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Sigma Capital Share Discussion Threads
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|So they happen to mention the fall in the share price but fail to mention the associated profit warning on 30th September?|
|- Broker forecasts
The house broker has maintained forecasts with positive revaluation gains on investments and regeneration income making up for the absence of the initiation fee on Phase 3 of Managed PRS delivery for institutional investors.
For the year ending December 2016 forecasts are for adjusted pre-tax profit of £3.9m and adjusted Eps of 3.8p.
For December 2017 forecasts are for adjusted pre-tax profit of £12.7m and adjusted Eps of 11.9p. This will see Sigma start to benefit from meaningful rental income, development fees and
management fees, as well as the booking of revaluation gains on the uplift in value of new self-funded developments.
As we commented previously, the Group is starting to deliver on its huge potential adopting an innovative operating model in UK residential property development. Having proved itself as a capable consultant to local authorities seeking to redevelop available land Sigma now develops residential housing for both 3rd party institutional investors and itself, with a focus on private-rented sector (“PRS”) family houses. The local authority relationship remains a key strength and differentiator.
It has now delivered a large number of high quality homes with its partners in just under two years and is a force to be reckoned with in the rapidly expanding PRS space. In the current economic climate it’s clear there remains strong demand for rental properties and Sigma remains well-placed to benefit.
The business has the attraction of growing long term rental income stream from its own property portfolio as well as development and ongoing management fees.
Despite the meaningful achievement to date the shares have fallen 15% from January 2016 highs and look interesting value at current levels.|
|Good news today about many more starter homes. All good for Sigma.
BUY for me.|
|Completion and letting of its 1000th rental home highlights the potential
The significant achievement makes this small AIM listed group probably the largest deliverer of Private Rental Properties in the UK - with a supportive environment the outlook looks very positive
This innovative developer is now a force to be reckoned with in the rapidly expanding private rented sector, benefiting from multiple revenue streams including growing rental income from its own portfolio of rental properties. In the current climate with plenty of Government support it’s clear there remains strong demand for rental properties and this business is well-placed to benefit.
Our latest commentary reflects on the latest news and highlights the potential.
Remember to use our updated AIMsearch search tool to see if this company qualifies for the valuable tax benefits.
CLICK HERE FOR MORE ON THIS EXCITING GROUP
|sgm now starting to trend back up post chancellors autumn statement, prs hot sector|
|Management weakness doesn't bode well, who'll invest with the lack in confidence in the current bod.
Never really understood these anyway, who gets what from different partnerships, its certainly opaque.|
|Thanks for your thoughts GHF. Like you said SGM is not investable for me given the current mgt and the fact they didn't issue a TU kn advance of the interims given they knew that they wouldn't achieve the 2016 forecast.|
|I've also corresponded with nurdin today.
Fortunate not to be holding at this time simply due to the fact that as the share price recovered post referendum vote I sold to reinvest in WJG which was highlighting the significant progress on their student builds for delivery.
Simply a stroke of luck as today's statement places a HUGE credibility gap on the company who should have flagged today's savage downgrade to forecasts.
Singers have lowered to 3.8p EPS for 2016 from 8.1p EPS (see header). 2017 sees 11.9p EPS now pencilled in, a slight downgrade from 12.8p EPS previously.
This is now uninvestable for me and I'm upset for the investors who suffered losses today. The PRS appears to be growing at a lick so I'm sure that although this may be dead money for the next 6/9 months the shareprice will recover in the fullness of time when the company appears capable of delivering forecasted profitability for 2017.
|Just been discussing SGM with nurdin. SGM seems quite similar in approach to WJG but:
- targeting the private rental sector rather than students
- lacking somewhat, at least to date, in competence and honesty; I can see no reason for not putting out a trading statement a while back.
Think I'll stick with WJG.
|Interesting SGM write up on Investors Champion (free but registration needed) - suggests still plenty to go after here given the deals in place and the wider macro trends regarding rental housingWe will just need to wait a little longer than previously envisaged to see it come to fruition!|
|imranawan has a very valid point, which is sadly not just relevant to SGM.
