GPT Group

GPT: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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GPT Group Earnings: Solid 2024 Results; Office Recovery in Sight

Yingqi Tan

Feb 17, 2025

GPT Group’s 2024 results are slightly stronger than we expected. Funds from operations of AUD 32.2 cents beat management guidance of AUD 32.0 cents. Distributions of AUD 24 cents represents a payout ratio of 75%. For calendar 2025, we forecast FFO of AUD 32.8 cents, in the middle of the guidance range of AUD 32.5 cents-AUD 33.1 cents and distributions of AUD 24 cents. This is a 3% upgrade to our previous 2025 earnings forecast. However, the increase is insufficient to dictate a change to our AUD 5.70 fair value estimate for no-moat GPT.

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GPT Group

GPT Group Earnings: Solid 2024 Results; Office Recovery in Sight

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