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Sigma Capital Share Discussion Threads
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|Line finally cleared...Singer been walking them down to take seller out at a big discount.Hopefully will recover now.|
|Then you see a delayed print at a discount!!|
|Informally told things are very busy and everything 'scaling up' nicely and the environment for PSR new build should never have been better....Then you look at the share price which is telling a different story...not much volume but 20% off and not one uptick this year is telling a different story.Breaking below 70p support and the last two placing levels not encouraging....liked the story but can't help wondering whether the share price is telling me to move on?|
|I cannot understand either. They warned about a slower than expected development rate last summer, but have been building and financing new rental projects at a cracking pace since then. I suspect they are simply ignored by the market and, as I have posted before, they need to do a bit of self-promotion to get market awareness and the share price going.
|Anyone know what is wrong here.Down best part of 20% this year and not one uptick.12 month lows (grainger 12 month highs)Now at a discount not only to last £20m fundraise @ 75p but the one before that £8m @ 70p...The update was 'broadly inline' with the downward revised guidance but this price action is really not encouraging that this company is going to deliver on its model any time soon.Could just be impatient holder jumping out but there doesn't appear any buyers and trading at huge discount to brokers target doesn't appear they can muster any support.Did I read eps projection for current year 12p plus??Any thoughts appreciated?|
|Very undervalued at this level, but the company remains unnoticed by the market. Maybe a little more PR would help return the share price to over 100p.
|And the share price drops!?|
|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.|
|Shop today3 new sites acquired: first in Midlands, benefiting from HCA fundingSigma Capital has announced the acquisition of a further three sites to be developed as part of the self-funded private-rented sector ("PRS") portfolio. The three sites, in the North West and maiden developments in the Midlands, will comprise an additional 200 high-quality PRS family homes, taking the total number of PRS homes being developed using shareholder capital to 420. These developments will benefit from the £45m HCA facility secured in September 2016. Homes are being constructed by Countryside Properties and the first units are expected to be completed by Autumn 2017. We are encouraged by the conversion of Sigma's pipeline of opportunities to create shareholder value. We continue to see further potential, through development and securing additional funding, in the medium term. We reiterate our 150p medium-term SOTP valuation, as well as the currently attractive 1.5x P/TNAV valuation.|
|and here's proof positive:
Sigma has been lent another £27m for around 200 homes across 3 sites.
Asagi (long SGM)|
|http://www.bbc.co.uk/news/uk-politics-38873524Government promising new measures to support increased construction of homes for private rental market|
|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.|