Sigma had a strong finish to 2018 coming in slightly ahead of our expectations: £12.4m adj. PBT vs £12.2m N+1Se. Revenue was lower than expected but higher development profits offset this. We match the FY18 outturn in our forecasts, but leave FY19e unchanged for the moment. A maiden dividend is to be declared at the full year results: we include a 1.6p final dividend for the current year in our model. On only current capital capacity in The PRS REIT, we see a 140p/share intrinsic value.
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Strong finish to the year, maiden dividend planned
- Published:
08 Jan 2019 -
Author:
Andrew Watson -
Pages:
3
Sigma had a strong finish to 2018 coming in slightly ahead of our expectations: £12.4m adj. PBT vs £12.2m N+1Se. Revenue was lower than expected but higher development profits offset this. We match the FY18 outturn in our forecasts, but leave FY19e unchanged for the moment. A maiden dividend is to be declared at the full year results: we include a 1.6p final dividend for the current year in our model. On only current capital capacity in The PRS REIT, we see a 140p/share intrinsic value.