Goodman Group

GMG: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$62.00	Pbqdpd	Bxgtzzgrkf

E-Commerce Projects Swell Goodman’s Development Pipeline; FVE Up but Share Price Overdone

Alexander Prineas

Feb 19, 2021

We increase our fair value estimate for narrow-moat Goodman Group by 5% to AUD 14.80, after a stronger-than-expected first-half result. Goodman increased guidance for operating earnings to AUD 64.4 cents per security, and we increase our estimate 3% to AUD 64.7 cps. We make no change to our distribution estimate of AUD 0.30 per security, which is in line with management’s latest guidance.

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