Segro published positive FY15 figures as expected: a rental lfl growth of 4.2% (o/w 5.2% from the UK and 1.2% from Continental Europe). PBT stood at £686.5m from £654.4m yoy, and EPS at 18.4p gained 7% yoy. The dividend stands at 15.6p (up 3.3% yoy) and the NAV gained 21% to reach 463p. Cost of debt stood at 3.7% from 4.4% yoy, net debt has increased to £1.8bn, however the LTV remained tamed at 38% from 40%. Management maintains its confidence in the positive momentum of its
