Goodman Property Trust
Market Cap
NZ$3.2b
Last Updated
2020/01/18 10:33 UTC
Data Sources
Company Financials +
Executive Summary
GMT is an externally managed unit trust, listed on the NZX.
Rewards
Risk Analysis
Earnings are forecast to decline by an average of -36.1% per year for the next 3 years
Snowflake Analysis
Solid track record and slightly overvalued.
Share Price & News
How has Goodman Property Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: GMT has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
0.4%
GMT
1.7%
NZ REITs
1.9%
NZ Market
1 Year Return
42.6%
GMT
28.2%
NZ REITs
23.4%
NZ Market
Return vs Industry: GMT exceeded the NZ REITs industry which returned 26.5% over the past year.
Return vs Market: GMT exceeded the NZ Market which returned 22.5% over the past year.
Shareholder returns
| GMT | Industry | Market | |
|---|---|---|---|
| 7 Day | 0.4% | 1.7% | 1.9% |
| 30 Day | 4.4% | 4.1% | 4.3% |
| 90 Day | 1.8% | -0.5% | 5.4% |
| 1 Year | 48.1%42.6% | 33.9%28.2% | 28.5%23.4% |
| 3 Year | 112.1%83.5% | 66.3%42.9% | 62.2%40.9% |
| 5 Year | 151.4%93.6% | 96.5%51.5% | 98.9%54.4% |
Price Volatility Vs. Market
How volatile is Goodman Property Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 months ago | Simply Wall St
What Kind Of Shareholders Own Goodman Property Trust (NZSE:GMT)?5 months ago | Simply Wall St
Zooming in on NZSE:GMT's 3.3% Dividend Yield6 months ago | Simply Wall St
Should You Be Excited About Goodman Property Trust's (NZSE:GMT) 16% Return On Equity?Valuation
Is Goodman Property Trust undervalued compared to its fair value and its price relative to the market?
6.11x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: GMT (NZ$2.26) is trading above our estimate of fair value (NZ$1.94)
Significantly Below Fair Value: GMT is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: GMT is good value based on its PE Ratio (6.1x) compared to the REITs industry average (12x).
PE vs Market: GMT is good value based on its PE Ratio (6.1x) compared to the NZ market (19.8x).
Price to Earnings Growth Ratio
PEG Ratio: GMT's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: GMT is overvalued based on its PB Ratio (1.2x) compared to the NZ REITs industry average (1.2x).
Next Steps
Future Growth
How is Goodman Property Trust forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?
-36.1%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: GMT's earnings are forecast to decline over the next 3 years (-36.1% per year).
Earnings vs Market: GMT's earnings are forecast to decline over the next 3 years (-36.1% per year).
High Growth Earnings: GMT's earnings are forecast to decline over the next 3 years.
Revenue vs Market: GMT's revenue (6.4% per year) is forecast to grow faster than the NZ market (4.8% per year).
High Growth Revenue: GMT's revenue (6.4% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: GMT's Return on Equity is forecast to be low in 3 years time (4%).
Next Steps
Past Performance
How has Goodman Property Trust performed over the past 5 years?
16.6%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: GMT has a large one-off gain of NZ$392.9M impacting its September 30 2019 financial results.
Growing Profit Margin: GMT's current net profit margins are higher than last year .
Past Earnings Growth Analysis
Earnings Trend: GMT's earnings have grown by 16.6% per year over the past 5 years.
Accelerating Growth: GMT's earnings growth over the past year (126.6%) exceeds its 5-year average (16.6% per year).
Earnings vs Industry: GMT earnings growth over the past year (126.6%) exceeded the REITs industry -6.6%.
Return on Equity
High ROE: GMT's Return on Equity (20.4%) is considered high.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Goodman Property Trust's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: GMT has a high level of physical assets or inventory.
Debt Coverage by Assets: GMT's debt is not covered by short term assets (assets are 0.1x debt).
Financial Institutions Analysis
Asset Level: GMT's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if GMT has a sufficient allowance for bad loans.
