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Goodman Group GMG

Rating as of

Morningstar’s Analysis

Currency in AUD
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Goodman Well Placed, FVE Up 6% to AUD 15.75, Shares Screen as Expensive.

Alexander Prineas Equity Analyst

Analyst Note

| Alexander Prineas |

Strong demand for industrial property from tenants and investors saw another solid result from Goodman Group, beating its already strong guidance. Operating earnings per share, or OEPS, grew 14% in fiscal 2021 to AUD 0.66, which slightly exceeding guidance and our estimate. Goodman shares slid 2% on the day, with the market seemingly underwhelmed by guidance of 10% OEPS growth for fiscal 2022. We’re comfortable maintaining our 2022 estimate of OEPS growth of 12%, and note that Goodman typically upgrades guidance throughout the year. We also leave our distribution estimate for fiscal 2022 at AUD 0.30, in line with guidance and fiscal 2021.

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Company Profile

Business Description

Goodman Group develops and manages industrial property investments worldwide. Rather than taking all risks on its own balance sheet, most Goodman developments are on behalf of end-user tenants, and funds management clients. A typical deal involves purchasing land for a tenant who wants to occupy the site, and/or an investor who will own the asset via a Goodman investment vehicle. Goodman charges leasing fees for locking in tenants, and fees for managing the development. Completed projects reside in Goodman investment vehicles, and Goodman charges asset and investment management fees to investors, in return for collecting rent and managing the site. Goodman retains a minority stake in many projects, generating rental income and aligning its own interests with its funds management clients.

1-11 Hayes Road, The Hayesbery
Sydney, NSW, 2018, Australia
T +61 292307400
Sector Real Estate
Industry REIT - Diversified
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 1,240