Segro Share Discussion Threads

[jonwig] 23/8/2018 15:13

Credit Suisse today reaffirms its outperform investment rating on Segro [LON:SGRO] and raised its price target to 745p (from 300p).

Story provided by StockMarketWire.com

[skyship] 01/8/2018 07:33

"EPRA NAV per share increased 8.5 per cent to 603 pence (31 December 2017: 556 pence), driven by a 5.9 per cent increase in the value of the portfolio, due to development and asset management gains, further yield compression and ERV growth across the portfolio."

Sp 665p. So a 9.3% premium. For a propco this is now surely over-valued. Great company with very good perceptive management; however institutions seem to be forgetting cyclical history by supporting these to such a level.

[jonwig] 01/8/2018 05:53

Citywire:

Expectations for industrial real estate investment trust Segro (SGRO) have been running high as investors pile into logistics but they are already baked into the valuation, says Numis.

Analyst Paul Gorrie retained his ‘hold’ recommendation and target price of 712p on the stock after first-half results. He said the company ‘does not appear to be slowing down, indeed it is rightly putting its foot on the gas to exploit occupier and investment demand conditions which are as favourable as they have been for at least a cycle’.

While Gorrie added that ‘upgrades could provide additional momentum for the shares’, the first-half 2018 net asset value meant the market was ‘already baking in a large amount of growth expectation’.

[torarory] 27/7/2018 07:39

And warehouse robotics, level flooring ( Somero Enterprises ) stacking systems etc ! Everything to do with getting packages to/from consumers will continue to thrive.

[torarory] 27/7/2018 07:19

Great set of results. Lex in FT.com suggests competition from failed retail parks and also suggests the good results cannot continue? I would dispute that. E commerce, warehousing,logistics, packaging and credit card/debit card payment systems will not die. Heathrow expansion another plus for SEGRO. I also have no doubt the board are savvy enough to foresee any potential obstacles/challenges to growth and will act accordingly. I predict the share price will be 800 this time next year.

[jonwig] 26/7/2018 07:56

H1 results very good with both assets and rentals up.
NAV of 603p is pricing in a lot of future progress though!

[jonwig] 09/7/2018 12:19

When I last looked at MKLW it had a very high premium to NAV. And SGRO is big in Europe, which is important for me.

[jonwig] 06/7/2018 15:04

Who'd have thought it?

A company built around the humble Slough Trading Estate is within reach of becoming the UK’s largest listed property group, riding on the boom in e-commerce that has sent demand for warehouses and former industrial property soaring.

[3rd eye] 18/4/2018 15:04

SGRO SEGRO Broker updates today after the update.

Segro SGRO Numis Add 628.20 626.00 681.00 681.00 Reiterates
Segro SGRO Peel Hunt Add 628.20 626.00--Reiterates
Segro SGRO Liberum Capital Buy628.20 626.00 650.0 0650.00 Reiterates

[jonwig] 16/2/2018 12:13

Peel Hunt, via FT Alphaville:

Segro’s FY results provide further evidence of the sustained
growth in industrial & logistics with impressive NAV growth of
+16.3% which is well ahead of Peel Hunt’s estimated growth
(+6%) and consensus (+9%). This further underlines the strong
investor demand, particularly in the UK where the portfolio
increased in value by +15.8%. Segro’s dividend yield of 3.0% is
lower than its industrial/logistics peers but with the shares now
trading around NAV, we increase our target price to 610p.

[jonwig] 16/2/2018 07:12

Annual results;



I tend to skip the details with this company, but NAV is 556p, and I think it tends to trade at a premium. Voids at 4%: I remember the days when it was about 10%.

[jonwig] 20/10/2017 06:55

Citywire:

Positive Segro pleases Numis despite share price premium

A trading statement from Segro (SGRO) left Numis Securities happy with the European real estate investment trust’s prospects, but a little concerned with the stock’s premium rating.

