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Goodman Property Trust

NZSE:GMT
Snowflake Description

Adequate balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GMT
NZSE
NZ$2B
Market Cap
  1. Home
  2. NZ
  3. Real Estate
Company description

GMT is an externally managed unit trust, listed on the NZX. The last earnings update was 169 days ago. More info.


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GMT Share Price and Events
7 Day Returns
-0.3%
NZSE:GMT
0.6%
NZ REITs
0.9%
NZ Market
1 Year Returns
29.1%
NZSE:GMT
19.8%
NZ REITs
13.9%
NZ Market
GMT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Goodman Property Trust (GMT) -0.3% 2.1% 9.1% 29.1% 30.1% 73.9%
NZ REITs 0.6% 3% 8.1% 19.8% 15.8% 50.3%
NZ Market 0.9% 4.9% 7.5% 13.9% 27.1% 47.5%
1 Year Return vs Industry and Market
  • GMT outperformed the REITs industry which returned 19.8% over the past year.
  • GMT outperformed the Market in New Zealand which returned 13.9% over the past year.
Price Volatility
GMT
Industry
5yr Volatility vs Market

GMT Value

 Is Goodman Property Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Goodman Property Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Goodman Property Trust.

NZSE:GMT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year NZ Government Bond Rate 2.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NZSE:GMT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NZ Govt Bond Rate 2.4%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.537 (1 + (1- 28%) (32.06%))
0.773
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.37% + (0.8 * 5.96%)
7.14%

Discounted Cash Flow Calculation for NZSE:GMT using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Goodman Property Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NZSE:GMT DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NZD, Millions) Source Present Value
Discounted (@ 7.14%)
2019 99.00 Analyst x1 92.40
2020 103.00 Analyst x1 89.73
2021 99.00 Analyst x1 80.50
2022 96.96 Est @ -2.06% 73.59
2023 96.25 Est @ -0.73% 68.18
2024 96.44 Est @ 0.2% 63.77
2025 97.26 Est @ 0.85% 60.02
2026 98.53 Est @ 1.31% 56.75
2027 100.13 Est @ 1.62% 53.83
2028 101.98 Est @ 1.85% 51.18
Present value of next 10 years cash flows NZ$689.96
NZSE:GMT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= NZ$101.98 × (1 + 2.37%) ÷ (7.14% – 2.37%)
NZ$2,189.48
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NZ$2,189.48 ÷ (1 + 7.14%)10
NZ$1,098.77
NZSE:GMT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NZ$689.96 + NZ$1,098.77
NZ$1,788.73
Equity Value per Share
(NZD)
= Total value / Shares Outstanding
= NZ$1,788.73 / 1,294.90
NZ$1.38
NZSE:GMT Discount to Share Price
Calculation Result
Value per share (NZD) From above. NZ$1.38
Current discount Discount to share price of NZ$1.73
= -1 x (NZ$1.73 - NZ$1.38) / NZ$1.38
-25.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Goodman Property Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Goodman Property Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Goodman Property Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NZSE:GMT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in NZD NZ$0.17
NZSE:GMT Share Price ** NZSE (2019-04-24) in NZD NZ$1.73
New Zealand REITs Industry PE Ratio Median Figure of 10 Publicly-Listed REITs Companies 9.79x
New Zealand Market PE Ratio Median Figure of 90 Publicly-Listed Companies 17.98x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Goodman Property Trust.

NZSE:GMT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NZSE:GMT Share Price ÷ EPS (both in NZD)

= 1.73 ÷ 0.17

10.45x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Goodman Property Trust is overvalued based on earnings compared to the NZ REITs industry average.
  • Goodman Property Trust is good value based on earnings compared to the New Zealand market.
Price based on expected Growth
Does Goodman Property Trust's expected growth come at a high price?
Raw Data
NZSE:GMT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.45x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
-8.8%per year
New Zealand REITs Industry PEG Ratio Median Figure of 10 Publicly-Listed REITs Companies -0.35x
New Zealand Market PEG Ratio Median Figure of 66 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

