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Segro downgraded to ‘hold’ by Deutsche Bank over asset valuations

In the year to 31 December, Segro's net asset value rose 9% to 709p per share, 1% below consensus and 5% below Deutsche's estimates

Segro - Segro downgraded to ‘hold’ by Deutsche Bank over asset valuations

Segro PLC (LON:SGRO) has been downgraded to ‘hold’ from ‘buy’ by Deutsche Bank following the Industrial property group's recent finals, with the German bank highlighting asset valuations

Deutsche also trimmed its target price for the FTSE 100-listed firm to 810p from 830p.

In last week’s results, for the full-year 31 December 2019, the Segro reported net asset value (NAV) 9% higher at 709p per share, 1% below consensus and 5% below Deutsche Bank’s estimates.

READ: Segro plumps up divi as it benefits from e-commerce and urbanisation

In its statement, Segro also said it expects further rental growth across geographies with increasing contribution from continental Europe, while most investment is likely to be on development.

Segro shares dipped 1% to 922.6p on Monday morning, still trading at a 23% premium to NAV.

Quick facts: Segro

Price: 892.8 GBX

LSE:SGRO
Market: LSE
Market Cap: £9.89 billion
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