GMT is an externally managed unit trust, listed on the NZX.
Mediocre balance sheet and 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.
7 Day Return
1 Year Return
Return vs Industry: GMT exceeded the NZ REITs industry which returned -5.4% over the past year.
Return vs Market: GMT exceeded the NZ Market which returned 1.2% over the past year.
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 days ago | Simply Wall StRead This Before Buying Goodman Property Trust (NZSE:GMT) Shares
1 month ago | Simply Wall StCould The Goodman Property Trust (NZSE:GMT) Ownership Structure Tell Us Something Useful?
6 months ago | Simply Wall StWhat Kind Of Shareholders Own Goodman Property Trust (NZSE:GMT)?
Is Goodman Property Trust undervalued compared to its fair value and its price relative to the market?
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: GMT (NZ$2.2) is trading above our estimate of fair value (NZ$1.21)
Significantly Below Fair Value: GMT is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: GMT is poor value based on its PE Ratio (11.3x) compared to the REITs industry average (10.5x).
PE vs Market: GMT is good value based on its PE Ratio (11.3x) compared to the NZ market (18.4x).
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 (1.3x) compared to the NZ REITs industry average (0.9x).
How is Goodman Property Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
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 (-33.2% per year).
Earnings vs Market: GMT's earnings are forecast to decline over the next 3 years (-33.2% per year).
High Growth Earnings: GMT's earnings are forecast to decline over the next 3 years.
Revenue vs Market: GMT's revenue is expected to decline over the next 3 years (-1.1% per year).
High Growth Revenue: GMT's revenue is forecast to decline over the next 3 years (-1.1% 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 (4.1%).
How has Goodman Property Trust performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: GMT has a large one-off gain of NZ$166.1M impacting its March 31 2020 financial results.
Growing Profit Margin: GMT's current net profit margins are lower than last year .
Past Earnings Growth Analysis
Earnings Trend: GMT's earnings have grown by 14.5% per year over the past 5 years.
Accelerating Growth: GMT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: GMT had negative earnings growth (-18.3%) over the past year, making it difficult to compare to the REITs industry average (-16.1%).
Return on Equity
High ROE: GMT's Return on Equity (10.9%) is considered low.
How is Goodman Property Trust's financial position?
Financial Position Analysis
Short Term Liabilities: GMT's short term assets (NZ$18.6M) do not cover its short term liabilities (NZ$135.2M).
Long Term Liabilities: GMT's short term assets (NZ$18.6M) do not cover its long term liabilities (NZ$631.1M).
Debt to Equity History and Analysis
Debt Level: GMT's debt to equity ratio (26.6%) is considered satisfactory.
Reducing Debt: GMT's debt to equity ratio has reduced from 52.8% to 26.6% over the past 5 years.
Debt Coverage: GMT's debt is not well covered by operating cash flow (11.8%).
Interest Coverage: GMT's interest payments on its debt are well covered by EBIT (5.5x coverage).
What is Goodman Property Trust's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: GMT's dividend (3.02%) isn’t notable compared to the bottom 25% of dividend payers in the NZ market (3.1%).
High Dividend: GMT's dividend (3.02%) is low compared to the top 25% of dividend payers in the NZ market (6.26%).
Stability and Growth of Payments
Stable Dividend: GMT's dividend payments have been volatile in the past 10 years.
Growing Dividend: GMT's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (118.3%), GMT's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: GMT's dividends in 3 years are forecast to be covered by earnings (81.5% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
John Dakin (53yo)
Mr. John Dakin has been the Chief Executive Officer of Goodman (NZ) Limited since 2004 and also serves as its Executive Director. Mr. Dakin has been Executive Director of GMT Bond Issuer Limited since July ...
CEO Compensation Analysis
Compensation vs Market: John's total compensation ($USD0.00) is below average for companies of similar size in the NZ market ($USD1.46M).
Compensation vs Earnings: John's compensation has been consistent with company performance over the past year.
|CEO & Executive Director||16.42yrs||NZ$2.24m||0.11% NZ$3.3m|
|Chief Financial Officer||9.25yrs||no data||0.0072% NZ$220.1k|
|Director of Investment Management||no data||no data||no data|
|Head of Corporate Affairs||no data||no data||no data|
|General Counsel & Company Secretary||no data||no data||0.013% NZ$382.0k|
|Marketing Director||no data||no data||no data|
|Head of Asia||3.83yrs||no data||no data|
|Chief Executive Officer of Japan||3.75yrs||no data||no data|
Experienced Management: GMT's management team is seasoned and experienced (6.5 years average tenure).
|CEO & Executive Director||16.42yrs||NZ$2.24m||0.11% NZ$3.3m|
|Non-Executive Director||no data||NZ$99.55k||0.0043% NZ$131.7k|
|Independent Chairman of the Board||10.17yrs||NZ$153.75k||0.027% NZ$832.6k|
|Independent Director||no data||NZ$88.75k||0.024% NZ$724.1k|
|Non-Executive Director||no data||no data||no data|
|Independent Director||9.67yrs||NZ$102.65k||0.016% NZ$479.9k|
|Independent Director||no data||NZ$96.55k||0.013% NZ$382.3k|
Experienced Board: GMT's board of directors are considered experienced (9.6 years average tenure).
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
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 7%.
Goodman Property Trust's company bio, employee growth, exchange listings and data sources
- Name: Goodman Property Trust
- Ticker: GMT
- Exchange: NZSE
- Founded: 1999
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: NZ$3.049b
- Shares outstanding: 1.39b
- Website: https://nz.goodman.com
- Goodman Property Trust
- KPMG Centre
- Level 2
- New Zealand
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|GMT||NZSE (New Zealand Stock Exchange)||Yes||Units||NZ||NZD||Mar 2001|
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.2 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 space provider. It has a substantial property portfolio, with a value of $3.1 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||2020/06/01 11:58|
|End of Day Share Price||2020/05/29 00:00|
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.