PLD: PLD on the Clock To Submit a Firm Offer for SEGRO By 7/22; We Like the Strategic Rationale But Price & Execution Are Key

研报英文原文证据摘录

PLD: PLD on the Clock To Submit a Firm Offer for SEGRO By 7/22; We Like the Strategic Rationale But Price & Execution Are Key

Equity Research

Company Update — July 1, 2026

Industrial REITs

Prologis, Inc.

PLD on the Clock To Submit a Firm Offer for SEGRO By Overweight

7/22; We Like the Strategic Rationale But Price & Execution Price Target: $167.00

Are Key

Our Call Ticker PLD

Upside/(Downside) to Target 23.3%

PLD published a detailed presentation regarding its bid for SEGRO on 6/30. We spoke to

both PLD & SEGRO, while we like the strategic rationale of PLD's bid, price, structure & Price (06/30/2026) $135.47

execution will be key. 52 Week Range $103.41 - 150.18

Market Cap (MM) $129,721

The Deal. PLD's proposal to buy European Industrial REIT SEGRO in a $16.6B stock- Enterprise Value (MM) $158,778

for-stock transaction on 6/24/26 was priced in line with SEGRO's EPRA NTA & a 24.6% Average Daily Value (MM) $499

premium to the 6/23/26 closing price. We think the platforms would be a good strategic Dividend Yield 2.8%

fit & estimate a transaction at the bid price announced as neutral-to-slightly FFO

accretive based on G&A synergies alone, before any longer-term value creation. $ (Dec) Q1 Q2 Q3 Q4 FY

FFO/Share

The Process. However, SEGRO views the offer as "a long way short of SEGRO's own 2026E 1.50 A 1.56 E 1.55 E 1.54 E 6.16 E

views on value" & noted PLD's announcement does not constitute a firm intention to 2027E 1.61 E 1.68 E 1.67 E 1.65 E 6.61 E

make an offer. Rule 2.6(a) of the City Code on Takeovers & Mergers gives PLD until 5pm

Source: Company Data, Wells Fargo Securities estimates, and Factset.

(London time) on 7/22/26 to announce a firm intention to make an offer or that it does NA = Not Available, NC = No Change, NE = No Estimate

not intend to make an offer.