The Sigma-advised The PRS REIT has completed a £250m placing programme. This drives material upside from additional income from management/development fees and development profits. We upgrade our adj. PBT forecasts by 56% in FY18e and 91% in FY19e. We also update our appraisal of intrinsic value and believe that Sigma is worth >140p/share now, with additional upside as the business evolves.