Norcros Share Discussion Threads

[simon templar qc] 13/11/2015 16:27

But for bad markets I would have expected a new short term high on interims.

[edmundshaw] 13/11/2015 16:09

"many building / RMI suppliers are on roughly twice this rating or more" - yes, and I personally wouldn't go near them.

8x for a building supplier is not too bad though, plus good prospects here after the last acquisition, which will boost full year numbers and has genuine synergy potential.

[glaws2] 13/11/2015 15:12

Thanks for that Mesquida & Charlie

[charlie] 13/11/2015 15:08

Anyway, I welcome all buyers, whatever they make of the disclosure rules!

In recent weeks I keep writing in my file "the share price seems insane" or words to that effect.

I know, unwise to think such things. But 7x earnings to March 2016? OK, more like 8x times today, after meagre price rise and "marginally ahead" news. But many building / RMI suppliers are on roughly twice this rating or more (see Howdens).

[charlie] 13/11/2015 15:06

Mesquida is correct. Discretionary fund managers (roughly speaking) are required to notify only at 5%, 10%, and then every 1% above 10%.

This does cause confusion, and some managers who appear to be subject to the above regime nevertheless notify every 1%.

Also Miton have just notified 15.67%, their previous notification in June was 12.33%. I think they may understand the rules as "every 5%, even above 10%".

[mesquida] 13/11/2015 14:29

No, Glaws2, think you will find that Schroders are subject to a different reporting regime, and having recently gone below 5% they no longer have to notify the Company of any further reductions. It is a little confusing but fact is that there are now two different sets of parameters in respect of the reporting of large shareholdings, depending on the class of shareholder involved.

[glaws2] 13/11/2015 13:54

Schroder will have to declare if they fall below 3% (thereafter notifications not required). It looks like this last sale will drop them through that 3% threshold.

[muckshifter] 13/11/2015 13:35

Probably the final chunk of Schroder's shares, they have been selling huge chunks for quite a while and were down to just below 5% from something like 19%? originally, in their last declaration a few months ago, so they don't have to declare this last batch (all IIRC!).
Regards

[ed 123] 13/11/2015 11:43

I hope .....

[ed 123] 13/11/2015 11:43

Yes, gone!

[davr0s] 13/11/2015 11:33

Big sells gone through and price jumping - has a seller cleared?

[simon templar qc] 12/11/2015 21:54

Thanks log, I expected an upgrade on these results. More importantly is the company pencilling a good end despite over 5 months to go.

[loganair] 12/11/2015 20:03

Norcros gathers momentum:

Shares in Norcros(NXR) rose nearly 8 per cent after the bathroom accessories, tiles and adhesives supplier delivered a strong first-half performance and forecast that full-year numbers would be ahead of market expectations. Accordingly, analysts at Numis upgraded their forecasts by 4 per cent for the year to March 2016, and now expect pre-tax profits of £19.8m and EPS of 23.9p (from £15.8m and 21.1p in FY2015).

[loganair] 12/11/2015 20:02

By Kevin Godbold:

Trading well

Norcros supplies the Triton shower brand as well as taps, bathroom accessories, tiles and adhesives. Today’s interims reveal the firm as another cyclical outfit bathing in the sunshine of benign economic conditions. Compared to a year ago revenue is up 9.3%, underlying operating profit rose 34% and underlying profit before tax elevated by 40%. The firm is growing both organically and through acquisitions.

Today’s 192p share price puts the firm on a forward P/E rating of just under eight for year to March 2017 and the forward dividend yield runs at around 3.5%. City analysts expect earnings to cover the payout a decent 3.6 times. The valuation seems reasonable, but I can’t help thinking the best and perhaps easiest investor total returns might already be behind us for Norcros in the current macro-cycle.

[simon templar qc] 12/11/2015 19:40

Has Paulypilot done a analysis he normally does?

[ccraig69] 12/11/2015 16:13

good divi in that time

[davr0s] 12/11/2015 14:21

I must admit I thought this had 10% rise written all over it especially given recent weakness - so must admit to being a tad disappointed. Held 2 years and at break even still - just more patience needed (again)!

[sleepy] 12/11/2015 12:58

Thanks Andrew

[glaws2] 12/11/2015 12:52

Thanks Andrew

[simon templar qc] 12/11/2015 11:12

Rivaldo, I was estimating about the same, we are singing from the same hymn sheet. The co does deserve a better pe ratio as the building sector on far higher digits.

Comforting they have increased dividend near 20% which improves the yield. Not many companies showing same growth at the moment.

I suspect the brokers will upgrade on these results.

[rivaldo] 12/11/2015 11:12

Indeed. And Numis have today reiterated their Buy and 300p target.....