Goodman Earnings: AUD 4 Billion Equity Raise Overwhelms Result

We raise our fair value estimate for narrow-moat Goodman by 4% to AUD 28.00 per security. Fifty percent of the increase is attributed to the AUD 4 billion equity raise, priced above our valuation of AUD 33.50 per security. The other half is because of an upgrade in our fiscal 2025 earnings forecasts.