SigmaRoc (LSE: SRC)

Currency in GBP

Last close As at 07/06/2023


0.00 (0.00%)

Market capitalisation


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.



Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)



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 11.3 N/A
2022A 538.0 101.7 62.7 8.0 7.6 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



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