Goodman Property Trust

NZSE:GMT Stock Report

Market Cap: NZ$3.1b

Goodman Property Trust Valuation

Is GMT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of GMT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GMT (NZ$2) is trading above our estimate of fair value (NZ$1.32)

Significantly Below Fair Value: GMT is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GMT?

Key metric: As GMT is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for GMT. This is calculated by dividing GMT's market cap by their current revenue.
What is GMT's PS Ratio?
PS Ratio11.9x
SalesNZ$259.40m
Market CapNZ$3.08b

Price to Sales Ratio vs Peers

How does GMT's PS Ratio compare to its peers?

The above table shows the PS ratio for GMT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average7.5x
PFI Property For Industry
9.4x4.1%NZ$1.1b
PCT Precinct Properties NZ & Precinct Properties Investments
7.7x-5.6%NZ$1.9b
VHP Vital Healthcare Property Trust
7.3x0.9%NZ$1.2b
KPG Kiwi Property Group
5.8x-1.3%NZ$1.5b
GMT Goodman Property Trust
11.9x-2.5%NZ$3.1b

Price-To-Sales vs Peers: GMT is expensive based on its Price-To-Sales Ratio (11.9x) compared to the peer average (7.5x).

Price to Sales Ratio vs Industry

How does GMT's PS Ratio compare vs other companies in the Global Industrial REITs Industry?

1 CompanyPrice / SalesEstimated GrowthMarket Cap
GMT 11.9xIndustry Avg. 8.3xNo. of Companies12PS048121620+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: GMT is expensive based on its Price-To-Sales Ratio (11.9x) compared to the Global Industrial REITs industry average (8.3x).

Price to Sales Ratio vs Fair Ratio

What is GMT's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GMT PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio11.9x
Fair PS Ratio12.5x

Price-To-Sales vs Fair Ratio: GMT is good value based on its Price-To-Sales Ratio (11.9x) compared to the estimated Fair Price-To-Sales Ratio (12.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst GMT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNZ$2.00
NZ$2.18
+8.7%
4.9%NZ$2.35NZ$2.06n/a4
Dec ’25NZ$2.08
NZ$2.18
+4.6%
4.9%NZ$2.35NZ$2.06n/a4
Nov ’25NZ$2.09
NZ$2.16
+3.5%
4.1%NZ$2.30NZ$2.06n/a4
Oct ’25NZ$2.09
NZ$2.16
+3.2%
4.1%NZ$2.30NZ$2.06n/a4
Sep ’25NZ$2.12
NZ$2.15
+1.2%
4.5%NZ$2.30NZ$2.04n/a4
Aug ’25NZ$2.08
NZ$2.15
+3.1%
4.5%NZ$2.30NZ$2.04n/a4
Jul ’25NZ$2.01
NZ$2.15
+7.0%
4.5%NZ$2.30NZ$2.04n/a4
Jun ’25NZ$2.19
NZ$2.15
-2.1%
4.5%NZ$2.30NZ$2.04n/a4
May ’25NZ$2.21
NZ$2.15
-2.6%
6.3%NZ$2.35NZ$2.00n/a4
Apr ’25NZ$2.28
NZ$2.11
-7.3%
4.2%NZ$2.20NZ$2.00n/a4
Mar ’25NZ$2.19
NZ$2.09
-4.5%
3.5%NZ$2.20NZ$2.00n/a4
Feb ’25NZ$2.23
NZ$2.06
-7.5%
4.8%NZ$2.20NZ$1.95n/a4
Jan ’25NZ$2.28
NZ$2.06
-9.8%
4.8%NZ$2.20NZ$1.95n/a4
Dec ’24NZ$2.15
NZ$2.06
-4.1%
4.8%NZ$2.20NZ$1.95NZ$2.084
Nov ’24NZ$2.00
NZ$2.08
+4.0%
4.8%NZ$2.22NZ$1.95NZ$2.094
Oct ’24NZ$2.12
NZ$2.10
-0.7%
3.5%NZ$2.22NZ$2.03NZ$2.094
Sep ’24NZ$2.16
NZ$2.11
-2.2%
3.2%NZ$2.22NZ$2.03NZ$2.124
Aug ’24NZ$2.24
NZ$2.16
-3.5%
4.7%NZ$2.27NZ$2.03NZ$2.084
Jul ’24NZ$2.22
NZ$2.17
-2.4%
4.4%NZ$2.27NZ$2.05NZ$2.014
Jun ’24NZ$2.18
NZ$2.17
-0.3%
4.4%NZ$2.27NZ$2.05NZ$2.194
May ’24NZ$2.17
NZ$2.04
-6.0%
3.8%NZ$2.18NZ$1.95NZ$2.215
Apr ’24NZ$2.14
NZ$2.02
-5.7%
4.6%NZ$2.18NZ$1.91NZ$2.285
Mar ’24NZ$2.16
NZ$2.02
-6.4%
4.6%NZ$2.18NZ$1.91NZ$2.195
Feb ’24NZ$2.05
NZ$2.02
-1.6%
4.6%NZ$2.18NZ$1.91NZ$2.235
Jan ’24NZ$2.02
NZ$2.03
+0.4%
4.6%NZ$2.18NZ$1.91NZ$2.285
Dec ’23NZ$2.05
NZ$2.03
-0.8%
4.6%NZ$2.18NZ$1.91NZ$2.155

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 10:39
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Goodman Property Trust is covered by 10 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Arie DekkerCredit Suisse
Joshua DaleDeutsche Bank
Rohan Koreman-SmitForsyth Barr Group Ltd.