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Norcros Plc

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Norcros Plc LSE:NXR London Ordinary Share GB00BYYJL418 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 172.25 6,469 09:08:56
Bid Price Offer Price High Price Low Price Open Price
172.00 178.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Ceramic Wall And Floor Tile 396.30 25.70 31.70 5.38 139.51
Last Trade Time Trade Type Trade Size Trade Price Currency
13:23:51 O 1,740 175.2016 GBX

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Norcros (NXR) Discussions and Chat

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Date Time Title Posts
25/5/202323:30Time to take a shower in Norcros shares.3,488
21/6/201619:19Norcros plc NXR144
27/2/200822:05Do they make RAIN showerheads ? !20

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Norcros (NXR) Most Recent Trades

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Posted at 25/5/2023 23:30 by edmundshaw
Seems so undervalued. I believe the sizeable earnings enhancing acquisition of Grant Westfield in May 2022 has still not been properly factored in here.

Even without that acquisition and recent likely earnings-enhancing inflation, the share price was well over £3 two years ago. Not long to wait for Full year results on June 15th; unless something very untoward pops up, this share should do very nicely...

Posted at 17/4/2023 06:36 by tole' Norcros undervalued, says Shore CapitalA 'reassuring' update from bathroom and kitchen supplier Norcros (NXR) highlights its 'undervaluation', says Shore Capital.Analyst Tom Fraine retained his 'buy' recommendation and 'fair value' target price of 400p on the stock, which was trading up 3.3%, or 5.9p, at 182p.An update from the group revealed that it expected full-year targets to be hit and Fraine said the current 4.9 times full-year 2023 price/earnings ratio 'fails to recognise Norcros' strong operating performance, including material market share gains over recent years'.'The company has consistently delivered underlying return on capital employed ahead of its 15% target...We anticipate that Norcros' 5% dividend yield should be more than twice covered by free cashflow,' he said.'Norcros' resilience during difficult market conditions demonstrates, along with its market-leading positions... that the risk profile of the business is considerably lower than the current rating implies.'
Posted at 14/4/2023 14:16 by pj84

Valuation: 252p/share implies c 40% upside

Norcros is trading at the low end of its long-term forward P/E range on 4.7x, suggesting that a lot of bad news is priced in. In fact, the stock has only traded materially below the current rating for a brief period in early 2020 during the COVID-19 pandemic, and again recently. We maintain our existing forecasts and retain our 252p/share valuation based on the average of our P/E-based model of 253p and our dividend discount model, which implies a value of 250p/share. Our valuation implies c 40% upside.

Posted at 13/4/2023 14:12 by kalai1
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


Posted at 01/3/2023 10:47 by jeff h
The pension membership has been falling by about 4.5% a year the last few years (2015 = 8,492 2022 = 6,002) can't be too long before a buyout takes place to remove it.

Unrest and power cuts etc in S.Africa remain a concern.

Norcros is undervalued, says SVM’s Veitch

The share price of bathroom and kitchen products supplier Norcros (NXR) fails to reflect the quality of the business, says SVM’s Neil Veitch.

Veitch holds the stock in his £165m SVM UK Opportunities fund, where it makes up 4.5% of assets, and in a recent update noted that the group has benefited from the ‘strong repair, maintenance and improvement market in the UK and positive longer-term trends for bathroom and plumbing products in South Africa’.

Annual sales are up 20% versus pre-pandemic levels and Norcros has gained market share at the expense of competitors.

‘The company’s decentralised operating model allowed it to react nimbly to supply chain and logistical challenges, while it had sufficient scale to ensure it could meet the demands of both existing and new customers,’ said Veitch.

He noted the ‘millstone’ pension, which despite having a net surplus has gross liabilities of £280m, greater than the group’s market cap.

‘The scheme, however, is super mature with a rapidly reducing membership. Higher interest rates should afford the group greater opportunity to investigate buyout options,’ said Veitch.

‘This will, we believe, remove something that has been a significant barrier to investment for many investors and potential acquirers.’

Despite the near-term economic uncertainty, Veitch said the ‘share price fails to reflect either the quality of Norcros’ business or its long-term growth prospects.’

‘Trading on an estimated March 2024 price/earnings of less than seven times and with a dividend yield of 5%, we believe that the stock is significantly undervalued,’ he said.


Posted at 11/1/2023 17:58 by edmundshaw
I added quite a bit last year from July at prices between 221p and 174p (average c.195p) so given the dividend I am a tad above breakeven, and still waiting for the rerating; I agree with Zeus.

