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    SGRO   GB00B5ZN1N88

SEGRO PLC

(SGRO)
  Report
Delayed London Stock Exchange  -  11:35:29 2023-01-27 am EST
843.80 GBX   +1.96%
01/25Goldman likes UK banks; HSBC cuts Dr Martens
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01/18Bank of America Downgrades Segro to Neutral from Buy, Cuts PT
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Segro profits as high industrial occupier demand meets limited supply

10/20/2022 | 05:42am EST

(Alliance News) - Segro PLC on Thursday said rental growth continued in the past three months, as demand for space outpaced supply.

In the third quarter, the London-based industrial property investor signed GBP20 million of new headline rent, down 23% from GBP26 million a year before. Total headline rent grew 19% to GBP76 million for the nine months to September 30 from GBP64 million a year prior.

"Occupier demand remains strong across all of our markets, driven by long-term structural trends, whilst supply remains limited and this should continue to support high levels of rental growth," Segro said.

The quarterly vacancy rate widened slightly to 3.3% from 3.2%.

So far in 2022, it has completed 419,100 square metres of new developments, down from 450,000 the year before, which Segro said will generate GBP20 million of headline rent with 92% already let, down from GBP25 million in rent and 93% let a year prior.

At the end of September, over 1.3 million square metres of space was under construction or in advanced discussions, up 30% from 998,000 a year ago, with Segro noting this could turn into GBP86 million of future headline rent, rising 26% from GBP68 million a year ago.

Further, Segro noted a near-term development pipeline of potential rent of GBP32 million, up 33% from GBP24 million.

The firm said it remains on course to invest around GBP700 million on its development pipeline in 2022.

Looking ahead, Segro expects the momentum of its performance to continue into the fourth quarter.

Segro shares rose 1.2% to 723.60 pence each in London on Thursday morning.

By Tom Budszus; tombudszus@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Analyst Recommendations on SEGRO PLC
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Financials
Sales 2022 510 M 631 M 631 M
Net income 2022 301 M 373 M 373 M
Net Debt 2022 4 276 M 5 294 M 5 294 M
P/E ratio 2022 19,2x
Yield 2022 3,17%
Capitalization 10 203 M 12 633 M 12 633 M
EV / Sales 2022 28,4x
EV / Sales 2023 26,3x
Nbr of Employees 385
Free-Float 99,7%
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Technical analysis trends SEGRO PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 843,80 GBX
Average target price 936,91 GBX
Spread / Average Target 11,0%
EPS Revisions
Managers and Directors
David John Rivers Sleath Chief Executive Officer & Executive Director
Soumen Das Chief Financial Officer & Executive Director
Andrew Harrison Chairman
James Power Director-Digital & Technology
Andrew E. G. Gulliford Chief Operating Officer & Executive Director
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