Want to see GB:SRC full AI Analyst Report?
Top Page
SigmaRoc
(LSE:SRC)
Select Model
Select Model
Rating:66Neutral
Price Target:
133.00 p
▲(3.42% Upside)
Action:Reiterated
Date:09/15/26
The score is driven primarily by improving financial performance (material margin and earnings step-up) and a constructive earnings-call outlook (growth, synergies, and lower leverage). Offsetting these positives are mixed/weak technical signals (negative MACD and price below key moving averages) and only moderate valuation support (P/E ~15.3 with no dividend yield provided).
Positive Factors
Earnings and Margin Expansion
Double-digit EBITDA and EPS growth alongside substantial margin expansion indicates stronger operating performance across the group. If sustained, improved profitability can support reinvestment, strengthen resilience through construction cycles, and increase the earnings contribution from future growth initiatives.
Negative Factors
Meaningful Leverage
Meaningful debt remains a constraint despite leverage improving from the prior year. It can reduce financial flexibility during a weaker construction cycle, increase sensitivity to refinancing and interest costs, and limit the capacity to fund acquisitions or other investment solely from the balance sheet.
Read all positive and negative factors
Positive Factors
Negative Factors
Earnings and Margin Expansion
Double-digit EBITDA and EPS growth alongside substantial margin expansion indicates stronger operating performance across the group. If sustained, improved profitability can support reinvestment, strengthen resilience through construction cycles, and increase the earnings contribution from future growth initiatives.
Read all positive factors
SigmaRoc (SRC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.33B
Dividend YieldN/A
Average Volume (3M)3.68M
Price to Earnings (P/E)15.4
Beta (1Y)1.30
Revenue Growth4.46%
EPS Growth100.00%
CountryUK
Employees3,000
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.08
Shares Outstanding1,114,854,500
10 Day Avg. Volume5,542,615
30 Day Avg. Volume3,679,168
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)1.70
Price to Sales (P/S)1.35
P/FCF Ratio18.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£130.00Price Target Upside1.09% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.11
Revenue Forecast (FY)£1.07B
SigmaRoc Business Overview & Revenue Model
Company Description
Headquartered in London, UK, SigmaRoc plc, established in 1999 and previously known as Messaging International Plc until its rebranding in August 2016, is actively involved in acquiring and investing in enterprises within the construction material...
How the Company Makes Money
SigmaRoc makes money primarily by producing and selling construction materials (most notably aggregates) to customers involved in infrastructure, commercial, and residential construction. Revenue is generated from (1) sales volumes of materials ex...
SigmaRoc Earnings Call Summary
Earnings Call Date:Sep 07, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 22, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Management reported double-digit EBITDA and EPS growth, higher margins, lower leverage, healthy cash conversion, continued synergy delivery, asset expansion and an attractively valued, earnings-enhancing Lithuanian acquisition. The main cautions were weak European residential construction, a 3% overall volume decline in the EBITDA bridge, geopolitical and interest-rate uncertainty, cautious margin guidance, and ongoing management of energy hedges and working capital.Positive Updates
Strong First-Half Earnings Growth
SigmaRoc described the first half of 2026 as a fantastic first half, with EBITDA up 11.3%, EPS up 12.2%, EBITDA margins at 25.1% and margin evolution of 200 basis points.
Negative Updates
Weak European Residential Construction
Residential construction in Europe has been weak for years. Although there have been tendencies of recovery and increased permitting, management said these have not yet translated into a full recovery in house building, volumes or pricing.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong First-Half Earnings Growth
SigmaRoc described the first half of 2026 as a fantastic first half, with EBITDA up 11.3%, EPS up 12.2%, EBITDA margins at 25.1% and margin evolution of 200 basis points.
