reports
- Andy Hanson
- Charlie Williams
Building Products and Construction Round-up - August 2025
Whilst most companies maintained full year guidance during H1 updates, one of the key themes during July’s announcements was the lack of expected volume recovery during H2. This is somewhat unsurprising, but it is important in the context of the recovery. The last few years have seen successive volume drawdowns, so with H2 visibility now much clearer and expected to be broadly flat, volumes may have bottomed. Looking at sector multiples, Merchants & Retailers are pricing in the most recovery in ...
- Andy Hanson
Audio Note: SigmaRoc - HY25 update: reiteration of FY25 expectations d...
In this audio note, Zeus’ Andy Hanson summarises the investment case for SigmaRoc. SigmaRoc’s HY25 update indicates trading remains in line with FY25 expectations, despite some general volume weakness, pockets of volatility in specific end markets and the exiting of some low margin volume.
- Andy Hanson
- Charlie Williams
SigmaRoc (SRC LN) - HY25 update: reiteration of FY25 expectations desp...
SigmaRoc’s HY25 update indicates trading remains in line with FY25 expectations, despite some general volume weakness, pockets of volatility in specific end markets and the exiting of some low margin volume. The impact from volume weakness was negligible with revenue down 1% L4L to £510m. Importantly core volumes were down just 3% due to weakness in Steel and Construction markets and some one-off temporary impacts. Total volumes were down 9% as the market impact to the core business was exacerba...
- Andy Hanson
- Charlie Williams
Building Products Round-up - July 2025
Newsflow was reasonably muted across the subsectors in June, however, there were some important trends to pull out of the announcements. Within housebuilders, there is an increasing rhetoric of improved lending availability, highlighted by Bellway, Crest Nicholson and Berkeley, supporting in-line performances and gradually improving completions. This contrasts with low-cost builder MJ Gleeson, which is facing margin difficulties from build cost inflation and flat ASP. Elsewhere, brick manufactur...
- Andy Hanson
- Charlie Williams
SigmaRoc (SRC LN) - Good Q1 performance - BUY
SigmaRoc’s AGM trading statement shows a good performance in what was a volatile first quarter. Both Group revenue and adjusted EBITDA are marginally ahead of Management expectations and the outlook for FY25 is unchanged, despite an increased level of political and economic uncertainty impacting end markets. Zeus’ estimates show incremental growth in FY25 from the annualisation of last year’s acquisitions and from organic expansion. Zeus believe there remains multiple catalysts to support busine...
- Andy Hanson
- Andy Hanson
- Charlie Williams
SigmaRoc (SRC LN) - FY24 Results: rock solid - BUY
FY24 results showed good progress both operationally and financially following the transformational acquisition of CRH’s European lime assets. Revenue increased 72% to £998m (-2% L4L), adj. EBITDA margins expanded 240bps to 22.5% and adj. EPS of 8.35p (+2.8% yoy) was 11% ahead of Zeus’ prior estimate. Management has indicated FY25 has started well and in line with expectations, leaving Zeus estimates broadly unchanged except a slight increase in capex. Despite macro headwinds across Europe, shar...
- Andy Hanson
Audio Note: SigmaRoc - Trading update and share placing
In this audio note, Zeus’ Andy Hanson summarises the investment case for SigmaRoc. SigmaRoc has confirmed that trading into the year end remained firm, continuing the trend seen in Q3 of an improvement on H1, leading to profitability and earnings being ahead of consensus, and Zeus’ expectations.
- Andy Hanson
- Charlie Williams
SigmaRoc (SRC LN) - Executing on strategy - BUY
SigmaRoc has confirmed that trading into the year end remained firm, continuing the trend seen in Q3 of an improvement on H1, leading to profitability and earnings being ahead of consensus, and Zeus’ expectations. Proforma revenue was down 2% LFL, an improvement on the -4% reported in Q3 and the -8% in H1 FY24. This is highly encouraging considering the market backdrop has remained difficult across Europe and particularly in Germany. We increase our FY24 EBITDA and EPS estimates by 1% to £223m (...
