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Equity Bottom-Up

<p>The acquisition of Grant Westfield (GW) is a typical Norcros deal: profitable, strongly complementary to the existing product offer and has excellent ongoing growth prospects. The cash- and debt-free consideration is £80m and represents 7.9x FY21 EBITDA. We have raised our first full-year (FY24) EPS estimate by c 10% in underlying terms, which is consistent with guidance, and the P/E for the year is now just 5.9x.</p>

The acquisition of Grant Westfield (GW) is a typical Norcros deal: profitable, strongly complementary to the existing product offer and has excellent ongoing growth prospects. The cash- and debt-free consideration is £80m and represents 7.9x FY21 EBITDA. We have raised our first full-year (FY24) EPS estimate by c 10% in underlying terms, which is consistent with guidance, and the P/E for the year is now just 5.9x.

Norcros - Broadening the UK bathroom product offering

Norcros PLC

Norcros - Broadening the UK bathroom product offering