NZSE:GMT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.45x ÷ -8.8%

-1.19x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Goodman Property Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Goodman Property Trust's assets?
Raw Data
NZSE:GMT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in NZD NZ$1.41
NZSE:GMT Share Price * NZSE (2019-04-24) in NZD NZ$1.73
New Zealand REITs Industry PB Ratio Median Figure of 10 Publicly-Listed REITs Companies 1.08x
New Zealand Market PB Ratio Median Figure of 126 Publicly-Listed Companies 1.57x
NZSE:GMT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NZSE:GMT Share Price ÷ Book Value per Share (both in NZD)

= 1.73 ÷ 1.41

1.23x

* Primary Listing of Goodman Property Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Goodman Property Trust is overvalued based on assets compared to the NZ REITs industry average.
X
Value checks
We assess Goodman Property Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Goodman Property Trust has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

GMT Future Performance

 How is Goodman Property Trust expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-8.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Goodman Property Trust expected to grow at an attractive rate?
  • Goodman Property Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.4%.
Growth vs Market Checks
  • Goodman Property Trust's earnings are expected to decrease over the next 1-3 years, this is below the New Zealand market average.
  • Goodman Property Trust's revenue growth is positive but not above the New Zealand market average.
Annual Growth Rates Comparison
Raw Data
NZSE:GMT Future Growth Rates Data Sources
Data Point Source Value (per year)
NZSE:GMT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts -8.8%
NZSE:GMT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 1.6%
New Zealand REITs Industry Earnings Growth Rate Market Cap Weighted Average -11.9%
New Zealand REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.3%
New Zealand Market Earnings Growth Rate Market Cap Weighted Average 6.1%
New Zealand Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NZSE:GMT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in NZD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NZSE:GMT Future Estimates Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-03-31 152 103 116 6
2020-03-31 143 109 108 6
2019-03-31 136 121 111 6
NZSE:GMT Past Financials Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income *
2018-09-30 187 80 214
2018-06-30 189 85 204
2018-03-31 190 90 194
2017-12-31 181 90 190
2017-09-30 171 90 186
2017-06-30 172 88 200
2017-03-31 173 86 214
2016-12-31 172 84 233
2016-09-30 171 82 252
2016-06-30 170 85 243
2016-03-31 170 88 233
2015-12-31 173 89 201

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Goodman Property Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Goodman Property Trust's revenue is expected to grow by 1.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NZSE:GMT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Goodman Property Trust Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:GMT Future Estimates Data
Date (Data in NZD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-03-31 0.09 0.11 0.07 4.00
2020-03-31 0.08 0.12 0.06 5.00
2019-03-31 0.08 0.08 0.07 4.00
NZSE:GMT Past Financials Data
Date (Data in NZD Millions) EPS *
2018-09-30 0.17
2018-06-30 0.16
2018-03-31 0.15
2017-12-31 0.15
2017-09-30 0.14
2017-06-30 0.16
2017-03-31 0.17
2016-12-31 0.18
2016-09-30 0.20
2016-06-30 0.19
2016-03-31 0.19
2015-12-31 0.16

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Goodman Property Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Goodman Property Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the New Zealand market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the New Zealand market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Goodman Property Trust has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

GMT Past Performance

  How has Goodman Property Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Goodman Property Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Goodman Property Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Goodman Property Trust's 1-year earnings growth exceeds its 5-year average (15.1% vs 10.5%)
  • Goodman Property Trust's earnings growth has not exceeded the NZ REITs industry average in the past year (15.1% vs 24.7%).
Earnings and Revenue History
Goodman Property Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Goodman Property Trust Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:GMT Past Revenue, Cash Flow and Net Income Data
Date (Data in NZD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 187.00 213.80 11.20
2018-06-30 188.70 203.90 11.05
2018-03-31 190.40 194.00 10.90
2017-12-31 180.50 189.85 10.60
2017-09-30 170.60 185.70 10.30
2017-06-30 171.60 199.75 10.45
2017-03-31 172.60 213.80 10.60
2016-12-31 171.60 233.05 10.20
2016-09-30 170.60 252.30 9.80
2016-06-30 170.35 242.70 9.35
2016-03-31 170.10 233.10 8.90
2015-12-31 172.95 200.50 9.00
2015-09-30 175.80 167.90 9.10
2015-06-30 174.30 173.80 9.10
2015-03-31 172.80 179.70 9.10
2014-12-31 168.25 154.30 9.20
2014-09-30 163.70 128.90 9.30
2014-06-30 162.30 131.50 9.45
2014-03-31 160.90 134.10 9.60
2013-12-31 153.80 122.90 9.82
2013-09-30 146.70 111.70 10.05
2013-06-30 139.10 94.80 9.85
2013-03-31 131.50 77.90 9.65
2012-12-31 136.30 60.45 9.22
2012-09-30 133.10 43.00 8.90
2012-06-30 137.20 41.75 8.70

