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Analyst consensus

DISCLAIMER

The consensus has been collated from estimates submitted by analysts to SEGRO, during the period 16 to 20 June 2022, using a standard template. The information is provided purely for convenience to users of our website, for information purposes only. SEGRO neither endorses, nor accepts responsibility for, any material published or relied upon by any analyst from which the figures presented are calculated, nor does it endorse or accept responsibility whatsoever for the views of these or any other analysts reporting on the company. In particular, SEGRO makes no warranty or representation as to the accuracy of the research, the reasonableness of any assumptions or projections or the likelihood of achieving the figures set out. SEGRO has not commented on or verified any individual estimates, nor does it intend to do so in the future, and SEGRO shall not be liable for any errors in the content of the research material, or for any action taken in reliance thereon. Furthermore, SEGRO may at any time be in possession of information that may affect the research and has not commented upon, reviewed or updated, and is under no obligation to comment upon, review or update, the research.

Nothing contained herein should be taken as a recommendation to buy or sell shares in SEGRO or to take or refrain from taking any other action or to place any reliance on any of the information set out on our website. When making an investment decision you should seek the advice of an independent financial adviser.

The figures are calculated based on a simple average (mean) of the constituents and are not altered or adjusted in any way by SEGRO other than as stated. The range reflects the highest and lowest estimate for each indicator. It should be noted that estimates are by definition forward looking and as such are speculative and are therefore subject to risks and uncertainties that may materially affect eventual results. Although SEGRO will endeavour to procure that the figures presented are kept updated in accordance with the methodology set out above, SEGRO assumes no obligation to update, revise or supplement the figures presented.

Adjusted Earnings per share*
              2021A 2022E 2023E 2024E
Average 29.1 32.9 38.7 38.9
High   41.5 47.0 45.2
Low   28.5 32.4 34.4
Number of constituents   20 20 20

*Some of these estimates include the impact of the potential SELP performance fee payable in October 2023 but this has been applied inconsistently so we have also calculated a consensus EPS excluding the impact of this (see table below)

Adjusted Earnings per share (excluding SELP performance fee)
         2021A 2022E 2023E 2024E
Average 28.0 32.0 35.6 38.6
High   34.4 41.2 45.2
Low   26.5 28.1 33.9
Number of constituents   20 20 19
Adjusted NAV per share 
       2021A 2022E 2023E 2024E
Average 1,137 1,286 1,401 1,483
High   1,481 1,695 1,910
Low   1,131 1,236 1,278
Number of constituents   19 19 19
Dividend per share 
                2021A 2022E 2023E 2024E
Average 24.3 27.0 30.5 32.5
High   29.9 36.3 36.6
Low   25.0 27.0 28.2
Number of constituents   20 20 19

Brokers contributing to consensus average

Bank of America, Barclays, Berenberg, Citi, BNP Paribas Exane, Goldman Sachs, Goodbody, Green Street, HSBC, JP Morgan, Kempen & Co, Kepler Cheuvreux, Liberum, Morgan Stanley, Numis Securities, Panmure Gordon, Peel Hunt, Stifel, RBC, UBS

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Investment case introduction

We are a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and a leading owner, asset manager and developer of modern warehouses and industrial properties.

Investment case introduction
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Financial highlights

For the most recently published financial highlights.

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Where we do it

Discover the geographical split by value of our assets.

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Key Performance Indicators

All the financial Key Performance Indicators from the most recent Annual Report and Accounts.

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Green Finance Framework

Our commitment to be a force for societal and environmental good is integral to our purpose and strategy.

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Analyst consensus

The consensus has been collated from estimates submitted by analysts to SEGRO.

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