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GMT

Goodman Property TrustNZSE:GMT Stock Report

Market Cap

NZ$3.5b

7D

0.4%

1Y

3.3%

Updated

26 Oct, 2021

Data

Company Financials +
GMT fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance4/6
Financial Health3/6
Dividends2/6

GMT Overview

Goodman Property Trust own, develop and manage industrial real estate in 17 countries including logistics facilities, warehouses and business parks.

Price History & Performance

Summary of all time highs, changes and price drops for Goodman Property Trust
Historical stock prices
Current Share PriceNZ$2.50
52 Week HighNZ$2.13
52 Week LowNZ$2.67
Beta0.11
1 Month Change0%
3 Month Change2.25%
1 Year Change3.31%
3 Year Change66.67%
5 Year Change101.61%
Change since IPO155.10%

Recent News & Updates

Shareholder Returns

GMTNZ REITsNZ Market
7D0.4%-0.6%0.5%
1Y3.3%-3.4%2.1%

Return vs Industry: GMT exceeded the NZ REITs industry which returned -3.4% over the past year.

Return vs Market: GMT exceeded the NZ Market which returned 2.1% over the past year.

Price Volatility

Is GMT's price volatile compared to industry and market?
GMT volatility
GMT Beta0.11
Industry Beta0.55
Market Beta1

Stable Share Price: GMT is less volatile than 75% of NZ stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: GMT's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1999n/aJohn Dakinhttps://nz.goodman.com

Goodman Property Trust own, develop and manage industrial real estate in 17 countries including logistics facilities, warehouses and business parks. Our investment Partnerships give institutional investors access to our specialist investment management services and commercial and industrial property assets. In New Zealand, Goodman owns, develops and manages modern, high quality industrial and business space.

Goodman Property Trust Fundamentals Summary

How do Goodman Property Trust's earnings and revenue compare to its market cap?
GMT fundamental statistics
Market CapNZ$3.49b
Earnings (TTM)NZ$631.70m
Revenue (TTM)NZ$182.00m

5.5x

P/E Ratio

19.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
GMT income statement (TTM)
RevenueNZ$182.00m
Cost of RevenueNZ$41.80m
Gross ProfitNZ$140.20m
Expenses-NZ$491.50m
EarningsNZ$631.70m

Last Reported Earnings

Mar 31, 2021

Next Earnings Date

Nov 10, 2021

Earnings per share (EPS)0.45
Gross Margin77.03%
Net Profit Margin347.09%
Debt/Equity Ratio24.7%

How did GMT perform over the long term?

See historical performance and comparison

Dividends

2.1%

Current Dividend Yield

87%

Payout Ratio

Valuation

Is Goodman Property Trust undervalued compared to its fair value and its price relative to the market?

5.53x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: GMT (NZ$2.5) is trading above our estimate of fair value (NZ$1.6)

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 (5.5x) compared to the NZ REITs industry average (5.9x).

PE vs Market: GMT is good value based on its PE Ratio (5.5x) compared to the NZ market (22.2x).


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 (1.1x).


Future Growth

How is Goodman Property Trust forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-43.3%

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 (-43.3% per year).

Earnings vs Market: GMT's earnings are forecast to decline over the next 3 years (-43.3% per year).

High Growth Earnings: GMT's earnings are forecast to decline over the next 3 years.

Revenue vs Market: GMT's revenue (2.3% per year) is forecast to grow slower than the NZ market (5.3% per year).

High Growth Revenue: GMT's revenue (2.3% 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 (3.2%).


Past Performance

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

15.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GMT has a large one-off gain of NZ$560.0M impacting its March 31 2021 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 15.8% per year over the past 5 years.

Accelerating Growth: GMT's earnings growth over the past year (141.2%) exceeds its 5-year average (15.8% per year).

Earnings vs Industry: GMT earnings growth over the past year (141.2%) underperformed the REITs industry 267.1%.


Return on Equity

High ROE: GMT's Return on Equity (21.3%) is considered high.


Financial Health

How is Goodman Property Trust's financial position?


Financial Position Analysis

Short Term Liabilities: GMT's short term assets (NZ$11.9M) do not cover its short term liabilities (NZ$30.6M).

Long Term Liabilities: GMT's short term assets (NZ$11.9M) do not cover its long term liabilities (NZ$831.7M).


Debt to Equity History and Analysis

Debt Level: GMT's debt to equity ratio (24.7%) is considered satisfactory.

Reducing Debt: GMT's debt to equity ratio has reduced from 55.7% to 24.7% over the past 5 years.

Debt Coverage: GMT's debt is not well covered by operating cash flow (12.2%).

Interest Coverage: GMT's interest payments on its debt are well covered by EBIT (5.5x coverage).


Balance Sheet


Dividend

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

2.12%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: GMT's dividend (2.12%) isn’t notable compared to the bottom 25% of dividend payers in the NZ market (2.41%).

High Dividend: GMT's dividend (2.12%) is low compared to the top 25% of dividend payers in the NZ market (4.9%).


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: At its current payout ratio (87.2%), GMT's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: GMT's dividends in 3 years are forecast to be covered by earnings (79.8% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.9yrs

Average management tenure


CEO

John Dakin (55 yo)

17.75yrs

Tenure

Mr. John Morton 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 sin...


CEO Compensation Analysis

Compensation vs Market: Insufficient data to establish whether John's total compensation is reasonable compared to companies of similar size in the NZ market.

Compensation vs Earnings: John's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: GMT's management team is seasoned and experienced (7.9 years average tenure).


Board Members

Experienced Board: GMT's board of directors are seasoned and experienced ( 10 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Goodman Property Trust's 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$3.493b
  • Shares outstanding: 1.40b
  • Website: https://nz.goodman.com

Location

  • Goodman Property Trust
  • KPMG Centre
  • Level 2
  • Auckland
  • 1010
  • New Zealand

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/26 16:20
End of Day Share Price2021/10/26 00:00
Earnings2021/03/31
Annual Earnings2021/03/31


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.