Valuation - Norcros PLC

A Valuation of Norcros PLC (LON: NXR) on 12 November 2020

The Company

Norcros PLC (LON: NXR) is a supplier of bathroom and kitchen products across the UK and South Africa. It’s UK businesses are: Triton Showers, Merlyn Showers, Vado Taps, Croydex Furnishings, Abode Taps & Sinks, Johnson Tiles, and Norcros Adhesive Tiles & Grout. It’s South African businesses are: Tile Africa Tile Retailer, Tal Ceramics, and House of Plumbing (2019 acquisition)

The firm is incorporated, run and listed in the UK and reports in £. The business has been valued in £.

The Story

As trade returns to pre-pandemic levels in 2021, Norcros is likely to continue looking to consolidate its market share in the UK and expand in South Africa. Acquisitions are on the cards and they are searching. Structural demand for new-build housing and steady repair maintenance and investment activity will see revenues continue to grow modestly.

Before the pandemic, the firm was targeting revenues of £600M by 2023. They have said that this is still their target, despite the pandemic, although…