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1. Company Snapshot

1.a. Company Description

Norcros plc, together with its subsidiaries, designs, manufactures, and distributes bathroom and kitchen products in the United Kingdom and South Africa.The company manufactures and distributes electric and mixer showers, and accessories under the Triton brand name; shower enclosures and trays to the residential, commercial, and hospitality sectors under the Merlyn brand; taps, mixer showers, bathroom accessories, and valves under the Vado brand name; and accessories and furniture for the bathroom, such as toilet seats, wall-mounted cupboards, vanity units, shower rods, rails, and curtains to retail and trade customers under the Croydex brand name.It also offers kitchen taps, sinks, and instant hot water taps under the Abode brand name; ceramic wall and floor tiles under the Johnson Tiles brand name; and adhesives, grouts, and surface preparation products under the Norcros Adhesives brand name for fixing ceramic and porcelain tiles, mosaics, natural stones, and marbles.


In addition, the company provides tile adhesives, pourable floor coverings, and tiling tools for various types of ceramic, porcelain, or natural stone tiles; and various products for the preparation of floors before the installation of hard and soft floor coverings, including primers, additives, patching and repair compounds, and screeds and self-levelling screeds, as well as waterproofing systems under the TAL brand name, as well as specialist plumbing materials under the House of Plumbing brand name.Further, it manufactures waterproof decorative bathroom wall panels under the Home of Multipanel brand name; and retails wall and floor tiles, adhesives, showers, sanitaryware, and bathroom fittings under the Tile Africa brand name.The company serves consumers, architects, designers, developers, retailers, and wholesalers.


Norcros plc was incorporated in 1999 and is headquartered in Wilmslow, the United Kingdom.

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1.b. Last Insights on NXR

Norcros plc's recent performance has been positively influenced by its undervalued status, with an estimated intrinsic value of UK£3.54, suggesting potential for growth. The company's strong fundamentals have positioned it as an attractive opportunity for value-seeking investors amid broader global economic challenges. Additionally, Norcros has been identified as one of three UK stocks trading at significant discounts, which could spark investor interest. A recent share price growth of 15% has also contributed to its appeal.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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3 European Undervalued Small Caps With Insider Action

Nov -24

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Norcros PLC (FRA:3N1N) Half Year 2026 Earnings Call Highlights: Strong Profit Growth and ...

Nov -20

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3 UK Stocks That Might Be Trading Below Their Estimated Value

Nov -13

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3 UK Stocks Estimated To Be Trading At Discounts Of Up To 48.3%

Oct -15

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Is Now An Opportune Moment To Examine Norcros plc (LON:NXR)?

Aug -25

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Estimating The Intrinsic Value Of Norcros plc (LON:NXR)

Aug -04

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Norcros (LON:NXR) Is Increasing Its Dividend To £0.069

Jun -15

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Norcros Full Year 2025 Earnings: EPS Misses Expectations

Jun -14

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.65%)

6. Segments

Bathroom and Kitchen Products

Expected Growth: 4.65%

Norcros plc's Bathroom and Kitchen Products segment growth of 4.65% is driven by increasing demand for premium and water-efficient products, expansion in the UK and international markets, and strategic acquisitions. Additionally, the segment benefits from a strong brand portfolio, innovative product offerings, and a focus on sustainability, which resonates with environmentally conscious consumers.

7. Detailed Products

Adhesives

Norcros plc offers a range of adhesives for various applications, including tile adhesives, floor adhesives, and wall adhesives.

Grouts

Norcros plc provides a variety of grouts for filling gaps between tiles, including cement-based, epoxy-based, and acrylic-based grouts.

Tile Accessories

Norcros plc offers a range of tile accessories, including tile trim, tile edging, and tile spacers.

Levelling Compounds

Norcros plc provides levelling compounds for creating a level and even surface for tile installation.

Waterproofing Membranes

Norcros plc offers waterproofing membranes for protecting buildings and structures from water damage.

Tile Backer Boards

Norcros plc provides tile backer boards for creating a solid and stable base for tile installation.

8. Norcros plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Norcros plc is medium due to the availability of alternative products in the market.

Bargaining Power Of Customers

The bargaining power of customers for Norcros plc is low due to the company's strong brand presence and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Norcros plc is medium due to the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants for Norcros plc is high due to the low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry for Norcros plc is high due to the presence of several established competitors in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 28.77%
Debt Cost 7.23%
Equity Weight 71.23%
Equity Cost 11.04%
WACC 9.95%
Leverage 40.40%

11. Quality Control: Norcros plc passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
James Halstead

A-Score: 5.4/10

Value: 4.8

Growth: 3.4

Quality: 8.2

Yield: 8.1

Momentum: 1.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Deceuninck

A-Score: 5.3/10

Value: 7.2

Growth: 4.8

Quality: 4.2

Yield: 5.6

Momentum: 2.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Stelrad

A-Score: 5.2/10

Value: 4.6

Growth: 5.6

Quality: 3.5

Yield: 6.9

Momentum: 6.5

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Norcros

A-Score: 4.6/10

Value: 5.1

Growth: 2.2

Quality: 4.0

Yield: 6.9

Momentum: 6.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Genuit

A-Score: 4.4/10

Value: 5.3

Growth: 3.6

Quality: 6.1

Yield: 5.0

Momentum: 1.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Lindab

A-Score: 3.5/10

Value: 3.0

Growth: 5.3

Quality: 3.8

Yield: 3.8

Momentum: 1.5

Volatility: 3.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.97$

Current Price

2.97$

Potential

-0.00%

Expected Cash-Flows