I believe the market has recently overlooked the surprisingly steady earnings over the last few years, but, more importantly perhaps, also forgotten the major acquisition for £80m (mostly paid from net cash, an £18.6m placing and a comfortaably small amount of debt. Not so long ago in 2021 (and well before the GW acquisition) the share price here was around 340p. And GW should easily be earnings accretive...

Posted at 17/10/2022 07:30 by tole Capital predicts rally for Norcros sharesShore Capital is anticipating a rally for bathroom and kitchen products group Norcros (NXR) after a strong trading update from the 'undervalued' company.Analyst Peter Ashworth retained his 'buy' recommendation on the stock, which was trading down 0.8% at 177p on Friday afternoon.He said the first-half performance reflected 'the strength of its focused operating model, market-leading brands, broad distribution channels, well-developed supply chain infrastructure and stock availability'.'The shares have fallen from a recent high of 352p in January to 178p currently, reflecting no doubt the general market weakness,' he said.'The shares currently stand on a full-year 2023 price/earnings ratio of 4.5x based upon our forecasts of earnings per share of 39.1p and a full-year dividend of 10.5p, offering a yield of 5.8%. This rating significantly undervalues the group.'Ashworth added that he would 'anticipate a rally in the share price given [yesterday's trading update] ahead of the interim results on 9 November'.
Posted at 13/10/2022 14:19 by kalai1
Norcros plc issued a positive H1 trading update this morning. The Group has delivered a robust H1 performance reflecting the strength of its customer proposition and the breadth of distribution channels. Group revenue for the 26 week period is expected to be at record levels at approximately £220m, up about 10%. Following its acquisition on 31 May 2022, Grant Westfield has been integrated into the Group and continues to perform strongly in line with the Board's expectations. The outlook provided is reasonable, management expect to report an underlying operating profit in the first half of the year of no less than £21m. The balance sheet remains strong with net debt of approximately £60m. Following a 45% share price correction valuation is now also very attractive, forward PE ratio at 4.5x and PS ratio at 0.4x are both top quartile for the sector. Lack of share price momentum and the weakening macro outlook are the main clouds for the investment case and suggest that NXR is still a share to monitor for now...

...from WealthOracle


Posted at 09/11/2021 17:55 by tole this month could send this cheap share rocketingAndy Ross | Tuesday, 9th November, 2021 | More on: NXRPrivate investor buying UK shares at home Image source: Getty ImagesThe last month or so has seen the FTSE 100 really recover. I hope this precedes an end-of-year rally in the stock market. If it does, I think Norcros (LSE: NXR) could be one of the major winners.Low price and dividend growth potentialNorcros manufactures and sells branded showers and owns brands such as Triton. Similar companies have seen strong growth since the pandemic as people focused on home improvement.This is one reason why I think Norcros half-year results, which will be out on Thursday (11 November), could be positive.Yet wider expectations don't seem to be that high because Norcros shares are cheap, trading on a P/E of just 10. This provides the firm with the opportunity to outperform expectations, and that could be good for the share price. The forward PEG of only 0.6 is another indication to me that the shares could be undervalued.The dividend also has plenty of room to grow as the yield is modest at the moment at 2.5%. The dividend is covered more than twice by earnings and has recovered to a level near to what it was pre-pandemic.I like what I see about the shares, beyond the low P/E. Norcros also has a good return on capital employed (ROCE) of 12. Return on equity is the same figure. Taken together I think these numbers show that Norcros could be a quality company. That boosts my confidence in its long-term potential.What could go wrong?Despite my expectations, of course, things might not go as planned for the firm. Norcros is turning around its South African business, but progress might not be as good as management hopes. In the UK tax rises and a squeeze of household budgets may limit home improvement spending too, which would likely hit the firm.Potentially it could also overpay for acquisitions, which could hurt shareholder returns. Low organic growth, if it doesn't improve the performance of the brands it already owns, may also hit the share price.The pension deficit (boring and easy to overlook, I know) is also coming down but is still a drain on the company. It requires Norcros to use cash for pensions rather than spending on acquisitions, investing in its brands or other growth, or paying a larger dividend. The deficit has been massively reduced so it's now less of an issue and requires less cash. But it's still over £18m in deficit. At the end of the day, it's hard to tell what any share price will do in the short term. But I expect that a good update this week could see the share price do very well this month if investors respond positively. And it could also provide evidence that Norcros could do well in the future too. I already own Norcros shares and for me, their low price, the firm's decent returns on capital and growing dividend make it a long-term hold, unless something goes very wrong.
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