Some pressure on local South African profitability and transitory effects of disrupted China supply lead us to reduce our Norcros earnings estimates by 5–8% following a trading update. Management remains firmly in credit for achieving outperformance versus local markets and we expect this to be a recurring feature. The company’s share price has retraced to pre UK general election levels now and its P/Es remain in single digits on our revised estimates.
27 Feb 2020
Norcros - Overseas challenges reduce estimates
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Norcros - Overseas challenges reduce estimates
Norcros plc (NXR:LON) | 176 10.6 3.5% | Mkt Cap: 157.9m
- Published:
27 Feb 2020 -
Author:
Toby Thorrington -
Pages:
3
Some pressure on local South African profitability and transitory effects of disrupted China supply lead us to reduce our Norcros earnings estimates by 5–8% following a trading update. Management remains firmly in credit for achieving outperformance versus local markets and we expect this to be a recurring feature. The company’s share price has retraced to pre UK general election levels now and its P/Es remain in single digits on our revised estimates.