ANALYST VIEWS: WERE SEGRO’S RESULTS ON TRACK?
LI SUN | ORIEL SECURITIES
Segro reported solid results… although adjusted net asset value of 340p was below our estimate of 352p due to higher than expected non-core asset write-down. Underlying operation remains solid with small improvements to occupancy and retention rate… We retain “add”.
MIKE BESSELL | INVESTEC
Segro’s results were in line with our expectations…Fundamentally the story is playing out as guided during the investor day in autumn. We had been buyers for the income growth and dividend yield, and nothing in the headline changes this view.
JAMES CARSWELL | PEEL HUNT
Segro’s final result, preceding its substantial and detailed portfolio restructure in November is again disappointing. The divestment and re-investment into ‘higher grade’ logistics and data centres, will, we expect, be managed carefully to preserve the dividend cover.