SigmaRoc – Finals due next Monday will be impressive, shares 126p, on 11.2 times current year earnings, TP 216p

Mark Watson-Mitchell - 12.03.2026

Next Monday, 15^th March, SigmaRoc (LON:SRC) will report its results for the year to end-December 2025.

They should be very good, showing an almost 36% increase in pre-tax profits, on the back of a near 8% rise in revenues.

Those results and the accompanying statement could well help the European group’s shares, now 126p, move back above this year’s High of 153p.

The £1.39bn-capitalised group’s declared Mission is to supply essential minerals critical for life across the industrial and construction sectors.

Its Vision is to be Northern Europe’s leading supplier of essential minerals.

The Business

SigmaRoc has developed into a leading lime and minerals group targeting quarried materials assets in the UK and Northern Europe.

The business is asset-backed with over 2.7bn tonnes of mineral reserves.

Lime and limestone are key resources in the transition to a more sustainable economy.

New applications for lime and limestone products as part of a drive for sustainability include the production and recycling of lithium batteries, the decarbonisation of construction including through substitution of cementitious material and new building materials, and environmental applications including lake liming, air pollution and direct air capture.

The group seeks to create value by purchasing assets in fragmented markets and extracting efficiencies through active management and by forming the assets into larger groups.

Its policy is to de-risk its investments through the selection of projects with strong asset backing.

Year-end Trading Update

On Monday 19^th January this year, the group announced a strong year-end Trading Update for 2025, exceeding prior earnings per share guidance by approximately 10% and reporting revenue of £1,036 million, a 4% increase year-on-year, with underlying EBITDA expected to exceed £262 million, up over 16%.

The company achieved its synergy target of €40m two years ahead of schedule and has agreed to divest three businesses for approximately £18m as part of portfolio optimisation.

SigmaRoc also stated that it is initiating the refinancing of its principal banking facilities and expects the German infrastructure stimulus and improving sentiment in sectors like steel and residential to benefit 2026 performance.

Management Comment

CEO Max Vermorken stated that:

"This 2025 update once again demonstrates the resilience and quality of our business.

We have taken timely actions to capture synergies and further operational improvements, delivering strong progress in operational metrics in this last year.

Our business is focused on lime and limestone, and I am confident we are well positioned for future growth.

Lime is an essential product, that plays a critical role in several key societal trends, from decarbonisation to sustainable construction, to environmental protection and the electrification of the economy.

We expect our final 2025 results to be ahead of expectations, and we are well positioned to continue our growth in 2026.

With strong positions in all markets and supportive structural growth drivers, the outlook for SigmaRoc remains very positive."

The Equity

There are some 1,114,854,530 shares in issue.

The larger holders include Invesco Asset Management (4.93%), Janus Henderson Investors UK (3.96%), Driehaus Capital Management (3.13%), Polar Capital (3.03%), Moneta Asset Management (3.02%), Conversant Capital (2.94%), Von Rettig Family (2.94%), BGF Investment Management (2.59%), Slate Investments (2.16%), and Canaccord Genuity Wealth (1.29%).

Broker’s Views

There are some ten analysts following the group.

The average of the consensus of those analysts suggests that last year the group could have seen £1,058m (£963m) in revenues, with £250m (£225) in EBITDA, generating earnings of 9.7p (8.1p) per share.

For the current year to end-December, they look for £1,103m in sales, with £266m in EBITDA and 11.0p in earnings.

Nine analysts rate the group’s shares as a Buy, the other a Hold.

The average Target Price is 158p, with the Lowest at 130p and the Highest at 216p.

Analysts Adrian Kearsey and Kate Middleton, at Panmure Liberum, have that 216p Target Price.

They consider that the group is making the transition from being a nimble-but-still-cyclical building materials supplier to a limestone business enjoying stable and-compounding characteristics.

They note that the ongoing trading data highlights how the Nordkalk and CRH acquisitions have created a business with a broad number of end-markets, generating consistent margins and strong FCF.

As a consequence, SigmaRoc has transformed from being a nimble-but-cyclical building materials supplier into a specialist mineral business with “compounding” characteristics.

They believe that this fundamental shift in the investment thesis will increasingly be reflected in the valuation.

In My View

The growth of this group over the last few years has been admirable, and I believe that its momentum will continue for some time yet.

Its shares, at the current 128p, offer a very useful upside as it looks to surge past its previous High of 153p.

(Profile 04.09.20 @ 49p set a Target Price of 65p*)

(Profile 26.07.23 @ 62.20p set a Target Price of 80p*)

(Profile 24.07.25 @ 113p set a Target Price of 140p)