Financials SEGRO LIQUIDNET SYSTEMS

Equities

GB00B5ZN1N88

Commercial REITs

Real-time Estimate Cboe Europe Other stock markets 09:00:00 17/05/2024 pm IST			5-day change	1st Jan Change
924.6 ^GBX	0.00%		0.00%	0.00%

14/05	Greggs sights opportunities to expand operations throughout 2024	AN
08/05	Deutsche Bank Initiates Segro Coverage With Buy Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,836	11,289	17,270	9,233	10,878	12,697	-	-
Enterprise Value (EV) ¹	11,647	13,614	20,631	12,600	16,894	17,642	17,867	17,991
P/E ratio	11.4 x	7.67 x	4.25 x	-4.78 x	-42.8 x	12 x	8.75 x	7.43 x
Yield	2.31%	2.33%	1.69%	3.44%	3.14%	3.14%	3.37%	3.58%
Capitalization / Revenue	27.2 x	28.7 x	38.6 x	18.9 x	19.9 x	19.2 x	17.1 x	15.2 x
EV / Revenue	32.2 x	34.6 x	46.2 x	25.8 x	30.9 x	26.6 x	24.1 x	21.5 x
EV / EBITDA	37.9 x	40.1 x	51.4 x	27.2 x	32.4 x	30.7 x	27.6 x	25 x
EV / FCF	-1,213 x	70 x	-14.8 x	-10 x	-41.4 x	817 x	438 x	344 x
FCF Yield	-0.08%	1.43%	-6.76%	-9.99%	-2.42%	0.12%	0.23%	0.29%
Price to Book	1.29 x	1.17 x	1.29 x	0.81 x	1 x	1.01 x	0.93 x	0.87 x
Nbr of stocks (in thousands)	10,96,300	11,91,279	12,02,254	12,09,164	12,27,226	13,50,747	-	-
Reference price ²	8.972	9.476	14.36	7.636	8.864	9.400	9.400	9.400
Announcement Date	14/02/20	19/02/21	18/02/22	17/02/23	16/02/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	362	392.9	447	488	547	662.9	741.4	836.6
EBITDA ¹	307.6	339.8	401	464	521	575.4	647.7	719
EBIT ¹	304.2	336.2	396	460	515	593.2	655.3	718.5
Operating Margin	84.03%	85.57%	88.59%	94.26%	94.15%	89.49%	88.39%	85.88%
Earnings before Tax (EBT) ¹	902	1,464	4,355	-1,967	-263	930.5	1,149	1,180
Net income ¹	857.9	1,427	4,060	-1,927	-253	1,111	1,361	1,579
Net margin	236.99%	363.17%	908.28%	-394.88%	-46.25%	167.58%	183.62%	188.77%
EPS ²	0.7890	1.236	3.381	-1.597	-0.2070	0.7843	1.075	1.266
Free Cash Flow ¹	-9.6	194.4	-1,395	-1,259	-408	21.6	40.8	52.3
FCF margin	-2.65%	49.48%	-312.08%	-257.99%	-74.59%	3.26%	5.5%	6.25%
FCF Conversion (EBITDA)	-	57.21%	-	-	-	3.75%	6.3%	7.27%
FCF Conversion (Net income)	-	13.62%	-	-	-	1.94%	3%	3.31%
Dividend per Share ²	0.2070	0.2210	0.2430	0.2630	0.2780	0.2953	0.3169	0.3367
Announcement Date	14/02/20	19/02/21	18/02/22	17/02/23	16/02/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	200.7	187.2	205.7	286	161	295	193	332	681	322.7	333.5	354.2	363
EBITDA	-	-	-	369	-	-	-	-	-	-	-	-	-
EBIT ¹	-	223.3	-	367	208	385	212	266	249	278.2	291.1	304.7	316.8
Operating Margin	-	119.28%	-	128.32%	129.19%	130.51%	109.84%	80.12%	36.56%	86.22%	87.28%	86.03%	87.28%
Earnings before Tax (EBT)	-	-	-	1,413	-	-	-	-	-	-	-	-	-
Net income	-	-	-	1,317	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	460.49%	-	-	-	-	-	-	-	-	-
EPS	-	0.1950	-	1.103	-	-	-	-	-	-	-	-	-
Dividend per Share	-	0.0690	-	0.0740	-	0.0810	-	0.0870	-	-	-	-	-
Announcement Date	14/02/20	05/08/20	19/02/21	29/07/21	18/02/22	28/07/22	17/02/23	27/07/23	16/02/24	-	-	-	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,811	2,325	3,361	3,367	6,016	4,945	5,169	5,294
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.888 x	6.842 x	8.382 x	7.256 x	11.55 x	8.593 x	7.982 x	7.363 x
Free Cash Flow ¹	-9.6	194	-1,395	-1,259	-408	21.6	40.8	52.3
ROE (net income / shareholders' equity)	3.71%	3.37%	3.01%	3.02%	3.58%	4.86%	5.03%	5.29%
ROA (Net income/ Total Assets)	2.74%	2.57%	2.29%	2.13%	2.3%	4.08%	4.64%	5.76%
Assets ¹	31,268	55,527	1,77,626	-90,505	-11,000	27,251	29,330	27,406
Book Value Per Share ²	6.970	8.090	11.20	9.380	8.860	9.310	10.10	10.80
Cash Flow per Share ²	0.1900	0.1700	0.2600	0.1800	0.3500	0.3300	0.3600	0.3700
Capex ¹	649	1,404	1,706	1,472	839	628	622	567
Capex / Sales	179.28%	357.44%	381.66%	301.64%	153.38%	94.74%	83.9%	67.73%
Announcement Date	14/02/20	19/02/21	18/02/22	17/02/23	16/02/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for SEGRO

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.4 GBP

Average target price

9.763 GBP

Spread / Average Target

+3.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Commercial REITs

	1st Jan change	Capi.
REALTY INCOME CORPORATION	-3.91%	48.06B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-2.27%	21.7B
UNIBAIL-RODAMCO-WESTFIELD SE	+18.92%	12.07B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-4.37%	9.95B
CAPITALAND ASCENDAS REIT	-12.54%	8.68B
FEDERAL REALTY INVESTMENT TRUST	-0.89%	8.43B
KLÉPIERRE	+3.16%	7.96B
FIBRA UNO	-16.85%	5.8B
MERLIN PROPERTIES SOCIMI, S.A.	+7.55%	5.72B

Other Commercial REITs