Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SEGRO PLC. We currently have 3 research reports from 1 professional analysts.
|30Nov16 02:00||RNS||Total Voting Rights|
|16Nov16 07:00||RNS||SOUMEN DAS TO JOIN SEGRO AS CFO ON 16 JANUARY 2017|
|31Oct16 02:00||RNS||Total Voting Rights|
|20Oct16 07:00||RNS||3rd Quarter Trading Update|
|18Oct16 03:58||RNS||SELP JV PRICES ?500M 2023 UNSECURED BOND ISSUE|
|03Oct16 03:30||RNS||Director/PDMR Shareholding|
|30Sep16 01:00||RNS||Total Voting Rights|
Frequency of research reports
Research reports on
H1 16: not bad at all
26 Jul 16
The group’s NRI stood at £120.9m, or up 4.1% lfl, with the UK outperforming once again the Continent, +6.2% lfl and +1% respectively, EPS was up 6.5% to 9.8p, and the interim dividend is increased by 4% yoy to 5.2p. The combined property portfolio at £5.9bn gained 1.5% (o/w 2.5% in Greater London, 1.2% in Southern Europe and 0.9% in CE). EPRA NAV gained 2.6% to 475p to now only 6% below our 18-months forward expectations. The financial position remains strong with net debt at £2.1bn including JVs and LTV down 36% (from 39% yoy). Overall, management maintains its confidence in its market despite the referendum, as long as occupational conditions remain strong. CFO Justin Read’s replacement will be Soumen Das (39), who will join company in January 2017.
Positive FY15 results, target raised to 484p from 473p
20 Feb 16
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 markets.
New target price of 495p following a solid H1
29 Jul 15
As anticipated, Segro published solid results in H1. The portfolio gained +5.8% on an lfl basis to £5.2bn and EPRA NAV now stands at 416p (up 8.3%). Adjusted PBT stands at £69.2m up 3.7% yoy, with EPS gaining 4.3% to 9.2p, better than we expected (our FY expectation was 17.7p). The interim dividend is increased to 5.0p form 4.9p yoy. The financial position remains strong with net debt at £1.8bn and an LTV down 1% to 39%.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
Panmure Morning Note 30-11-2016
30 Nov 16
Brewin Dolphin’s results for FY16 are a mixed bag, with most numbers beating consensus but the key numbers failing to beat management’s KPIs. So although AUM is up more than 10% and revenue/adjusted PBT/EPS/DPS beat consensus estimates, in our view the continuing struggle to increase revenue and expand margins could weigh on the valuation. Despite this, our investment case is unchanged and we retain our Buy recommendation and price target of 320p.