It took 16 years, last December, for Segro shares to challenge their all-time high, but clearly doubts have set in since then. The price has slid back and although David Sleath, the chief executive, challenged the pessimists last Friday with annual results described by analysts as remarkable, excellent and even fantastic — prompting an all-too-brief rise in fortunes — the shares fell again yesterday to close at £12.29½.
The company is performing well and the shares trade at more than 40 times estimated 2022 earnings. Segro’s boss said of last year’s £4.1 billion jump in the value of its properties to £18.4 billion: “I don’t think I’ve ever seen that increase in a single year in our industry, let alone our own business. It’s quite
