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SigmaRoc - Acquisition lifts eps 5%

February 2022

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares rose sharply after SigmaRoc acquired Johnston Quarry for an enterprise value of £45m (including £9m debt and leases). Johnston produces construction aggregates, premium quality building stone and agricultural lime and owns eight quarries and two processing sites based in Oxfordshire, Gloucestershire and Lincolnshire and its Cotswolds ironstone and Bath Stone are highly valued dimensional stone products. Johnston’s EBITDA last year was £5.9m implying an EV / EBITDA multiple of 7.6x, which is attractive given it holds reserves worth 40 years at current production rates. Liberum has upgraded eps by 5% for FY’22 and ’23 for new eps of 6.6p and 7.1p (2-year growth of 45%). Its price target is 130p. With net debt / ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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SigmaRoc - Acquisition lifts eps 5%

February 2022

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