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.
|17Feb17 07:00||RNS||SEGRO Results for the year ended 31 December 2016|
|07Feb17 15:00||RNS||Holding(s) in Company|
|11Jan17 07:00||RNS||STRONG END TO 2016 - VALUATION AND TRADING UPDATE|
|30Dec16 11:27||RNS||Total Voting Rights|
|30Nov16 14:00||RNS||Total Voting Rights|
|16Nov16 07:00||RNS||SOUMEN DAS TO JOIN SEGRO AS CFO ON 16 JANUARY 2017|
|31Oct16 14:00||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%.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Industry fundamentals remain positive
21 Feb 17
The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including continued innovation and valuations are very supportive, which offers the potential for higher industry merger and acquisition activity.
Lloyds, Best Of The Banks
23 Feb 17
Lloyds Banking Group PLC (LLOY) reported a strong result for FY-16, which has allowed it to pay a special dividend, plus has encouraged the UK government to reduce its stake in the bank to below 5%. Lloyds’ acquisition of the MBNA credit card business is proceeding on track, with all key M&A metrics being well satisfied. The outlook for Lloyds’ capital base, its profitability and thus the dividend prospects have all improved. This encourages us to ascribe a Buy rating to the stock, with a target price of 80p per share, derived from a prospective Price / Book value of 1.3x and a P/E ratio of 13x which we think are justifiable ratios.
Marked confidence in profitability resilience
22 Feb 17
LBG posted a good set of results at the operating level. Management showed its confidence in the group’s ability to protect its indecent profitability levels over the next three years by recommending an increased ordinary dividend and the payment of a special dividend, and by setting a stable return on required equity objectives.
Middle Britain growth
21 Feb 17
The Company has achieved our 2017 estimate in 2016 with EBITDA of £2.2m, up 37% on 2015. We upgrade our estimates by 10% at the EBITDA level in 2017. If the shares traded even at the lower end of comparators, they would trade at 17p. We expect the share price to reach our upgraded 17p price target in the short term. Few companies enjoy the unique positioning which Lighthouse has to benefit from the assets of Middle Britain.
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume