Sigma Capital has reported a strong set of 2015 final results. These demonstrate impressive financial progress which has been achieved from a full year of PRS development. There is more to come. FY15 earnings were focussed on Phase 1 (Gatehouse) and regeneration activities. Sigma has now launched Phase 2 and began self-funding PRS development. We expect operational gearing to deliver significant earnings growth. We leave our forecasts unchanged. Using our SOTP approach, we note that Sigma has funding to deliver a 160p/share intrinsic value.