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Goodman Property Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Goodman Property Trust used its assets more efficiently than the NZ REITs industry average last year based on Return on Assets.
  • Goodman Property Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Goodman Property Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Goodman Property Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

GMT Health

 How is Goodman Property Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Goodman Property Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Goodman Property Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Goodman Property Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Goodman Property Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Goodman Property Trust Company Filings, last reported 6 months ago.

NZSE:GMT Past Debt and Equity Data
Date (Data in NZD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 1,815.30 718.10 4.60
2018-06-30 1,815.30 718.10 4.60
2018-03-31 1,793.70 842.30 4.70
2017-12-31 1,793.70 842.30 4.70
2017-09-30 1,676.70 822.30 3.50
2017-06-30 1,676.70 822.30 3.50
2017-03-31 1,674.90 723.00 1.50
2016-12-31 1,674.90 723.00 1.50
2016-09-30 1,566.30 897.10 4.10
2016-06-30 1,566.30 897.10 4.10
2016-03-31 1,536.20 855.80 1.10
2015-12-31 1,536.20 855.80 1.10
2015-09-30 1,388.90 822.70 2.00
2015-06-30 1,388.90 822.70 2.00
2015-03-31 1,376.70 725.30 4.80
2014-12-31 1,376.70 725.30 4.80
2014-09-30 1,288.50 807.40 3.60
2014-06-30 1,288.50 807.40 3.60
2014-03-31 1,265.60 756.00 1.30
2013-12-31 1,265.60 756.00 1.30
2013-09-30 1,222.50 768.40 8.00
2013-06-30 1,222.50 768.40 8.00
2013-03-31 1,185.90 717.20 2.90
2012-12-31 1,185.90 745.50 3.10
2012-09-30 952.00 630.60 2.00
2012-06-30 952.00 630.60 2.00
  • Goodman Property Trust's level of debt (39.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (62.8% vs 39.6% today).
  • Debt is not well covered by operating cash flow (11.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.7x coverage).
X
Financial health checks
We assess Goodman Property Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Goodman Property Trust has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

GMT Dividends

 What is Goodman Property Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.84%
Current annual income from Goodman Property Trust dividends. Estimated to be 3.91% next year.
If you bought NZ$2,000 of Goodman Property Trust shares you are expected to receive NZ$77 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Goodman Property Trust's pays a higher dividend yield than the bottom 25% of dividend payers in New Zealand (3.26%).
  • Goodman Property Trust's dividend is below the markets top 25% of dividend payers in New Zealand (5.47%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NZSE:GMT Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
New Zealand REITs Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 4.2%
New Zealand Market Average Dividend Yield Market Cap Weighted Average of 75 Stocks 3.8%
New Zealand Minimum Threshold Dividend Yield 10th Percentile 1.9%
New Zealand Bottom 25% Dividend Yield 25th Percentile 3.3%
New Zealand Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NZSE:GMT Future Dividends Estimate Data
Date (Data in NZ$) Dividend per Share (annual) Avg. No. Analysts
2021-03-31 0.07 6.00
2020-03-31 0.07 7.00
2019-03-31 0.07 7.00
NZSE:GMT Past Annualized Dividends Data
Date (Data in NZ$) Dividend per share (annual) Avg. Yield (%)
2018-11-06 0.067 4.133
2018-08-02 0.067 4.405
2018-05-28 0.067 4.568
2017-11-08 0.067 4.904
2017-05-18 0.067 5.232
2017-02-21 0.067 5.438
2016-11-09 0.067 5.406
2016-05-19 0.067 5.063
2015-11-11 0.067 5.205
2015-05-20 0.065 5.390
2014-11-12 0.065 5.546
2014-08-05 0.065 5.926
2014-06-19 0.063 5.854
2013-11-20 0.063 6.302
2013-08-06 0.063 6.055
2013-06-04 0.063 5.994
2013-05-15 0.063 5.555
2013-02-12 0.063 5.790
2012-11-14 0.063 6.123
2012-08-07 0.063 6.081
2012-05-17 0.063 6.232
2011-11-09 0.063 6.180
2011-05-18 0.077 7.924
2011-04-15 0.077 8.321
2010-11-10 0.077 8.254
2010-05-11 0.085 9.026
2010-04-15 0.085 8.586
2009-06-18 0.100 9.996
2009-05-14 0.100 11.906

