Segro: The ball is now firmly back in Prologis‘ court

研报英文原文证据摘录

Segro: The ball is now firmly back in Prologis‘ court

9 July 2026

Marios Pastou

+44 20 7676 6881

Property/Real Estate marios.pastou@bernsteinsg.com

Valerie JacobSegro PLC

+44 20 7762 4885

Rating valerie.jacob@bernsteinsg.com

Outperform Nikita Talwar

+44 20 7676 8785

Price Target nikita.talwar@bernsteinsg.com

SGRO.LN 900.00 GBp Specialist Sales

Sara Bellenda

+44 20 7762 1867

sara.bellenda@bernsteinsg.com

Segro: The ball is now firmly back in Prologis' court

Segro's detailed update on the value-creation potential embedded in both its industrial/logistics

Close Date 8 Jul 2026

pipeline and its expanding Data Centre platform has sharpened the debate around whether

SGRO.LN Close Price (GBp) 865.00

Prologis could return with an enhanced offer. In this report, we address several key questions that

Price Target (GBp) 900.00

have underpinned our investor discussions since Prologis’ proposals became public. We believe

Upside/(Downside) 4%

Prologis’ indicative all-share proposal is unlikely to succeed on its current terms, given the low

52-Week Range 892.20/603.00

probability of obtaining board support. We see scope for a higher offer to emerge.

EDME 1,580.78

An offer below £10 is unlikely to succeed, in our view. Segro appears to be seeking a bid FYE Dec

closer to £12/share, based on its 1H26 NTA of 905p and the combined 242p present value of Div Yield 3.6%

its development pipeline upside, in addition to other sources of value creation that we do not Market Cap (GBP) (M) 11,713

believe would be fully reflected in an offer. Relative to the existing 925p proposal, this could be EV (GBp) (M) 16,553

supported by synergies sufficient to avoid earnings dilution. While we do not believe Prologis Performance YTD 1M 6M 12M