GB : SigmaRoc - Running faster in better markets

SigmaRoc’s update shows a strong start to the year, reporting +12% like-for-like growth for Q1 2021 against Q1 2020. Growth shows that demand is buoyant across the UK and Belgium with residential RMI and infrastructure called out. SigmaRoc has also benefitted from running acquired businesses faster, and has already made good progress on integrating the April acquisitions and the quarry reorganisation in Belgium. We leave estimates unchanged for now, but continue to see good upside to our 92p target price, which looks conservative as estimates are beatable and sector multiples continue to widen.

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