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Equity Bottom-Up

<p>Strong H2 trading – especially in South Africa – causes us to raise our Norcros FY22 estimates to new record levels. Management anticipates further progress in FY23. We make only mix changes to our EBIT forecasts beyond FY22 at this stage. Ahead of the FY22 results, valuation multiples are already attractive in our view. </p>

Strong H2 trading – especially in South Africa – causes us to raise our Norcros FY22 estimates to new record levels. Management anticipates further progress in FY23. We make only mix changes to our EBIT forecasts beyond FY22 at this stage. Ahead of the FY22 results, valuation multiples are already attractive in our view. 

Norcros - Record revenue and EBIT in FY22

Norcros PLC

Norcros - Record revenue and EBIT in FY22