Norcros - On track for expected progress in FY20

The Norcros management team is delivering against expectations and maintaining a stable outlook even though certain underlying markets have their challenges. In contrast to its market positions, the company's rating is anything but premium as the building materials and, perhaps, buy and build strategies appear to be out of favour with investors. The track record is very good - as is the prospective dividend yield - and greater recognition of this is warranted in our view.

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