Goodman Property Trust
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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
1 Year Returns
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.
GMT Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Goodman Property Trust.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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.
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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Goodman Property Trust's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) 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
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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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%).
Future performance checks
We assess Goodman Property Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the New Zealand market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the New Zealand market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from Goodman Property Trust Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess Goodman Property Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Goodman Property Trust Company Filings, last reported 6 months ago.
| 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).
Financial health checks
We assess Goodman Property Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Goodman Property Trust has a total score of 4/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
NZ$2,000 of
Goodman Property Trust
shares you are expected to receive
NZ$77
in your first year as a dividend.
Dividend Amount
- Goodman Property Trust's pays a higher dividend yield than the bottom 25% of dividend payers in New Zealand (3.26%).
- Goodman Property Trust's dividend is below the markets top 25% of dividend payers in New Zealand (5.47%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
| New Zealand REITs Industry Average Dividend Yield | Market Cap Weighted Average of 10 Stocks | 4.2% |
| New Zealand Market Average Dividend Yield | Market Cap Weighted Average of 75 Stocks | 3.8% |
| New Zealand Minimum Threshold Dividend Yield | 10th Percentile | 1.9% |
| New Zealand Bottom 25% Dividend Yield | 25th Percentile | 3.3% |
| New Zealand Top 25% Dividend Yield | 75th Percentile | 5.5% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in NZ$) | 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 |
| 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.
Income/ dividend checks
We assess Goodman Property Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The tenure for the Goodman Property Trust management team is about average.
Management Team
John Dakin
CEO & Executive Director
NZ$2M
52
15.3 yrs
Andy Eakin
Chief Financial Officer
8.1 yrs
James Spence
Director of Investment Management
Jonathan Simpson
Head of Corporate Affairs
Anton Shead
General Counsel & Company Secretary
Mandy Waldin
Marketing Director
Paul McGarry
Head of Asia
42
2.7 yrs
Angus Brooks
Chief Executive Officer of Japan
41
2.6 yrs
Michael Gimblett
General Manager of Development
4.2 yrs
Board of Directors Tenure
Average tenure and age of the Goodman Property Trust board of directors in years:
- The tenure for the Goodman Property Trust board of directors is about average.
Board of Directors
Keith Smith
Chairman of the Board
NZ$154K
66
9 yrs
John Dakin
CEO & Executive Director
NZ$2M
52
6.8 yrs
Peter Simmonds
Independent Director
NZ$103K
8.5 yrs
Phil Pryke
Non-Executive Director
NZ$100K
67
Susan Paterson
Independent Director
NZ$89K
61
Greg Goodman
Non-Executive Director
55
24.3 yrs
Leonie Freeman
Independent Director
NZ$97K
7.5 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (NZ$) | Value (NZ$) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Goodman Property Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleShould 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 - – Full articleWhy 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 - – Full articleShould 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 - – Full articleHow 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 - – Full articleWhat 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 - – Full articleDoes 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 - – Full articleGoodman 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 - – Full articleHow 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 - – Full articleWho 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 - – Full articleGMT 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
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.
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