Sigma continues to make strong progress: announcing a partnership with Keepmoat in June, near tripling interim operating profits and delivering >280 new PRS homes with >1,300 under construction. Now a new £45m HCA facility has been secured providing additional funding. We are reducing forecasts on delayed development, but the pipeline remains and is growing continually, as is the value available to extract. The HCA facility has the potential to drive performance beyond existing scenarios. Our base case valuation is 110p with our bull case at 140p. We see scope for this to progress towards 200p on effective use of funding.