Norcros Plc (LONDON:NXR)
Norcros has strong positions in the UK and South African bathroom fittings and related markets. Further development in conjunction with recent acquisitions supports our expected three-year EPS CAGR of 10%.Cash flow and financing headroom provide scope to enhance this and we do not believe that the pension position is restrictive. In our view, conventional earnings and cash-based multiples (FY16 P/E of 9.6x and 5.5xEV/EBITDA) do not fully recognise the prospects.
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