Analyst Robert Duncan retained his ‘add’ recommendation and target price of 580p as the shares slipped 2.5p to close 0.45% down at 551.5p.

Duncan said the update showed Segro ‘continues with its strategy of developing space into supply constrained markets which is also allowing it to capture reversion on standing assets’.

Although there has been a slight fall in rent renewals and reviews in Europe he said there was an ‘overall positive tone’ to the outlook.

‘The challenge from here is the high net asset value rating – 7% premium – and relatively low dividend yield of 3%,’ he said. ‘That said, we believe Segro is doing a good job of creating value and there is a positive momentum in earnings growth.’

[arf dysg] 17/8/2017 16:11

Segro should be ex-div today, 5.25p paid on the 29th of September.

[arf dysg] 26/7/2017 16:21

jonwig, that's strange, because now when I look at the LSE web site, the same link as above (post 482), it now has the news items including the most recent three, in particular including "Results for the six months ended 30 June 2017".

It definitely didn't have them yesterday, so maybe there was a blockage somewhere which has mysteriously been cleared.

I did explore the web site and under the "Prices & Markets --> Stocks --> all prices search" then type in SEGRO in the search box as you mentioned. I usually go a different route, and today both routes get the same news items.

[jonwig] 25/7/2017 20:19

IC on the results. Conclusion:

Segro is in the right place at the right time, and with the shares trading around forecast net asset value, there is plenty of growth to come. So we’re sticking with our buy tip (462.1p, 12 Apr 2017).

Last IC View: Buy, 462.1p, 12 Apr 2017

Also they say Peel Hunt reckons NAV of 525p at 31/12/17.

[jonwig] 25/7/2017 12:03

Arf - you do protest too much...

When you go to 'Prices and Markets' SGRO is in the 'Stocks' section - equities. The other announcements will be in the 'Debt Securities' section. Somehow secondary providers such as ADVFN and others manage to have them aggregated.

Personally I don't use the LSE for information unless I'm directed there, but they are the primary provider and charge the rest a princely sum for reproduction.

Yes, you do have a point!

[jonwig] 25/7/2017 07:23

Yup. And very good they are. But share price on a par with NAV - how much premium will the market take?

Good summary in this video:

[arf dysg] 24/7/2017 14:57

Results tomorrow?

[jonwig] 02/7/2017 07:43

Segro's bet on the bricks behind clicks has promise -

[jonwig] 05/6/2017 07:19

Telegraph:

SEGRO is set to launch a major new programme of development across the South East as it looks to take advantage of new rail and air links.

The company has submitted plans for four new industrial buildings at the Slough Trading Estate, as well as a new 200,000 sq ft building in Slough’s industrial centre.

Alongside this, it is adding to its SEGRO Park Bracknell development with a new phase of building totalling 150,000 sq ft.

In total, the buildings will cover almost half a million square feet and will be marketed to both start-ups and established firms in the manufacturing industries.

The firm hopes to take advantage of two new Crossrail stations in Slough, which are due to open in December 2019, as well as the proposed new runway at Heathrow, to attract firms out of London.

The new properties at the Slough Trading Estate will be built on a speculative basis, that is, without a tenant already in place.

David Sleath, chief executive of SEGRO, said building ahead of secure a leasing deal was the exception. “Most people will wait for a pre-let now as there’s not normally any benefit in building speculatively,”; he said.

“But we’ve always felt that to build speculatively if we’ve got the right product is relatively low risk.”

Around 40pc of the company’s development pipeline is being developed speculatively at any one time, he explains.

He added that a lack of land available to purchase meant the company was having to “work really hard to create opportunities” to develop new stock.

SEGRO was promoted to the FTSE 100 last week, having last dropped out of the top index in September 2010.

Shares in the firm closed at almost 1.8pc higher on the week at 501p.

[ygor706] 20/4/2017 16:07

92nd in list of largest UK market caps in latest published Sunday Times. Short term this could become the biggest driver of sentiment.