Financials Norcros plc

Equities

Market Closed - London S.E. Other stock markets 11:35:00 2024-05-08 am EDT			5-day change	1st Jan Change
212 ^GBX	+9.28%		+14.59%	+10.42%

May. 07	Transcript : Norcros plc - Special Call
May. 01	Norcros sets out strategic aims; Synthomer seals sale	AN

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	153.9	101.1	216.7	209.1	166.1	190	-	-
Enterprise Value (EV) ¹	188.9	137.5	230.4	224.5	240.7	247.4	245	234.1
P/E ratio	8.01 x	9.3 x	14.4 x	8.27 x	9.89 x	10.6 x	9.51 x	9.33 x
Yield	4.39%	2.47%	3.06%	3.88%	5.48%	4.82%	4.86%	5%
Capitalization / Revenue	0.46 x	0.3 x	0.67 x	0.53 x	0.38 x	0.48 x	0.5 x	0.49 x
EV / Revenue	0.57 x	0.4 x	0.71 x	0.57 x	0.55 x	0.62 x	0.64 x	0.6 x
EV / EBITDA	4.57 x	3.56 x	6.08 x	4.95 x	4.77 x	5.04 x	4.95 x	4.52 x
EV / FCF	8.11 x	6.49 x	4.56 x	24.4 x	13 x	10.9 x	13.6 x	11.4 x
FCF Yield	12.3%	15.4%	21.9%	4.1%	7.69%	9.19%	7.37%	8.8%
Price to Book	-	0.97 x	1.46 x	1.04 x	0.78 x	0.87 x	0.85 x	0.8 x
Nbr of stocks (in thousands)	80,368	80,557	80,855	81,052	89,274	89,604	-	-
Reference price ²	1.915	1.255	2.680	2.580	1.860	2.120	2.120	2.120
Announcement Date	6/12/19	6/25/20	6/10/21	6/9/22	6/15/23	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	331	342	324.2	396.3	441	398	383.7	391.3
EBITDA ¹	41.3	38.6	37.9	45.4	50.5	49.08	49.54	51.82
EBIT ¹	34.4	32.3	33.8	41.8	47.3	42.7	43.15	44.88
Operating Margin	10.39%	9.44%	10.43%	10.55%	10.73%	10.73%	11.25%	11.47%
Earnings before Tax (EBT) ¹	25.4	15	18.5	33	21.7	25.1	27.22	29.05
Net income ¹	19.4	10.9	15	25.7	16.8	18.23	19.72	21.1
Net margin	5.86%	3.19%	4.63%	6.48%	3.81%	4.58%	5.14%	5.39%
EPS ²	0.2390	0.1350	0.1860	0.3120	0.1880	0.2007	0.2229	0.2272
Free Cash Flow ¹	23.3	21.2	50.5	9.2	18.5	22.73	18.05	20.6
FCF margin	7.04%	6.2%	15.58%	2.32%	4.2%	5.71%	4.7%	5.26%
FCF Conversion (EBITDA)	56.42%	54.92%	133.25%	20.26%	36.63%	46.32%	36.44%	39.76%
FCF Conversion (Net income)	120.1%	194.5%	336.67%	35.8%	110.12%	124.68%	91.53%	97.63%
Dividend per Share ²	0.0840	0.0310	0.0820	0.1000	0.1020	0.1021	0.1030	0.1060
Announcement Date	6/12/19	6/25/20	6/10/21	6/9/22	6/15/23	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	35	36.4	13.7	15.4	74.6	57.4	55.1	44.1
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.8475 x	0.943 x	0.3615 x	0.3392 x	1.477 x	1.17 x	1.111 x	0.8511 x
Free Cash Flow ¹	23.3	21.2	50.5	9.2	18.5	22.7	18.1	20.6
ROE (net income / shareholders' equity)	16.8%	19.8%	19.9%	18.1%	16.3%	11.3%	12.8%	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	-	1.300	1.840	2.480	2.390	2.430	2.490	2.660
Cash Flow per Share ²	0.3600	-	0.6600	0.1800	-	0.3000	0.2500	0.3000
Capex ¹	5.6	4.8	2.8	5.4	6	8.45	9.08	8.75
Capex / Sales	1.69%	1.4%	0.86%	1.36%	1.36%	2.12%	2.37%	2.24%
Announcement Date	6/12/19	6/25/20	6/10/21	6/9/22	6/15/23	-	-	-

¹GBP in Million²GBP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.12 GBP

Average target price

3.11 GBP

Spread / Average Target

+46.70%

	1st Jan change	Capi.
NORCROS PLC	+10.42%	218M
SAINT-GOBAIN	+19.26%	42.43B
ASSA ABLOY AB	+5.65%	31.27B
BUILDERS FIRSTSOURCE, INC.	-2.08%	19.83B
CARLISLE COMPANIES INCORPORATED	+30.75%	19.25B
MASCO CORPORATION	+5.51%	15.57B
TREX COMPANY, INC.	+9.66%	10.05B
FORTUNE BRANDS INNOVATIONS, INC.	-3.77%	9.11B
AGC INC.	+0.15%	8B
BEIJING NEW BUILDING MATERIALS PUBLIC LIMITED COMPANY	+41.22%	7.72B