SigmaRoc - Edison Group

Overview
Price performance
Financials
Research
Thematics

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.

Latest Insights

Industrials |
edison tv

06.04.23

SigmaRoc – executive interview

Industrials |
QuickView

31.10.22

SigmaRoc — Solid Q322 results despite market headwinds

Industrials |
QuickView

03.10.22

SigmaRoc — Diversified model supports H122 growth

Sector

Industrials

Equity Analyst

Andy Murphy

Director, Financials & Industrials

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	8.3	13.5	53.5
Relative	12.1	16.3	42.1
52 week high/low	80.5p/45.0p

Financials

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	14.7	N/A
2022A	538.0	101.7	62.7	8.0	9.9	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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