SigmaRoc’s better than expected results show Nordkalk performing to expectations and the Group successfully recouping higher input costs. This demonstrates the pricing power that strong local heavy building material companies command. The transformational Nordkalk acquisition has diversified the Group and expanded cash flows so that the Group can now self-fund sizeable deals. A track record of improving businesses has lengthened and there remain many opportunities. We leave profit estimates unchanged as we see further success in recouping cost increases. The shares look cheap on 13x PER and under 8x EV/EBITDA.