GPT GROUP (GPT)



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General Information
Company Name: GPT Group
Stock Code: GPT
Website: www.gpt.com.au
GICS Sub-Industry: Diversified Real Estate Activities
Market Cap ($M): 6,405
Equiv. Shares (M): 1,685

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 3.830 $ 3.810 $ 3.860 $ 3.810 $ 3.800 2,849,477 $ 0.030  0.789 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 17th Feb 2014
12 Month Target Price (average): $3.991
Brokers Surveyed: 7

Company Overview

Business Description:
GPT Group (GPT) is a property company which holds a core portfolio consisting of high quality properties in the retail, office and logistics & business park sectors in Australia. GPT also has two managed funds, the GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF).

Strategy Analysis:
The current strategy is focused on the active ownership of Australian retail, office and industrial property while reducing stakes in wholesale funds and retail, continuing to exit non-core businesses and grow Australian funds management fees. GPT Group reported General Property Trust's NPAT of $594.5m for the year ended 31 December 2012. Revenues from ordinary activities were $993.4m, up 17% from last year. Diluted EPS was 30.8 cents compared to 15.4 cents last year. Net operating cash flow was $420.4m compared to $413.2m last year. The final distribution declared was 5.1 cents, taking the full year distribution to 19.3 cents compared with 17.8 cents last year.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2015  F 434.8 26.4 2.6 14.4 21.5 5.7 0.0
2014  F 430.4 25.8 2.9 14.8 20.5 5.4 0.0
2013  A 435.6 25.0 7.1 15.0 20.4 5.4 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F
GPT Group (GPT) $6,337 M NaN -0.2002 0.0279 11.6698 14.5906 14.1940 0.0543 0.0561 0.0585
Lend Lease Group (LLC) $7,305 M 0.0865 -0.1189 0.1972 12.4093 14.0837 11.7642 0.0332 0.0372 0.0360
Mirvac Group (MGR) $6,406 M 0.0938 0.1203 0.0391 16.1847 14.4463 13.9022 0.0501 0.0519 0.0552
Stockland (SGP) $8,726 M -0.2367 0.0532 0.0756 16.7635 15.9168 14.7987 0.0640 0.0640 0.0640
Westfield (WDC) $22,044 M 0.0955 0.0468 0.0311 15.7982 15.0919 14.6365 0.0489 0.0503 0.0513

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
GPT 1.43 12.5 0.96 10.00
Market 1.08 15.8 1.26 1.97
Sector 1.52 13.9 1.03 3.37

Directors
Name Position Start Date
Mr Michael Andrew Cameron Chief Executive Officer,Managing Director 01 May 2009
Mr Robert (Rob) A Ferguson Non-Executive Chairman 25 May 2009
Mr Brendan Patrick Crotty Non-Executive Director 22 December 2009
Mr Gene Thomas Tilbrook Non-Executive Director 11 May 2010
Dr Eileen Joy Doyle Non-Executive Director 01 March 2010
Mr Eric Goodwin Non-Executive Director 21 November 2004
Ms Anne McDonald Non-Executive Director 02 June 2005

Management
Name Position
Mark Fookes Chief Financial Officer
Carmel Hourigan Chief Investment Officer
James A Coyne Company Secretary, Legal Counsel
Michael O'Brien Group Executive - Corporate Development
Matthew Faddy Head of Asset Management
John Thomas Head of Development - Commercial & Industrial
Anthony McNulty Head of Development - Retail & Major Projects
Nicholas Harris Head of Funds Management

Substantial Shareholders
Holding Name
155,686,358 (9.19%) Uni Super
205,742,325 (12.14%) Government of Singapore Investment Corporation

Calendar of Events
Date Event
13 March 2015 Report (Annual)
12 February 2015 Report (Prelim)
11 August 2014 Report (Interim)
08 May 2014 AGM
© 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.

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