SEGRO: SEGRO fights back; ambitious defence rests on long-dated execution and optimistic valuation

研报英文原文证据摘录

SEGRO: SEGRO fights back; ambitious defence rests on long-dated execution and optimistic valuation

Equity Research

European Real Estate

8 July 2026

SEGRO

SEGRO fights back; ambitious

defence rests on long-dated First Look

SGRO.L/SGRO LN UNDERWEIGHTexecution and optimistic valuation

European Real Estate NEUTRAL

SEGRO argues the business is worth 1,312p/sh, supported by Price Target GBp 625

50p FY30E EPS. implying very tight 2.91% FY26E and 3.8% Price (07-Jul-26) GBp 881

FY30E EPS yields. H126 trading showed £53m of rent signed PotentialSource: Bloomberg,Upside/DownsideBarclays Research -29.1%

and increased capex guide, although lower occupancy and

European Real EstateNAV temper the argument that this value is already emerging.

Paul May, CFA

+44 (0)20 3134 1444

SEGRO launched a robust defence against the Prologis bid, arguing the approach is paul.j.may@barclays.com

opportunistic and inadequate. Management's central argument is it materially undervalues the Barclays, UK

embedded earnings and valuation upside within its logistics and data centre development Eleanor Frew, CFA

pipeline. The company is targeting growth in Adjusted EPS from 36.6p in FY25 to c.50p by FY30, +44 (0)20 3555 0748

supported by more than £1bn of incremental rental income potential. This implies 21% upside eleanor.frew@barclays.com

to our FY30 Adjusted EPS and 20% upside to FY28 consensus estimates1 . Barclays, UK

Kanad Mitra

Management highlights £429m of future industrial and logistics rent potential alongside £460m +91 (0)22 6175 1793

of near- to medium-term data centre income opportunities supported by its 3.0GVA European kanad.mitra@barclays.com

power bank. It argues NAV should only be the starting point for valuation. SEGRO estimates its Barclays, UK