Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Norcros plc is a leading group of market-leading brands specializing in the design, manufacture, and supply of sustainable bathroom and kitchen products. The company operates primarily in the UK, Ireland, and South Africa, serving both domestic and commercial markets through a portfolio of complementary businesses including Triton Showers, Merlyn, Vado, Croydex, Abode, Johnson Tiles, and Norcros Adhesives in the UK, as well as Johnson Tiles South Africa, TAL, and Tile Africa. Its product range encompasses showers, taps, brassware, enclosures, trays, accessories, wall coverings, tiles, plumbing materials, and tile adhesives, targeting the mid-to-premium segment with design-led, high-quality offerings. Norcros plc emphasizes innovation, such as FSC-certified panels and bespoke shower solutions, while benefiting from scale in customer relationships, sales, marketing, and operations across brands. Classified in the building products and equipment industry within industrials, it employs around 1,997 people and maintains its headquarters in Wilmslow, Cheshire, UK. As the UK's number one bathroom products group, Norcros plc plays a key role in the home improvement sector, focusing on organic growth, strategic acquisitions, and sustainability.
£3.00
£0.01 (-0.33%)
EOD Jul 3, 2026
Operating margin is thin at 5.64%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue up 10.6% YoY with margins expanding 2.9pp.
At 1000x earnings, the current multiple leaves limited room for execution misses or growth deceleration.
1000.0x earnings, 10.5x FCF. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£393M
▲ +10.6% YoY
Net Income (TTM)
£300K
▼ -91.4% YoY
Op. Margin
5.64%
▲ +2.9pp YoY
ROIC
4.94%
▲ +1.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
£26M
▲ +119.8% YoY
Op. Cash Flow (TTM)
£52M
▲ +94.1% YoY
Net Debt
£97M
Cash & Equiv.
£32M
3Y CAGR: -3.7%
3Y CAGR: +11.3%
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At a P/E of 1,000.0 and a price-to-free-cash-flow of 10.5, Norcros (NXR.XLON) trades below a two-stage DCF intrinsic value of about £13.37 per share, so at £3.00 the stock looks undervalued (345.8% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Norcros scores 42/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 3.6%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about £13.37 per share for NXR.XLON, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around £10.03. At today's £3.00, that puts the stock about 345.8% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Norcros scores 42 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 5.6% operating margin and a 4.9% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Norcros pays a regular dividend of about £0.11 per share per year (typically in quarterly installments), a yield of roughly 3.6% at the current price. That is a payout ratio of about 3,166.7% of earnings, so the dividend is stretched at this level. Norcros has grown the dividend at roughly 1.1% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For NXR.XLON's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. NXR.XLON currently trades below its estimated intrinsic value and scores 42/100 on quality (mixed). It also yields about 3.6%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.