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SRC Sigmaroc Plc

0.30 (0.62%)
Last Updated: 10:31:47
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sigmaroc Plc LSE:SRC London Ordinary Share GB00BYX5K988 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.30 0.62% 48.80 86,330 10:31:47
Bid Price Offer Price High Price Low Price Open Price
48.80 49.40 49.20 48.00 48.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investment Advice 537.99M 31.24M 0.0450 10.84 338.58M
Last Trade Time Trade Type Trade Size Trade Price Currency
11:40:22 O 10,000 49.1797 GBX

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Posted at 08/12/2023 08:20 by Sigmaroc Daily Update
Sigmaroc Plc is listed in the Investment Advice sector of the London Stock Exchange with ticker SRC. The last closing price for Sigmaroc was 48.50p.
Sigmaroc currently has 693,801,899 shares in issue. The market capitalisation of Sigmaroc is £338,575,327.
Sigmaroc has a price to earnings ratio (PE ratio) of 10.84.
This morning SRC shares opened at 48p
Posted at 23/11/2023 07:48 by clocktower
Might turn out to be like a snake that has swallowed something so big that it splits it’s own body.

I doubt if we will see the share price back at it’s former highs but we are more likely to see it lower than it’s former lows imo.

Posted at 23/11/2023 06:54 by elbrus55
It looks like CRH will become the largest shareholder with about 15%. It is not a bad thing in that it helps them want to make the acqusition to be a success for SRCThere may be some hangover on the share price if CRH try to overload their holding when they are allowed to do so in late 2024 / early 2025.
Posted at 15/11/2023 11:27 by haywards26
It is much nicer to see some share price upwards movements these last few days :)
Posted at 07/11/2023 17:57 by elsa7878
Not sure why you got a tick down as you are correct.

However, they have reiterated their forecasts despite the rise in rates and oil prices. With oil now falling and rates to follow next year (with mortgage rates already dropping) then they should get something of a tailwind as 2024 progresses. I know residential property only accounts for 20% of turnover (8% in the UK from memory) but it was interesting to see Persimmon give a more upbeat view of the market today. Hence my smallish purchase. In the meantime the infrastructure and industrial, agricultural markets are keeping them on track to hit their targets.

Net debt is £180 million, which is manageable when they are producing EBITDA of £110 million and their total available facilities are £405 million.

The only comparable company is Breedon and while their share price has been bolstered by a recent buyer, it seems SRC is on an excessive valuation discount than is justified solely by applying an AIM discount and accounting for their relative debt/equity positions.
They both reported like-for-like growth of 7% in their last updates (pricing increases > volumes)

Editda forecast £110 million, Market cap £350 million. Net debt £180 million. PE 6.

Editda forecast £220 million (2 x interims), Market cap £1100 million. Net debt £170 million PE 11.
Posted at 03/11/2023 11:28 by alter ego
Hi elsa7878, I hold a fairly large chunk of SRC and believe the company has a bright future. Like you I think it is seriously undervalued too. Max is 40, not too young IMO and obviously on the ball so I have faith in his leadership. According to Yahoo:

"Our information suggests that insiders maintain a significant holding in SigmaRoc plc. Insiders have a UK£20m stake in this UK£182m business. It is great to see insiders so invested in the business."

I've been unable to verify that but do recall a lot of management buying at much higher prices.

I suspect the main reasons for the lowly valuation is twofold.
Firstly the market doesn't appreciate how agile SRC is at diverting its products to where demand remains good. It tends to think weakness in demand is uniform when it isn't.

Secondly, there is concern that SRC are not conserving cash by pursuing acquisitions. It's clear to me that SRC are intent on the buy and build strategy that has got them this far and that they are opportunists seeking out financially distressed businesses that fit and will be earnings enhancing.

I particularly like the ethics of the company and its forward thinking on adopting "green" technologies like carbon capture and recycling.

Results will, IMO, vindicate them but make up you own mind.
Posted at 18/10/2023 12:31 by kalai1
Sigmaroc plc issued a trading update for the 9 months ended 30th September this morning. Like-for-like revenue growth was 7%, underlying EBITDA margin in the Period was 20% ahead of both the prior year and management's expectations, resulting in underlying EBITDA for the Period up 11% LFL to £87.1m. FY23 guidance was reiterated for revenue of £596.9m and underlying EBITDA of £110.2m, the latter would constitute a massive step on in profit. Valuation looks very attractive with forward PE ratio at 6.4x, PS ratio at 0.59x, the balance sheet remains in decent shape. Share price lacks positive momentum and is drifting back lower again at the moment suggesting that there is no rush to buy. But SRC is well worth monitoring for the longer run...

