Norcros has announced its intention to explore options to divest of its South African operations. The exit of both Johnson Tiles in the UK and South Africa has meant both regions have become more focused, arguably making the divestment easier than at any point in the recent past. Zeus has long argued that Norcros is undervalued based on the underlying operating margin of the UK business (+15%) and the quality of the South African operations, having spent time with the local management in Johanne ....
