Davy Morning Equity Briefing
Sep 07, 2026
SigmaRoc plc
Well set up for H2; another acquisition announced
With SigmaRoc’s (SRC) H1 performance largely understood, the acquisition of AB Dolomitas is the key takeaway this morning. The deal further strengthens SRC’s Baltic platform, adding a high-margin, reserve-backed dolomite asset with over 25 years of reserves. Acquired at 6x FY25 EBITDA, pre-synergies, the transaction fits neatly within SRC's long-established approach of acquiring high-quality assets at attractive valuations. Looking beyond the acquisition, improving end-markets, an active M&A pipeline and scope for further earnings upgrades leave us increasingly positive on the broader investment case. At 127p, SRC trades on c.7.0x EV/EBITDA — an undemanding valuation for a business that continues to improve both its scale and quality.
Irish economy
Ireland’s growth story is broader than it is often portrayed
Modified domestic demand provides only a partial view of how the Irish economy is really performing. A decline in non-residential construction so far this year has been a drag on growth, but domestic demand ignores Ireland’s exceptionally large flow of household savings. More reliable signs point to a continued brisk underlying expansion this year. Contrary to popular narratives around concentration risk, we note that growth in wages for domestic-owned firms has exceeded that of foreign-owned firms for the past three years. This suggests that the Irish economy’s success is broader than it is often portrayed.
