we wait for consumer sentiment to pick back up, construction sentiment already has: http://www.thisismoney.co.uk/money/news/article-5143653/Housebuilding-lifts-construction-sector.html The main though is that Norcros is managing the swings in both consumer and business sentiment. They’ve both been all over the place since Brexit, yet we have steadily increasing turnover, profit and dividends. Also, whilst Merlyn’s key market is currently the UK, that’s likely to change at least a bit over the next 12 months as Norcros introduces it to its international customers.
andrewbyles
29/11/2017
16:56
I bought a few more this morning. R2
robsy2
23/11/2017
19:13
And there's a nice buy recommendation in today's IC (albeit one illustrated with a picture of a bath that contains no Norcros products!). The shares "trade on just six times forecast earnings, which looks too cheap. There is an attractive dividend too."
andrewbyles
23/11/2017
19:07
And there's a nice buy recommendation in today's IC (albeit one illustrated with a picture of a bath that contains no Norcros products!). The shares "trade on just six times forecast earnings, which looks too cheap. There is an attractive dividend too."
andrewbyles
23/11/2017
17:24
In total, the directors spent £472,404.88 buying new shares - an encouraging sign.
andrewbyles
22/11/2017
09:18
The result of the Open Offer (ie take up of basic entitlement and allocation - scaling back - for excess applications) will be announced today, though.
grahamburn
21/11/2017
15:57
If you accept the Open Offer, the New Ordinary shares are expected to be credited to your account on or after 23rd November 2017. Answered my own question :o)
sooty snipes
21/11/2017
15:54
When do the new shares at 172p get added to accounts?
sooty snipes
21/11/2017
11:47
The acquisition transforms Norcros into a much faster growing business with strong brands. It doesn't increase leverage significantly and the group will in any event pay back borrowing over time. Every acquisition they have done to date has worked out well. The deal is earnings enhancing for the next fiscal year. The current share price suggests disaster is around the corner.
trytotakeiteasy
17/11/2017
18:06
I think everyone needs to make up their own mind on this one. The story is compelling, as is the rating for Norcros. But digging down into the details and trying to second guess the future is tough work. I would not be surprised if there were not opportunities in the short term to buy these around the offer price or even lower... it happens quite frequently after such share issues (though not always by any means).
edmundshaw
17/11/2017
16:02
so for the poeple who have already seen this interview is the open offer a good offer-unfortunately i rang my broker and i have already missed the deadline 15 nov
ali47fish
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