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Goodman Property Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Goodman Property Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Goodman Property Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Goodman Property Trust has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

GMT Management

 What is the CEO of Goodman Property Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
John Dakin
COMPENSATION NZ$2,235,554
AGE 52
TENURE AS CEO 15.3 years
CEO Bio

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 2012 and serves as its Chief Executive Officer. He has been the Chief Executive Officer at New Zealand operations of Goodman Funds Management Limited at Macquarie Goodman Capital Trust since 2003 and has been its Executive Director since August 2012. He has been Chief Executive Officer of Newzealand at Goodman Group since 2003. He served as Chief Financial Officer of Future Mobility Solutions Limited. He served as Chief Executive Officer of Macquarie Goodman Property Trust at Macquarie Goodman Capital Trust. He served as Chief Financial Officer of Sealegs Corp. Ltd. He served as National Director of the Property Council of New Zealand and prior to joining Macquarie Goodman, he was with Colonial First State Property. Mr. Dakin has 20 years of experience in the property industry, including experience in valuation, research, asset management, funds management and acquisitions and has held senior roles in New Zealand, Australia and the United Kingdom.

CEO Compensation
  • John's compensation has been consistent with company performance over the past year.
  • John's remuneration is about average for companies of similar size in New Zealand.
Management Team Tenure

Average tenure and age of the Goodman Property Trust management team in years:

4.2
Average Tenure
42
Average Age
  • The tenure for the Goodman Property Trust management team is about average.
Management Team

John Dakin

TITLE
CEO & Executive Director
COMPENSATION
NZ$2M
AGE
52
TENURE
15.3 yrs

Andy Eakin

TITLE
Chief Financial Officer
TENURE
8.1 yrs

James Spence

TITLE
Director of Investment Management

Jonathan Simpson

TITLE
Head of Corporate Affairs

Anton Shead

TITLE
General Counsel & Company Secretary

Mandy Waldin

TITLE
Marketing Director

Paul McGarry

TITLE
Head of Asia
AGE
42
TENURE
2.7 yrs

Angus Brooks

TITLE
Chief Executive Officer of Japan
AGE
41
TENURE
2.6 yrs

Michael Gimblett

TITLE
General Manager of Development
TENURE
4.2 yrs
Board of Directors Tenure

Average tenure and age of the Goodman Property Trust board of directors in years:

8.5
Average Tenure
61
Average Age
  • The tenure for the Goodman Property Trust board of directors is about average.
Board of Directors

Keith Smith

TITLE
Chairman of the Board
COMPENSATION
NZ$154K
AGE
66
TENURE
9 yrs

John Dakin

TITLE
CEO & Executive Director
COMPENSATION
NZ$2M
AGE
52
TENURE
6.8 yrs

Peter Simmonds

TITLE
Independent Director
COMPENSATION
NZ$103K
TENURE
8.5 yrs

Phil Pryke

TITLE
Non-Executive Director
COMPENSATION
NZ$100K
AGE
67

Susan Paterson

TITLE
Independent Director
COMPENSATION
NZ$89K
AGE
61

Greg Goodman

TITLE
Non-Executive Director
AGE
55
TENURE
24.3 yrs

Leonie Freeman

TITLE
Independent Director
COMPENSATION
NZ$97K
TENURE
7.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NZ$) Value (NZ$)
X
Management checks
We assess Goodman Property Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Goodman Property Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

GMT News

Simply Wall St News

Do Investors Have Good Reason To Be Wary Of Goodman Property Trust's (NZSE:GMT) 3.8% Dividend Yield?

