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.
Industrials |
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Forecast net debt (£m)
N/A
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 0.7 | (6.1) | 40.6 |
Relative | (2.7) | (8.0) | 30.7 |
52 week high/low | 63.0p/37.4p |
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.
Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (p) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2021A | 272.0 | 49.3 | 26.8 | 5.4 | 10.3 | N/A |
2022A | 538.0 | 101.7 | 62.7 | 8.0 | 7.0 | N/A |
2023E | N/A | N/A | N/A | N/A | N/A | N/A |
2024E | N/A | N/A | N/A | N/A | N/A | N/A |