REAL ESTATE: Segro (SGROLN: A- Fitch): FY24

Feb-14 07:54

Equity increase helped reduced leverage. Data driving growth

  • Net Rental Income +7% to £628m; +5.8% like-for-like
  • Adj Pre-Tax Profit £470m +14.9%
  • New headline rent of £91m generated
  • Data Centre growth will be a focus with 2.3GW pipeline
  • Portfolio revaluation of +1.1% vs -4% decline 2023
  • LTV is low at 28% vs 34% 2023;
  • NetDebt/EBITDA reduced to 8.6x in 2024 from 10.4x 2023
  • Issued €500m 8yr in Sep to repay loans. Next bond maturity Mar '26.

Historical bullets

USD: Broader USD selling is emerging

Jan-15 07:52
  • Some broader USD selling is driving the bounce in Cable, taking its cue from the bid in Bond futures, US Tnotes (TYH5) breaks the overnight high, and eye a test to 107.18+, Yesterday's high.
  • USDJPY is just finding support at the mentioned 156.92, was Monday's low, so far printed a 156.98 low.

EURIBOR OPTIONS: Call Fly buyer

Jan-15 07:48

ERM5 97.62/97.75/97.87c fly, bought for 2.25 in 8.88k

MNI: FRANCE DEC HICP 0.2% M/M, 1.8% Y/Y

Jan-15 07:45
  • MNI: FRANCE DEC HICP 0.2% M/M, 1.8% Y/Y
  • FRANCE DEC CPI 0.2% M/M, 1.3% Y/Y