Market Cap£347m

Last Close 54.4p

SigmaRoc is a specialised quarried materials group that invests in both new and existing construction material assets in the UK and Northern Europe. The extracted low- and high-grade materials are sold for use in agriculture, construction, environmental and industrial applications.

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Investment summary

SigmaRoc (SRC) continues to benefit from resilient demand in both the industrial mineral and construction markets, a continuing trend which, based on FY22 consensus, will see adjusted pro-forma EBITDA growth of 19% pa since the IPO in 2017, as calculated by the company. Q322 like-for-like revenue growth was 19%, to £394m, and despite rising input prices the EBITDA margin was 19.5%, ahead of management’s expectations. The group trades on an FY22e P/E of 7.0x, at a comfortable discount to its prospective average of c 11x over the past five years.

Content on SigmaRoc
SigmaRoc – Solid Q322 results despite market headwinds
Industrials | research QuickView | 31 October 2022
Heavy machinery at the quarry.
SigmaRoc – Diversified model supports H122 growth
Industrials | research QuickView | 3 October 2022
Heavy machinery at the quarry.
SigmaRoc – executive interview
Industrials | Edison TV | 24 March 2022
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Share price graph
Price performance
Actual 15.7 11.0 (36.0)
Relative* 8.4 7.5 (37.8)
52-week high/low 98.6p/37.4p
*% relative to local index