Berenberg Bank Reaffirms Buy Rating for Norcros (LON:NXR)

Norcros (LON:NXR)‘s stock had its “buy” rating reiterated by Berenberg Bank in a research note issued on Tuesday, Marketbeat.com reports. They presently have a GBX 350 ($4.70) target price on the stock. Berenberg Bank’s target price suggests a potential upside of 18.24% from the stock’s current price.

Separately, Shore Capital reaffirmed a “buy” rating on shares of Norcros in a research report on Tuesday.

Norcros Price Performance

Shares of LON NXR opened at GBX 296 ($3.97) on Tuesday. Norcros has a 52-week low of GBX 184.50 ($2.48) and a 52-week high of GBX 301.40 ($4.04). The business has a 50-day moving average price of GBX 267.85 and a 200 day moving average price of GBX 244.06. The stock has a market cap of £264.70 million, a PE ratio of 9.83 and a beta of 1.39. The company has a quick ratio of 0.91, a current ratio of 2.00 and a debt-to-equity ratio of 40.60.

Norcros (LON:NXR) last posted its earnings results on Thursday, June 12th. The company reported GBX 32.60 ($0.44) earnings per share (EPS) for the quarter. Norcros had a return on equity of 12.35% and a net margin of 6.83%. Equities research analysts forecast that Norcros will post 31.3118812 earnings per share for the current year.

Norcros Company Profile

Norcros is a market leading group of brands providing design led, high quality bathroom and kitchen products with operations primarily in the UK and South Africa.

Based in the UK, Norcros operates under six brands:

· Triton – Market leader in the manufacture and marketing of showers in the UK
· Merlyn – UK and Ireland’s No.1 supplier of shower enclosures and trays to the residential, commercial, and hospitality sectors
· Grant Westfield – Leading manufacturer of high-end waterproof bathroom wall panels
· Vado – Leading manufacturer and supplier of taps, mixer showers, bathroom accessories, and valves
· Croydex – Market-leading, innovative designer, manufacturer, and distributor of high-quality bathroom furnishings and accessories
· Abode – Leading niche designer and distributor of high-quality kitchen taps, bathroom taps, and kitchen sinks

Based in South Africa, Norcros operates under four brands:

· Tile Africa – Chain of retail stores focused on ceramic and porcelain tiles and associated products such as sanitaryware, showers, and adhesives
· Johnson Tiles South Africa – Manufacturer of ceramic and porcelain tiles
· TAL – Leading manufacturer of ceramic and building adhesives in South Africa
· House of Plumbing – Market-leading supplier of specialist plumbing materials

Norcros is headquartered in Wilmslow, Cheshire and employs around 2,100 people.