GOODMAN GROUP (GMG)
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GMG

GMG - GOODMAN GROUP

FNArena Sector : Infra & Property Developers
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 7.04
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Goodman Group is an Australian commercial and industrial property group that owns, develops and manages warehouses, large scale logistics facilities, business and office parks in 17 countries. First listed in February 2005.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$34.54

19 Jun
2025

-0.050

OPEN

$34.11

-0.14%

HIGH

$34.91

5,444,470

LOW

$34.08

TARGET
$36.168 4.7% upside
OTHER COMPANIES IN THE SAME SECTOR
CMW . CWP . FRI . FWD . GOZ . GPT . LIC . LLC . MGR . PPC . SFC . SGP . SIO . UOS .
FNARENA'S MARKET CONSENSUS FORECASTS
GMG: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 5.2 118.1 xxx
DPS (cps) xxx 30.0 30.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx 0.0% 0.1% xxx
PE Ratio xxx N/A 29.3 xxx
Dividend Yield xxx N/A 0.9% xxx
Div Pay Ratio(%) xxx N/A 25.4% xxx

Dividend yield today if purchased 3 years ago: 1.70%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.87

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-5.2
DPS All xxxxxxxxxxxxxxx30.0
Sales/Revenue xxxxxxxxxxxxxxx1,962.0 M
Book Value Per Share xxxxxxxxxxxxxxx923.4
Net Operating Cash Flow xxxxxxxxxxxxxxx1,188.6 M
Net Profit Margin xxxxxxxxxxxxxxx-5.04 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-0.56 %
Return on Invested Capital xxxxxxxxxxxxxxx-0.46 %
Return on Assets xxxxxxxxxxxxxxx-0.41 %
Return on Equity xxxxxxxxxxxxxxx-0.56 %
Return on Total Capital xxxxxxxxxxxxxxx2.40 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx610.7 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx11 M
Long Term Debt xxxxxxxxxxxxxxx3,712 M
Total Debt xxxxxxxxxxxxxxx3,723 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,785 M
Price To Book Value xxxxxxxxxxxxxxx3.76

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx10.5 M
Capex % of Sales xxxxxxxxxxxxxxx0.54 %
Cost of Goods Sold xxxxxxxxxxxxxxx556 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx894 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx4,118 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.8

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

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Ord Minnett

29/05/2025

3

Downgrade to Hold from Accumulate

$30.80

-10.83%

Ord Minnett lowers its target for Goodman Group to $30.80 from $33.50, reflecting reduced long-term revenue expectations from its data centre pipeline. The broker's rating is also downgraded to Hold from Accumulate.

The broker notes lower-than-expected installed IT capacity conversion (32.5MW from 50MW), falling by circa -20% below prior assumptions.

This lower efficiency leads to a revised long-term pipeline valuation of $150bn (down from $190bn) and a cut in the broker's powerbank valuation to $100bn. The analyst's data centre segment’s per-share value is downgraded to $12.20 from $14.90.

Recent additions in Los Angeles and Hong Kong expand work-in-progress to $13.7bn, with data centres now comprising over half of Goodman's active projects.

Ord Minnett believes the risk profile of the group's data centre developments has increased without a corresponding lift in return metrics such as yield on cost.

The broker notes management maintained FY25 guidance.

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

02/06/2025

1

Buy

$39.00

12.91%

Jarden has lowered its target price for Goodman Group to $39.00 from $39.50 following a moderation in near-term earnings forecasts. The Buy rating is retained.

While guidance for 2025 operating earnings growth is 9%, the broker believes this is a temporary trough and expects stronger growth to resume from 2026 as data centre developments accelerate and new capital partners are onboarded.

The broker forecasts cumulative earnings (EBITDA) of around $28bn over the next decade, underpinned by logistics, data centre development and residential conversion opportunities.

Logistics is expected to remain around 30% of the development pipeline, with additional upside from selective residential asset conversions contributing to net tangible asset accretion. 

FORECAST
Jarden forecasts a full year FY25 dividend of 30.00 cents and EPS of 117.60 cents.
Jarden forecasts a full year FY26 dividend of 30.00 cents and EPS of 130.30 cents.
Access Extra Coverage Research History >

GMG STOCK CHART

FNArena News on GMG

Latest Infra & Property Developers News

1
Goodman Silences The Critics

May 18 2022 - Australia
2
Treasure Chest: Stockland Ready To De-Couple

Apr 05 2022 - Treasure Chest
3
Stockland: Property Portfolio In Transformation

Nov 10 2021 - Australia
4
The Goodman Group Good News Story Continues

Nov 03 2021 - Australia
5
Goodman Group: Momentum Strong

Oct 26 2021 - Technicals
6
Will There Be Upside From Lendlease Targets?

Sep 06 2021 - Australia
7
Mirvac’s Earnings Wired To Apartment Resurgence

Aug 17 2021 - Australia
8
Stockland Ups Exposure To Land Lease Sector

Jul 21 2021 - Australia
9
Warehousing Demand Powers Goodman Group

Feb 22 2021 - Australia
10
Short-Term Uncertainties Weigh On Mirvac

Feb 15 2021 - Australia