Segro: Prologis offer triggers a test of true value

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Segro: Prologis offer triggers a test of true value

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Segro

Prologis offer triggers a test of true value

Rating Change: NO RATING | PO: NA | Price: 871.40 GBp

Prologis tests Segro conviction 25 June 2026

Segro’s board has unequivocally rejected an unsolicited £12.6bn ($16.6bn) all‑share offer Equity

from Prologis, at 0.084 exchange ratio, implying 925p per share and a c.25% premium to

the undisturbed price (see Samir Khanal’s Prologis report). The strategic logic is clear:

Key Changesscale in European logistics and access to a ready-built operating platform. Investor focus

has increasingly shifted to platformisation, third-party capital and data-driven (GBp) Previous Current

operations, a key theme from our recent London trip with US counterpart Jeff Spector. Inv. Opinion B-2-7 -6-

We estimate >£80m of cost synergies from leveraging Prologis’ c.20% European Inv. Rating NEUTRAL NO RATING

footprint, driving >1% EPS accretion in year one. Prologis has until 22 July to formalise Price Obj. 750.00 NA

its offer and “urges” shareholders to push the board for engagement. 2026E EPS 38.21 37.84

2027E EPS 39.76 38.04

Pricing reflects today, not embedded growth 2028E EPS 41.25 39.29

The bid implies a 4.4% cap rate and 24x 2026E earnings and is broadly in line with 2025 2026E DPS 32.51 32.21

NTA but below forward value creation. The board unanimously rejected the proposal,

arguing that the bid materially undervalues the business, Segro’s development pipeline Marc Mozzi >>

and its growing datacentre exposure. Street NTA is 1,004p for 2027 and 1,049p for Research Analyst BofASE (France)

2028, suggesting that the offer does not capture pipeline delivery or structural rental +33 1 8770 0374

upside potential.