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 -1.54% 175.25p 174.50p 176.00p 177.25p 174.00p 177.00p 462,078 16:35:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 271.2 11.5 13.9 12.6 108.05

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Date Time Title Posts
17/11/201718:06Time to take a shower in Norcros shares.2,991
21/6/201618:19Norcros plc NXR144
27/2/200822:05Do they make RAIN showerheads ? !20

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DateSubject
18/11/2017
08:20
Norcros Daily Update: Norcros is listed in the Construction & Materials sector of the London Stock Exchange with ticker NXR. The last closing price for Norcros was 178p.
Norcros has a 4 week average price of 171p and a 12 week average price of 167p.
The 1 year high share price is 185p while the 1 year low share price is currently 145p.
There are currently 61,653,134 shares in issue and the average daily traded volume is 146,289 shares. The market capitalisation of Norcros is £108,047,117.34.
16/11/2017
12:45
edmundshaw: It can be held back for sure, it can also be an opportunity for institutions to get a meaningful stake in a good value company. How it pans out short term does not interest me a lot (though oviously I wouldn't say no to a quick rise!). Certainly, new shares can be a drag on the price, but not always (for example Phoenix whose open offer was well over-subscribe: there the share price after correction for the discounted shares went up, and never dropped anywhere near the offer price).
16/11/2017
11:55
grahamburn: Surely the share price is being held back due to the outstanding Open Offer. It's unlikely to move significantly until that is concluded.... don't forget there will be a massive increase in the number of shares once the takeover is concluded (28% or so).
16/11/2017
11:48
andrewbyles: At the time of the 2014 interim results the dividend was 1.85p per share. Today it was increased to 2.6p per share. That's a 40.5% increase over the three years. Although there have a been a few upward spikes, the share price has remained flat. It must only be a matter of time before the share price moves up.
04/11/2017
11:00
norcros: Don't you think management deserves some credit after their succesful M&A activity in recent years? Because I do. I've been accumulating shares in NXR since August and will subscribe to the open offer. Norcros is dirt cheap and sooner or later, the share price will rise considerably. I'm looking at a fair value of at least £3.3, with further upside following additional acquisitions and organic free cash flow growth. Yes, the price is a little steep. The fast growth (CAGR of 20% between 2015 and 2017) and much higher margins of Merlyn obviously played a role in this. Importantly, only half of the acquisition price will be paid with new shares. The other half will be financed with cheap debt . Merlyn generated a free cash flow of £4.5m in FY2017, and that free cash flow is rising fast, much faster even than revenue growth. At the end of FY 2018, the combined company could have an enterprise value of £185m (£140m market cap and £45m in net debt). With conservative free cash flow in FY18 at £22m (17+5; we'll know more on 16 November), the company would trade at a cash return of 12%. Just sit tight is my advice.
02/11/2017
08:50
shanklin: kazoom Going with your numbers, the PBT increase is 4.9m, so after tax (at 20% say) its 3.92m. 30m/3.92 gives a P/E for the acquision of 7.65. And, in fact, its slightly higher than this because of the slight discount of the placing price vs yesterday's closing share price Hence my earlier comment... "Yes, its not immediately obvious how this acquisition is earnings enhancing. Presumably they expect there to be a lot of cost savings and/or cross selling opportunities."
13/10/2017
07:40
shauney2: Norcros is ‘significantly undervalued’, says Numis Shares in bathroom supplier Norcros (NXR) have dipped and Numis believes investors are significantly undervaluing the business. Analyst Christen Hjorth reiterated his ‘buy’ recommendation and target price of 300p on the shares, which jumped 6.5% to 179p yesterday. ‘Norcros’; share price is down 5% year-to-date and the group now trades on a [forward] price/earnings ratio of 5.7x and dividend yield of 4.8%,’ he said. ‘We continue to believe that this significantly undervalues a business that has recorded revenue growth of 8% compound annual growth rate (CAGR) ove the last four years and profit before tax growth of 19% CAGR.’ The most recent update from the group also shows ‘that strong organic progression is being maintained, and with balance sheet optionality, we believe that incremental growth could be driven through mergers and acquisitions’, said Hjorth.
24/7/2017
10:10
andrewbyles: A couple of weeks ago Canaccord Genuity increased their target price from 217p to 315p, observing that Norcros might be the most undervalued stock in it's sector. The share price briefly went to about 185p, but has now slipped back. It's disappointing. Might anything change anytime soon? There are three things to look out for. First, we'll get an interim management statement on Thursday morning in advance of the AGM later that day. Hopefully, it'll be positive and will lift the share price. Second, it seems Norcros is planning a big sales push across its businesses for the Autumn. For example, Triton has just undergone a rebranding and will be running television adverts from September across ITV, Channel 4 and Sky (hxxps://www.tritonshowers.co.uk/about-triton/triton-press-releases/triton-invests-in-brand-development-campaign-to-boost-business). Third, if previous years are a guide (they might not be if stock is increasing as part of the plan to push sales), net debt is probably in the region of £20 million and will be somewhere between the £10 and £15 million by March 31st 2018. If there isn't another acquisition soon, share buybacks or big dividend increases become likely (indeed at the AGM the directors are, at resolution 16, seeking authority to purchase up to 10% of the shares - they say that there are no plans to use the authority at the moment, but will consider using in the future if appropriate). A further acquisition or a share buy back are likely to enhance EPS (which are forecast to be 28.04p in 2018). Increases in bond yields will also help, but they've slipped back over the past couple of weeks - the yield on a 30 year bond had made it into the 1.90s, but is now back into the 1.80s (a couple of months ago it was in the 1.60s to 1.70s).
18/10/2016
22:12
andrewbyles: Hello Charlie. I wrote to the Chairman directly at Norcros' head office in Wilmslow on October 4th 2016 and received a detailed letter in response on October 11th 2016. I wrote the letter out of concern that the CE's share sale was being misinterpreted by the market and pushing the share price down to a three year low. I mistakenly complained about 50% of the CE's bonus being paid in shares, suggesting that there was no point if they were just going to be sold straight away - it was a mistaken complaint because I now realise that the shares are deferred for three years (which seems to me a good way to incentivise management to act in ways that will increase the share price in the medium term). I asked the Chairman to urgently arrange for the company to issue a statement addressing the share sale before it created a greater loss of confidence in the share price. It probably didn't play any role in the trading statement that was issued a few days later, but all the same it's encouraging that management are trying to take steps to reassure the market. The Chairman seems confident that the expansion strategy will lift the share price in time and it's encouraging that sales are up, debt is falling and profits are on target. He finished the letter by offering me a meeting with him and the CE (I also own quite a lot of shares). I don't think I'll take the offer up, but his willingness to offer it shows some confidence. I think Norcros is well run (the year on year increase in profits and dividends, the significant cash generation, and the successful intergration of new businesses shows that), but I do wonder whether communications with the market could be improved.
18/6/2015
12:47
imranawan: Loginair, I agree with your points about the NXR share price being disappointing. I've only held it for around 9 months, and its done very little in that time. I bought into Topps and sold out shortly after they issued their interims, and am kicking myself as they have risen strongly since then. I also agree that NXR appears to be undervalued, but I can't see any share price rise in the short-term. I think the catalyst in share price would be if they made an acquisition to achieve their aim of increasing revenues to £400m.
01/6/2015
09:09
loganair: For me the NXR share price is not really that important as long as I'm not making a loss. What is important to me and matters is the dividend, as long as it rises by 5% or more then I'm very happy - and the company has reduced it's debt from the previous report.
Norcros share price data is direct from the London Stock Exchange
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