reports
- 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
- Charlie Campbell
- Edward Prest
LIBERUM: SigmaRoc* - Rock steady
SigmaRoc’s update reveals Q1 EBITDA ahead of the prior year, and slightly ahead of management expectations. Revenues rose by 23% almost entirely driven by price and mix. Group volumes were stable, as expected, with good demand from infrastructure and most of its industrial end-markets, offset by a deterioration in residential segments in UK, Finland and Sweden and some destocking by paper customers. A third acquisition has been completed and organic expansion and disposals are on track. We leave...
- Charlie Campbell
- Edward Prest
LIBERUM: SigmaRoc* - Strong foundations in Finland
A trip to one of Nordkalk’s main sites in Finland found a very efficient and well invested business. We had a clear reminder that Nordkalk’s high profitability comes from carefully extracting and separating highly pure limestone, at prices reflecting the scarcity of materials and their value to end-users. SigmaRoc is improving Nordkalk’s production and selling generally, and Pargas is selling more aggregates into the Baltics. We understand better the resilience of Nordkalk profits in the past an...
- Liberum Research Team
- Liberum Research Team
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