Read all positive updates
Company Guidance
Management expressed confidence in the full year outlook and said the second half, which is typically a stronger half than the first, has started well ahead of last year; the board’s view is that the group is “on track for another solid performance,” while remaining cautious and preferring to “keep guidance as it stands and then revise later in the year.” The synergy program delivered EUR 5 million in H1, has reached the minimum increased from EUR 30 million to EUR 40 million, and management will aim for EUR 60 million, with EUR 15 million more to go after; for acquisitions, the guidance is “about 25% EBITDA increase on any deal,” while the Dolomitas deal is expected to complete at the end of Q3 and into Q4. Medium-term annualized CapEx guidance is “around 65-ish” excluding leases, rising by “10% plus” with Dolomitas, with “65, 70-ish” pre-leases a good number; working capital is expected to remain at 5%-10% of revenue, leverage is managed within 1.5x to 2x, and the typical tax guidance is 22%.SigmaRoc Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.05B | 1.04B | 962.51M | 541.65M | 537.99M | 271.99M |
| Gross Profit | 271.61M | 268.99M | 228.57M | 123.56M | 115.94M | 61.92M |
| EBITDA | 260.67M | 238.59M | 163.86M | 77.86M | 89.69M | 22.93M |
| Net Income | 88.12M | 79.86M | 23.26M | 13.53M | 31.24M | -7.56M |
Balance Sheet | ||||||
| Total Assets | 2.28B | 2.26B | 2.15B | 1.02B | 966.93M | 769.32M |
| Cash, Cash Equivalents and Short-Term Investments | 183.74M | 166.67M | 131.36M | 55.87M | 68.62M | 69.92M |
| Total Debt | 646.31M | 639.03M | 641.83M | 238.30M | 262.48M | 233.92M |
| Total Liabilities | 1.41B | 1.41B | 1.39B | 500.38M | 497.08M | 358.16M |
| Stockholders Equity | 845.97M | 825.57M | 724.77M | 500.74M | 458.12M | 400.26M |
Cash Flow | ||||||
| Free Cash Flow | 66.61M | 75.71M | 42.01M | 9.08M | 35.01M | 6.92M |
| Operating Cash Flow | 173.02M | 171.12M | 117.02M | 52.12M | 87.73M | 29.54M |
| Investing Cash Flow | -106.55M | -91.39M | -584.63M | -64.56M | -85.53M | -375.16M |
| Financing Cash Flow | -58.95M | -51.86M | 547.89M | 957.00K | 2.88M | 388.54M |
SigmaRoc Technical Analysis
Negative
128.60
Price Trends
126.27
Negative
123.30
Positive
127.11
Negative
Market Momentum
-0.99
Positive
46.69
Neutral
9.87
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SRC, the sentiment is Negative. The current price of 128.6 is above the 20-day moving average (MA) of 127.11, above the 50-day MA of 126.27, and above the 200-day MA of 127.11, indicating a bearish trend. The MACD of -0.99 indicates Positive momentum. The RSI at 46.69 is Neutral, neither overbought nor oversold. The STOCH value of 9.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:SRC.
SigmaRoc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | £1.08B | 13.60 | 6.73% | 4.72% | 7.88% | -9.34% | |
70 Outperform | £269.82M | 16.42 | 7.98% | 4.23% | -4.66% | 16.91% | |
66 Neutral | £1.33B | 15.38 | 10.54% | ― | 4.46% | 100.00% | |
66 Neutral | £66.64M | 18.15 | 4.06% | 6.22% | -7.01% | -28.77% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | £373.24M | 18.68 | 3.79% | 4.51% | -0.25% | -12.96% | |
48 Neutral | £300.21M | -13.48 | -6.19% | 2.56% | -10.12% | -287.99% |
* Basic Materials Sector Average
GB:SRC
SigmaRoc
123.50
0.50
0.41%
GB:FORT
Forterra
142.00
-42.04
-22.84%
GB:IBST
Ibstock
78.05
-56.01
-41.78%
GB:MSLH
Marshalls
152.80
-14.07
-8.43%
GB:MBH
Michelmersh Brick Holdings
73.50
-18.60
-20.20%
GB:BREE
Breedon
317.60
-22.82
-6.70%
SigmaRoc Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
SigmaRoc buys Lithuanian dolomite producer Dolomitas in €118m Baltics push
Positive
Sep 7, 2026
SigmaRoc has agreed to acquire Lithuanian dolomite producer AB Dolomitas for €110m on a debt- and cash-free basis, plus €8m for non-core assets including industrial land near the port of Klaipėda. Dolomitas, established in 1964, s...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
SigmaRoc Delivers Strong H1, Bolsters Balance Sheet and Growth Capacity
Positive
Sep 7, 2026
SigmaRoc reported a robust first half of 2026, with revenue rising 2.5% to £523.1m and underlying EBITDA up over 11% to £131.2m, lifting margins by 200 basis points. Underlying EPS increased 12.2%, net debt fell 7.2%, covenant leverage i...
Business Operations and StrategyFinancial Disclosures
SigmaRoc resets investor presentation time ahead of 7 September interim results
Positive
Aug 11, 2026
SigmaRoc has confirmed that it will publish its interim results on Monday, 7 September 2026, and will host an online analyst briefing at 08:30 BST the same day. The company has also adjusted the time of its Investor Meet Company presentation for p...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
SigmaRoc Posts Strong First Half and Expands Limestone Reserves
Positive
Jul 22, 2026
SigmaRoc reported a strong first half to 30 June 2026, with like-for-like revenue up 2.5% to £523.1m and EBITDA rising 11.3%, lifting margins by 200 basis points. Core volumes grew 1% for the first time in three years, driven by improving con...
Business Operations and Strategy
SigmaRoc CEO Increases Stake with Additional Share Purchase
Positive
Jun 15, 2026
SigmaRoc, the AIM-quoted European lime and minerals group, reported that its chief executive, Max Vermorken, has purchased 10,000 ordinary shares in the company at 119.65 pence per share. Following this transaction, Vermorken holds 3,271,124 share...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.