...from WealthOracle
Posted at 18/10/2023 11:35 by sphere25
Very tough to convince this market.

That statement would have been enough in the past to get the market rallying 10-20% (usually low 50's up toward that 60p mark) for at least a short term pop higher, even if it didn't hold and the price then fell back into a range.

The price is struggling to break 50p now. Even when the buyers come in here for decent blocks at 50p (500k, 423k) or paying a premium to the offer buying at 51p (250k, 24k), it is still struggling to make any headway.

Nice share to trade this, so always worth a watch to see if the buyers do step in bigger, but it looks unlikely right now. You don't want to sit here and be gloomy, but there are too many headwinds for any significant change in sentiment.

It clearly isn't just here at SRC though. I was looking at MSLH today, and considering how beaten down the price was with the market probably expecting a further warning, the bulls came in early to pick up big blocks at 210p, 211p and 212p - it still wasn't enough with the market selling the price back down. It is currently sat 206.8p.

Abicad came in at BREE earlier this month buying in size at 337p and 338p to take their holding up from 15.7% to 18%, with real stand out exchanges. The market didn't take any confidence from a buyer in size, barely batted an eye lid and sold the price down to 321p currently.

The theme continues to be layered sellers in size at various price points. Even if you get enough exchanges in size to clear a particular price point for a pop higher, you bump into the next layered point not too far up, the price then either stalls or it eventually gets sold back down.

Sentiment, fund flows, redemptions, rates - so much that we all know is feeding into this difficult environment. So many profit warnings and continued downgrades of late too:

FORT - Revenue cut by 9% and profit by 25%
SHI - EBIT to come in at £50m-£55m versus expectations of £65m
BRCK- FY23 and FY24 EBITDA figures cut by respective amounts of 10% and 20%
TPK - Operating profit now expected to be in the range of £175m to £195m versus expectations of £240m as per forecast as recent as August

BDEV today hardly setting the world on fire too so it all feeds in.

The market must be expecting continued downgrades considering the price action of the companies that warn and the ones like SRC that trade in line. Apparently only 20%-25% of the impact of rates has fed through. I don't know if that is the number, or how the smart bods work that out, but ultimately it is a tough ole slog right now and a waiting game.

Things will turn at some point, but in the near term, most of the trading exchanges and price action continue to say the Bears are going to take some shifting.

All imo
Posted at 18/10/2023 06:38 by cerrito
At first glance a reassuring TS.
Good for them to spell out market expectations which have an underlying ebitda of £110m for the year. The £55m underlying ebitda in H1 produced an H1 underlying eps of 4p which suggests a very favourable pe at current sub 50p share price.
Interesting to see residential construction 25pc odd sales.
Not in any paper/pulp shares but note pick up in demand.
Posted at 06/9/2023 07:31 by goliard
I’m not so sure about that Haywards. The share price is a direct result of the actions of management, their strategy and how they execute it. I would say that they should not focus on the share price, but when you are raising money regularly you need to be cognisant of what the share price is.
Posted at 25/10/2022 12:31 by elbrus55
If you strip out the recent acquistions, they've been generating quite a bit of cash recently (£3m per month?) and their Santander-led debt facility runs to July 2026 So while I agree there are risks here, it doesn't look too stressed. Maybe they'll drop the dividend in these conditions to help pay down debt quicker, although it was relatively small. Unusual comment about the Director share purchases! How are retail shareholders going to move the share price when they hold a tiny proportion of shares (1%?) - it is incredible. About two thirds of the shares here are held by just 10 shareholders (whose actions can really influence the share price) and the directors' purchases may give them a bit more confidence in the messages the directors are giving them in their regular calls and meetings - but in the end they'll mostly look at the business results The directors have very little interest in talking up the share price a bit for a short period. What would they get out of this - a warm feeling inside? The success of their trades can be judged by the performance of the business and share price progression over the next year or so .
Sigmaroc share price data is direct from the London Stock Exchange

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