Norcros’s interims highlighted a solid H1 performance, and although we have reduced our estimates to reflect a weaker outlook into FY24, we believe that Norcros’s proven strategy remains on track, which should allow it to unlock significant market share opportunities. We also believe that its key strengths are undervalued and that most, if not all, of the legacy issues, particularly the pension deficit, have been resolved. We have reduced our valuation from 314p/sh to 252p implying c 40% upside.
06 Dec 2022
Norcros - Well placed to gain market share
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Norcros - Well placed to gain market share
Norcros plc (NXR:LON) | 177 -0.9 (-0.3%) | Mkt Cap: 158.4m
- Published:
06 Dec 2022 -
Author:
Andy Murphy -
Pages:
10
Norcros’s interims highlighted a solid H1 performance, and although we have reduced our estimates to reflect a weaker outlook into FY24, we believe that Norcros’s proven strategy remains on track, which should allow it to unlock significant market share opportunities. We also believe that its key strengths are undervalued and that most, if not all, of the legacy issues, particularly the pension deficit, have been resolved. We have reduced our valuation from 314p/sh to 252p implying c 40% upside.