Dividend paying stocks like Goodman Property Trust (NZSE:GMT) tend to be popular with investors, and for good reason - some research shows that a significant amount of all stock market returns come from reinvested dividends. … In this case, Goodman Property Trust likely looks attractive to investors, given its 3.8% dividend yield and a payment history of over ten years. … NZSE:GMT Historical Dividend Yield, April 25th 2019

Simply Wall St -

Should Investors Be Happy About Goodman Property Trust’s (NZSE:GMT) Cash Levels?

Goodman Property Trust (NZSE:GMT) shareholders, and potential investors, need to understand how much cash the business makes from its core operational activities, as well as how much is invested back into the business. … I’ve analysed below, the health and outlook of Goodman Property Trust’s cash flow, which will help you understand the stock from a cash standpoint. … Goodman Property Trust generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating.

Simply Wall St -

Why Goodman Property Trust's (NZSE:GMT) CEO Pay Matters To You

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … At the time of writing our data says that Goodman Property Trust has a market cap of NZ$2.2b, and is paying total annual CEO compensation of NZ$2.2m. … We looked at a group of companies with market capitalizations from NZ$1.5b to NZ$4.7b, and the median CEO total compensation was NZ$2.2m.

Simply Wall St -

Should You Invest In Goodman Property Trust (NZSE:GMT)?

Goodman Property Trust is a NZ$2.1b. … real estate investment trust (REIT) based in Auckland, New Zealand. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential.

Simply Wall St -

How Good Is Goodman Property Trust (NZSE:GMT), When It Comes To ROE?

We'll use ROE to examine Goodman Property Trust (NZSE:GMT), by way of a worked example. … One way to conceptualize this, is that for each NZ$1 of shareholders' equity it has, the company made NZ$0.12 in profit. … See our latest analysis for Goodman Property Trust?

Simply Wall St -

What Kind Of Investor Owns Most Of Goodman Property Trust (NZSE:GMT)?

A look at the shareholders of Goodman Property Trust (NZSE:GMT) can tell us which group is most powerful. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Goodman Property Trust has a market capitalization of NZ$2.0b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St -

Does Goodman Property Trust's (NZSE:GMT) CEO Pay Matter?

John Dakin became the CEO of Goodman Property Trust (NZSE:GMT) in 2004. … How Does John Dakin's Compensation Compare With Similar Sized Companies. … Our data indicates that Goodman Property Trust is worth NZ$1.9b, and total annual CEO compensation is NZ$2.2m.

Simply Wall St -

Goodman Property Trust (NZSE:GMT): How Much Money Comes Back To Investors?

Today we will examine Goodman Property Trust’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … Goodman Property Trust’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure. … There are two methods I will use to evaluate the quality of Goodman Property Trust’s FCF: firstly, I will measure its FCF yield relative to the market index yield; secondly, I will examine whether its operating cash flow will continue to grow into the future, which will give us a sense of sustainability

Simply Wall St -

How Did Goodman Property Trust's (NZSE:GMT) 11% ROE Fare Against The Industry?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand Goodman Property Trust (NZSE:GMT). … Over the last twelve months Goodman Property Trust has recorded a ROE of 11%.

Simply Wall St -

Who Owns Most Of Goodman Property Trust (NZSE:GMT)?

If you want to know who really controls Goodman Property Trust (NZSE:GMT), then you'll have to look at the makeup of its share registry. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that have been privatized tend to have low insider ownership.

Simply Wall St -

GMT Company Info

Description

GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.9 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 21%. GMT is New Zealand’s leading industrial and business space provider. It has a substantial property portfolio, with a value of $2.3 billion after recently contracted sales. The Trust holds an investment grade credit rating of BBB from Standard & Poor’s.

Details
Name: Goodman Property Trust
GMT
Exchange: NZSE
Founded: 1999
NZ$2,240,177,942
1,294,900,545
Website: http://nz.goodman.com
Address: Goodman Property Trust
KPMG Centre,
Level 2,
Auckland,
1010,
New Zealand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NZSE GMT Units New Zealand Stock Exchange NZ NZD 01. Mar 2001
Number of employees
Current staff
Staff numbers
0
Goodman Property Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 10:31
End of day share price update: 2019/04/24 00:00
Last estimates confirmation: 2019/03/31
Last earnings filing: 2018/11/07
Last earnings reported: 2018/09/30
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.