FY18 final results are in-line: £12.2m adj. PBT (vs N+1Se £12.4m) – having grown threefold yoy. The board has beaten our maiden dividend forecast: 2.0p vs N+1Se 1.6p. A Scotland fund is being launched with government backing. We reduce our FY19e PBT forecast by 23% as Sigma prioritises REIT income: a near term sacrifice to ensure long term funding potential. We now forecast REIT fundraising (£200m p.a., all equity) to better represent the likely trajectory of Sigma’s earnings in the medium term.
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In line finals, Scotland Fund, but reducing FY19e PBT
- Published:
29 Apr 2019 -
Author:
Andrew Watson -
Pages:
3
FY18 final results are in-line: £12.2m adj. PBT (vs N+1Se £12.4m) – having grown threefold yoy. The board has beaten our maiden dividend forecast: 2.0p vs N+1Se 1.6p. A Scotland fund is being launched with government backing. We reduce our FY19e PBT forecast by 23% as Sigma prioritises REIT income: a near term sacrifice to ensure long term funding potential. We now forecast REIT fundraising (£200m p.a., all equity) to better represent the likely trajectory of Sigma’s earnings in the medium term.