PLD and SEGRO Merger Sensitivities-Accretion Potential Likely Longer Term

研报英文原文证据摘录

PLD and SEGRO Merger Sensitivities-Accretion Potential Likely Longer Term

REITs

Industrial - Market Weight

PROLOGIS, INC. (PLD) June 25, 2026

PLD and SEGRO Merger Sensitivities-Accretion Potential Rating:

Likely Longer Term Peer Perform

Price:

$140.87

The Wolfe Byte Price Target:

With this report we review merger math and potential synergies of the proposed NA

PLD/SGRO deal. View PLD Model

View Comp Table

●Earnings Implications/SGRO Value. After a series of client requests, we offer Company Information

a range of earnings accretion and implied cap rate sensitivities for a PLD 52-Week Range $104 - $149 Market Cap. (MM) $131,338

purchase of SGRO below. Calculations are available upon request-please Enterprise Value (MM) $173,850

feel free to provide feedback and compare notes. Our estimates are fraught Shares Out. (MM) 932.3

Avg. Value Traded (MM) $452.87

with assumptions. For example, we assume the SGRO capital structure remains SI% of Float 1.4%

in place, 27 profit estimates by consensus are accurate, and neither debt nor NTM P/FFO 17.6x

leases are marked to market. Note SGRO shows a lease reversion on slide 25 Implied Cap Rate-EBIT 4.6%

of their 2025 presentation from March 13, 2026 here. With these caveats we Price Performance

offer the following sensitivities: YTD LTM

○Exhibit 1 provides 27 earnings sensitivity based upon (1) takeout price/ PLD 2% 2% DJUSRE 1% 11%

ratio and (2) overheads synergies. On this basis, we estimate the

transaction would be ~day 1 earnings neutral, but would be accretive if 160

we presumed reversion discussed above were equal to a lease mark to 150

market. Finally, subsequent year earnings accretion could be higher with 140

successful development completion. 120

○Exhibit 2 provides implied cap rate based upon (1) takeout price/ratio and 110