Primary Recommendations

SigmaRoc - £1bn war chest for M&A complementing cyclical recovery

March 2026

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.

Over the month I met again with Max Vermorken, CEO of SigmaRoc, the largest supplier of lime and limestone products in Western and Central Europe, shortly after the company announced results that beat expectations by a country mile (FY25 EPS 10.5p vs forecasts of 8.8p-9.5p and +30% year-on-year). Even despite the rally to all-time highs that followed, the forward PE rating is just 12.7 falling to 11.6, which doesn’t reflect the double-digit EBITDA growth baked in for the foreseeable future. Founded nine years ago as a “buy and build” construction materials company, in early 2024 SigmaRoc made the biggest acquisition in its history of certain European lime businesses from larger rival CRH and synergies from that deal of €40m have ...

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Capital Limited - Gold boom to benefit drilling budgets

SigmRoc - Stock hits all-time highs after near vertical ascent (September 2025)

SigmaRoc - Shares race to £1 (June 2025)

SigmaRoc - Finals ahead of guidance (May 2025)

SigmaRoc - Beats forecasts, overhang cleared (March 2025)

SigmaRoc - Prospective PE for next year drops to just 7.2 (November 2024)

SigmaRoc - EBITDA “ahead of budget” (September 2024)

SigmaRoc (May 2024)

SigmaRoc (March 2024)

SigmaRoc - Record acquisition enhances FY’25 and FY’26 eps 18% and 25%, dropping PE to 5.3 and 4.6 (February 2024)

SigmaRoc (December 2023)

Sigmaroc (October 2023)

SigmaRoc - Director buying again (June 2023)

SigmaRoc - Placing provides firepower for further acquisitions (April 2023)

SigmaRoc - SigmaRoc Eps rises an incredible 40% in tough year (March 2023)

SigmaRoc - Forecasts raised 10% (February 2023)

SigmaRoc - Cluster buying by directors (December 2022)

Sigmaroc (June 2022)

SigmaRoc (May 2022)

SigmaRoc - Acquisition lifts eps 5% (February 2022)

SigmaRoc - 30% eps enhancing acquisition (September 2021)

SigmaRoc - Buy-and-build quarry and building materials group with £25m-a-year war chest (July 2021)

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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