Goodman Group (GMG)



Welcome to InvestSMART

You are currently viewing our site as a guest, which gives you limited access to our site features. By signing up for a free membership, you will receive our Investment Opportunity newsletters and have access to additional features for finding and comparing managed funds and shares. Registration is fast and simple, so please:

Sign Up Today Ľ it's FREE! Already a member? Login now!


General Information
Company Name: Goodman Group
Stock Code: GMG
Website: www.goodman.com
GICS Sub-Industry: Diversified Real Estate Investment Trusts
Market Cap ($M): 10,228
Equiv. Shares (M): 1,745

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 5.860 $ 5.790 $ 5.880 $ 5.710 $ 5.700 6,049,307 $ 0.160  2.807 %

Current Broker Consensus Recommendation more
Recommendation: Hold (2.6667)
Recommendation Date: 18th Dec 2014
Brokers Surveyed: 3

Company Overview

Business Description:
Goodman Group (GMG) is an integrated property group with operations throughout Australia, New Zealand, Asia, Europe, the United Kingdom, North America and Brazil. GMG comprised of the stapled entities Goodman Limited, Goodman Industrial Trust and Goodman Logistics (HK) Limited. GMG operates four divisions namely Property Investment, Fund Management, Property Services and Property Development.

Strategy Analysis:
GMG seeks to build scale for its own, manage, develop capital recycling business model by leveraging its established platforms in Australia, Europe and Asia, focusing on investors in industrial property. Entry into new markets of US, Brazil and China offer high growth potential. Future growth will be driven by property development and management earnings from the launch of new funds, primarily for large institutional investors, supplemented by occasional corporate acquisitions to further bolster scale. Goodman Group reported NPAT down 22.7% to $154.6m for the half-year ended 31 December 2012. Revenues from ordinary activities were $507.9m, up 8.7% from the same period last year. Diluted EPS was 1.2 cents compared to (4.2) cents last year. Net operating cash flow was $226.3m compared to $140.0m last year. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F 690.2 38.7 6.4 14.7 23.5 4.1 0.0
2015  F 641.0 36.4 6.0 15.7 22.3 3.9 0.0
2014  A 601.1 34.3 7.1 14.1 20.7 4.3 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
BWP Trust (BWP) $1,759 M -0.2727 0.0326 0.0148 18.3211 17.7419 17.4825 5.35 5.64 5.75
Dexus Property (DXS) $6,366 M -0.2674 0.0766 0.0146 14.7225 13.6744 13.4778 5.34 5.80 6.08
Goodman Gp (GMG) $9,949 M 0.0702 0.0752 0.0599 16.6229 15.4597 14.5855 3.63 3.92 4.21
Investa Office Fund (IOF) $2,235 M 0.4908 -0.3066 0.0335 10.8559 15.6559 15.1477 5.08 5.25 5.47
Novion Property (NVN) $6,619 M -0.0071 0.1070 0.0233 17.4578 15.7703 15.4119 6.27 6.35 6.45

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
GMG 2.21 16.5 1.71 2.44
Market 0.90 15.0 1.19 1.94
Sector 1.52 14.0 1.14 3.26

Directors
Name Position Start Date
Mr Gregory (Greg) Goodman Chief Executive Officer,Executive Director 07 August 1998
Mr Anthony Rozic Deputy Chief Executive Officer,Executive Director 01 January 2013
Mr Danny Peeters Executive Director 01 January 2013
Mr Philip Pearce Managing Director, Greater China,Executive Director 01 January 2013
Mr Ian Douglas Ferrier Non-Executive Chairman 01 September 2003
Mr Philip (Phil) Pryke Non-Executive Director 13 October 2010
Ms Anne Jillian Keating Non-Executive Director 23 February 2005
Mr John Beresford Harkness Non-Executive Director 23 February 2005
Mr James Christopher Sloman Non-Executive Director 01 February 2006
Ms Rebecca Joy McGrath Non-Executive Director 03 April 2012
Mr Philip Fan Non-Executive Director 01 December 2011

Management
Name Position
Carl Bicego Company Secretary
Alison Brink General Manager, Marketing
Michael O'Sullivan Group Corporate Executive
James Inwood Group Head of Funds Management
Nick Vrondas Group Chief Financial Officer
Luc LaFontan Group Chief Information Officer
Carolyn Scobie Group General Counsel
John Taylor Group General Manager, Human Resources
Nick Kurtis Group Head of Equities

Substantial Shareholders
Holding Name
90,940,602 (5.29%) BlackRock Investment Management (Australia) Limited (formerly Barclays Global Investors Australia)
102,759,342 (5.98%) Vanguard Investments Australia Ltd
168,462,083 (9.80%) Leader Investment Corporation and China Investment Corporation

Calendar of Events
Date Event
28 September 2015 Report (Annual)
13 August 2015 Report (Prelim)
12 February 2015 Report (Interim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

Advertisement

Trade Shares Online from $19.95^
Free Guides

The SMH Guide to Estate Planning

Everyone wants their financial affairs to be in the best possible state when they die so that their loved ones can enjoy the benefits of their legacy without dispute or conflict.

More details...

News

Markets melt up

By Michael McCarthy (chief market strategist, CMC Markets) 19/12/2014 | Traders and investors caught short heading into the FOMC scrambled for cover in Europe and the US, in many cases driving indices to their best one day performance for 2015.

Aussie Investors take their foot off the accelerator

By Betty Lam (Sales Trader, CMC Markets) 18/12/2014 | Lead by the Fed-fervour offshore, Australians shares jumped on the Yellen cheer wagon. The material and energy stocks were back in vogue as both sectors gained over 3% in morning trade.

Fed Feeds Frenzy

By Michael McCarthy (chief market strategist, CMC Markets) 18/12/2014 | In spite of a frenzied pre-mortem, a benign statement from the US Federal Reserve‚Äôs Open Market Committee and steadying commodity markets drove investors back into share markets overnight. A calmer, stronger ruble helped offset European growth fears, highlighted in the overnight session by further declines in inflation.

Household brands Woolworths and Telstra Heavy Lifting

By Betty Lam (Sales Trader, CMC Markets) 11/12/2014 | Offshore jitters sent ripples through to Australian stocks. The open saw the local equities take 65 points off the index, catalysed by a mass-exit in energy stocks, yet again.

Steady open as Woodside investors wait on details of possible Wheatstone acquisition

By Ric Spooner (Chief Market Analyst, CMC Markets) 10/12/2014 | Yesterday‚Äôs news on Greek politics and China‚Äôs bond market came at a time when US and European stock markets have extended rallies and pushed valuations higher. This makes those markets vulnerable to downward corrections as profit takers act to avoid missing out.

MYEFO and Lima - December could be nasty.

BR Securities Australia Pty Ltd 2/12/2014 | December 2014 could go down as a nasty moment in Australian finance. MYEFO will reveal a deteriorating budget deficit and the UNFCCC meeting in Lima, Peru will provide the agreement, to be ratified in Paris in 2015, on how much (or little) CO2 is to be allowed into the atmosphere from 2020.

More...


Sponsored Links