- Andy Hanson
SigmaRoc (SRC LN) - Improving trends in Q3
SigmaRoc has confirmed that trading remains on course to meet FY24 expectations for consensus EBITDA of £221.0m (Zeus estimate £220.5m), despite some end markets remaining weak, with Q3 seeing an improved revenue trend. On a pro-forma basis, volumes declined 3% with revenue decreasing 4%. Despite this, EBITDA increased 2% as the margin increased to 22.6%, this is up 40bps from the 22.2% reported HY24. The leverage guidance is maintained at less than 2.3x, in line with Zeus’ net debt estimate tha...
SigmaRoc: 1 director
A director at SigmaRoc maiden bought 92,000 shares at 69p and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
- Andy Hanson
Audio Note: SigmaRoc - H1 results: good progress, full year expectatio...
In this audio note, Zeus’ Andy Hanson summarises the investment case for SigmaRoc. SigmaRoc, the Northern Europe leader in the lime and minerals market, has announced a promising set of interim results as the Group continues to execute on its largest acquisition to date.
- Andy Hanson
SigmaRoc (SRC LN) - H1 results: good progress, full year expectations ...
SigmaRoc, the Northern Europe leader in the lime and minerals market, has announced a promising set of interim results as the Group continues to execute on its largest acquisition to date. Despite LFL revenue falling 8% (+60% reported), good cost management meant adj. Proforma EBITDA fell only 3%, supporting a 110bps margin expansion to 22.2%. Proforma adj. EPS also grew 6%, highlighting the accretive nature of CRH’s lime assets excluding synergies. We continue to see good value in SigmaRoc as t...
- Andy Hanson
Zeus Building Products Round-up - 6 September 2024
Monthly sector update August has been a quiet month for industry newsflow as companies gear up for half year announcements and markets await commentary on current trading and outlooks as we exit the summer period. On the macro data front, there has been positive movements on mortgage approvals with July seeing banks approve 62k mortgages, the highest since September 2022 as it closes in on the pre-pandemic average of c. 66k. Whilst consumer confidence was flat in August at -13, personal finance ...
- Andy Hanson
Building Products and Construction Round-Up - 7 August 2024
Collectively, the Building Products and Construction sectors had a strong performance over July, no doubt supported by positive statements made from the newly appointed Labour government, continued expansion in Construction PMI and the highly anticipated 25bp interest rate cut.
- Andy Hanson
SigmaRoc (SRC LN)
SigmaRoc has issued a first half trading update to June period end confirming performance remains in line with expectation. Whilst Zeus leave forecasts unchanged today, we note the impressive performance on leverage which is expected to be below 2.6x (covenant) versus our FY24E forecast of 2.7x, indicating management have done an exceptional job of running the business in conjunction with integrating its largest acquisition to date. The integration of CRH’s lime assets also look to be going well...
- Andy Hanson
Audio Note: SigmaRoc - Initiation: Major player in a key market
In this audio note, Zeus’ Andy Hanson summarises the investment case for SigmaRoc. SigmaRoc now holds the number one or two position in a duopoly market structure within the European lime and limestone market. This makes it the only UK listed peer with this level of exposure to a fundamentally important sector exhibiting significant organic growth opportunities and strong pricing power.
- Andy Hanson
SigmaRoc (SRC LN) - Initiation: Major player in a key market
SigmaRoc now holds the number one or two position in a duopoly market structure within the European lime and limestone market. This makes it the only UK listed peer with this level of exposure to a fundamentally important sector exhibiting significant organic growth opportunities and strong pricing power. SigmaRoc is now capable of generating revenue in excess of £1bn with EBITDA margins towards 25%, backed by a high-quality asset base and long-term contracts with OEMs. Investors have been patie...
- Liberum Research Team
- Liberum Research Team
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