10/4/16 share price 99p we expect the Bus to make further encouraging progress over 2016
29/4/16 share price 93p Mrs Barnet Directors wife sells 300k shares (£297k)
No comments I can see on trading until today
No doubt the Directors regard results as 'encouraging progress', whereas so far today the Market does not (that could still change), but surely there should have been a trading statement within the 5 months to today? Even if they only had a , ridiculous to think of, quarterly Board meeting, then this would have been known.
The BoD certainly do not appear to have done themselves, or shareholders, any favours imo|
|I have a 2017 EPS estimate of 12.8p, so that also looks like a downgrade also.
you are correct, my misreading of 2017 forecasts.
They knew about the delays so should have issued a TU before issuing Interim results.
I cannot argue with that. The company has come up short here.
Asagi (long SGM)|
|Asagi - where did you get the information that 2016 Forecasts have been halved from?
I agree the share price would have fallen further in the absence of the HCA announcement. I have a 2017 EPS estimate of 12.8p, so that also looks like a downgrade also.
I wouldn't describe it as a jam tomorrow stock either, but the results and outlook were disappointing. They knew about the delays so should have issued a TU before issuing Interim results.|
|It looks as thought the 2016 FY forecast has been halved :-(.
There is a reputational issue to be handled here, both with partners and investors. It may be quite some time before the market is confident enough to rate this one over 100p.
But the volume picture remains the same, the houses will get built. The announcement of funding from HCA is significant and perhaps explains why shares have not fallen further today.
"opportunity for 30%+ capital returns... Our new agreement with the HCA, ... opportunity to materially enhance the profitability of our model ... We expect this expansion of our self-funded PRS activity to drive significantly greater value for shareholders."
it looks like forecasts for 2017 have been revised upwards to 11.9p.
I don't think that it is fair to describe Sigma as jam tomorrow. The company has already delivered much growth, demonstrated by the numbers in today's statement.
Asagi (long SGM)|
|Jam jam jam...|
|Also out for a loss, although I expected the share price to be down even more at the open. They've not really quantified, the slippage and EPS estimates for 2016 and 2017 are likely to be materially downgraded, so based on this I can't see how it stacks up from a valuation perspective.|
|David Sigsworth, Chairman of Sigma, said:
"We continued to make significant progress in our private rented sector strategy over the period.
However, we have delays in our managed and self-funded PRS activities as we scaled up our operations, which means that we are now materially rebasing management expectations in the near term.
Nevertheless, we have put in place the building blocks for a significantly bigger business. Our new agreement with the HCA, announced today, provides us with the opportunity to materially enhance the profitability of our model by accelerating the delivery of our own self-funded PRS assets. We expect this expansion of our self-funded PRS activity to drive significantly greater value for shareholders.
We will continue to build on our position as a leading participant in the private rented sector and we view the Group's prospects going forward positively."|
|Severe profit warning.These guys have been talking hot air for a long time I now realise.I am out at a hefty loss.|
|Only had a quick read on mobile and unsure what to make of it at the mo, surprised at such a early mark down so Im going to read it properly later and wait a couple of days|
|nurdin, I have also been given the same steer.
Asagi (long SGM)|
|Interims 'end of the month' I have been told.So most likely Monday|
|interims? must be imminent
Aim-listed Sigma Capital is working with a Kuwaiti investment bank and other investors to build 10,000 rental homes in the next five years, including traditional family homes in the north of England. It aims to create a £1bn portfolio.|
|Ive got this as a long term tuck away. Looks to be going in the right direction imo.
I do like company reports containing the phrase“significantly ahead”.
I am guessing its off most peoples radar.|
|Yep Nurdin and Qackers, see Google Finance chart, it's still there for Aug 17th, to be honest this stock gets updates on a random basis on GF|