Member Info for Culpepper

On price, it can only be Travis sellers who got these on spin off that are holding us back. I continue to wait them out.

A little summary, there's a few of them.
https://www.cityam.com/wickes-instates-first-ever-dividend-following-travis-perkins-demerger/

I find nothing detrimental in the results. The separation process from Travis has gone well, and Wickes is progressing on its own account, even increasing market share in core. It is a difficult logistic period for construction ( and other sectors ) but it seems the well documented material supply issues have been mitigated as far as reasonably possible, and on the labour front successful steps have been taken and are ongoing to ensure availability of installers for their kitchen and bathroom ranges.
They indicate a very competitive position compared with peers.
I take the financial results and comment as indicative of progression, and confidence in the future as they fine tune the products and business model.
We may see what analysts make of it later on.

There's a wave of thinking going on, yet to be translated into retrofit in volume.
https://www.bdcmagazine.com/2021/09/retrofit-service-to-train-3500-builders-from-greater-manchester-in-green-skills-by-2026/

SKK. Individual brokers, individual efficiency.

I feel inclined to reply to that, though not addressed to me. I find it less stressful to contact the broker and ensure they have it in hand. On some occasions they can push it close to the return date, and that can become uncomfortable.

£434k on the UT today @ 240.6, so that shifted a few more to start again.

The guidance to shareholders in the RNS is as good as it gets.

Just a snippet of news.
https://rcimag.co.uk/news/sig-uk-appoints-category-director-for-timber

Bit more recent comment on retrofit, social housing stock.
https://constructionmanagermagazine.com/finance-overcoming-social-housing-retrofits-biggest-barrier/

TV suggesting govt Heat and Building strategy ( including subsidy for insulation ) may be released by end of month. Industry been lobbying for something deliverable since Green Homes failure.

Still plodding along. No great shakes. Still getting rid of what in my view can only be legacy Travis sellers. Lost ground against director buys at. £2.50. No surprises in store for the period to be reported upon on Thursday, but we'll see how kitchens and bathrooms are going on and obviously something to the future on the remainder of the year, last said to be on track.

Yes. And errors of the type you mention were recognised at the time of recapitalisation, and C D and R's 29% probably contingent upon change.
https://otp.tools.investis.com/clients/uk/sig_plc/rns/regulatory-story.aspx?newsid=1393518&cid=296

Agreed. And on the recent brokers note, regardless of the widely reported materials and transport challenges affecting construction (including Sig's competitors) and other sectors, Liberum validly focus on Sig's improved momentum in its early recovery stage, following recapitalisation, leadership changes, and a new growth strategy. The company has already reported increasing market share, and the opportunity to better that continues to exist. It is against that background, and taking account of existing market conditions, that Liberum upgraded. More of the same seems to be the message, with a view to increasing margins over time, in a healthy, govt. supported sector, which will eventually break free from logistics constraints.

Liberum upgrades SIG to 'buy', says recovery 'just getting started'

Fri, 10th Sep 2021 09:55
(Sharecast News) - Analysts at Liberum upgraded insulation and construction products supplier SIG from 'hold' to 'buy' on Friday, stating the firm's recovery was "just getting started".
Liberum, which also hiked its target price on the stock from 55.0p to 65.0p, stated that SIG's share price could double if its new management team delivers on its growth strategy and also highlighted that there was "material margin upside" to be delivered if the firm's recent sales momentum continues.

The analysts also think the market has missed "the step change in momentum" brought about by SIG's boardroom shakeup and strategic partner.

"Our analysis of the sector shows management's targets are achievable. SIG is well placed to go for growth. It has a strong balance sheet, an incentivised strategic partner and has supportive regulatory tailwinds," said Liberum.

"SIG's valuation is too cautious if the sales momentum continues. The shares trade at 0.3x EV/sales. If it can deliver a 5% margin, we believe this could justify a 0.5x EV/sales multiple."

Seems they think it'll go to 65p! Not seen the note though. So needs checking out.
Anyway, there you go.

Insulation and roofing products provider SIG climbed 3.0% as Liberum raised the stock to Buy from Hold.

And don’t worry about that Melseth. He’s a bit like you, is all.

Carry on Mick. Give it some proper welly. Altman score, liquidation and all that stuff.

A little more on the last. Lessons for the future.. https://constructionmanagermagazine.com/spending-watchdog-criticises-overly-complex-green-homes-grant-failure/
And a drop today. Possibly contributory:-
The stock market took a tumble on Wednesday as investors started to digest the implications of the recently announced tax rises by the UK Government.
Some are worried that the rises could lead to a slowdown in economic activity, with the FTSE 100’s housebuilders facing the brunt.
The four biggest fallers on the leading index – Taylor Wimpey, Persimmon, Land Securities and Barratt Developments – were all in the building sector and helped drag the premier index down 53.84 points, or 0.75%, at 7095.53.
But the pain was felt across Europe, with all eyes on the European Central Bank, which is hinting that financial support could start to taper off.