Low Risk Liabilities: GMT reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if GMT has an acceptable proportion of non-loan assets held.
Low Risk Deposits: GMT has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if GMT has an appropriate level of bad loans.
Next Steps
Dividend
What is Goodman Property Trust's current dividend yield, its reliability and sustainability?
2.92%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: GMT's dividend (2.94%) is higher than the bottom 25% of dividend payers in the NZ market (2.83%).
High Dividend: GMT's dividend (2.94%) is low compared to the top 25% of dividend payers in the NZ market (5.42%).
Stability and Growth of Payments
Stable Dividend: GMT's dividend payments have been volatile in the past 10 years.
Growing Dividend: GMT's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (123.6%), GMT's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: GMT's dividends in 3 years are forecast to be covered by earnings (93.2% payout ratio).
Next Steps
Management
What is the CEO of Goodman Property Trust's salary, the management and board of directors tenure and is there insider trading?
6.1yrs
Average management tenure
CEO
John Dakin (53yo)
16yrs
Tenure
NZ$2,235,554
Compensation
Mr. John Dakin has been the Chief Executive Officer of Goodman (NZ) Limited since 2004 and also serves as its Executive Director. Mr. Dakin has been Executive Director of GMT Bond Issuer Limited since July ...
CEO Compensation Analysis
Compensation vs Market: John's total compensation ($USD0.00) is below average for companies of similar size in the NZ market ($USD1.37M).
Compensation vs Earnings: John's compensation has been consistent with company performance over the past year.
Management Age and Tenure
6.1yrs
Average Tenure
43yo
Average Age
Experienced Management: GMT's management team is seasoned and experienced (6.1 years average tenure).
Board Age and Tenure
9.3yrs
Average Tenure
62yo
Average Age
Experienced Board: GMT's board of directors are considered experienced (9.3 years average tenure).
Insider Trading
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Management Team
John Dakin (53yo)
CEO & Executive Director
- Tenure: 16yrs
- Compensation: NZ$2.24m
Jonathan Simpson
Head of Corporate Affairs
Paul McGarry (43yo)
Head of Asia
- Tenure: 3.4yrs
Anton Shead
General Counsel & Company Secretary
Andy Eakin
Chief Financial Officer
- Tenure: 8.8yrs
Mandy Waldin
Marketing Director
Angus Brooks (42yo)
Chief Executive Officer of Japan
- Tenure: 3.3yrs
James Spence
Director of Investment Management
Board Members
John Dakin (53yo)
CEO & Executive Director
- Tenure: 16yrs
- Compensation: NZ$2.24m
Phil Pryke (68yo)
Non-Executive Director
- Compensation: NZ$99.55k
Keith Smith (67yo)
Independent Chairman of the Board
- Tenure: 9.8yrs
- Compensation: NZ$153.75k
Susan Paterson (62yo)
Independent Director
- Compensation: NZ$88.75k
Greg Goodman (56yo)
Non-Executive Director
Peter Simmonds
Independent Director
- Tenure: 9.3yrs
- Compensation: NZ$102.65k
Leonie Freeman
Independent Director
- Compensation: NZ$96.55k
Company Information
Goodman Property Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Goodman Property Trust
- Ticker: GMT
- Exchange: NZSE
- Founded: 1999
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: NZ$3.153b
- Shares outstanding: 1.39b
- Website: https://nz.goodman.com
Location
- Goodman Property Trust
- KPMG Centre
- Level 2
- Auckland
- 1010
- New Zealand
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| GMT | NZSE (New Zealand Stock Exchange) | Yes | Units | NZ | NZD | Mar 2001 |
Biography
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $2.9 billion, ranking it in the top 20 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed Goodman Group, Goodman Group is also the Trust’s largest investor with a cornerstone unitholding of 22%. GMT is New Zealand’s leading industrial space provider. It has a substantial property portfolio, with a current market value of $3.0 billion. The Trust holds an investment grade credit rating of BBB from Standard & Poor’s.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/01/18 10:33 |
| End of Day Share Price | 2020/01/17 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2019/03/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.