NZSE:GMT

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Goodman Property Trust

Executive Summary

GMT is an externally managed unit trust, listed on the NZX.


Snowflake Analysis

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.


Market Performance


7 Day Return

-3.5%

GMT

0.8%

NZ REITs

1.0%

NZ Market


1 Year Return

19.9%

GMT

-5.6%

NZ REITs

1.3%

NZ Market

Return vs Industry: GMT exceeded the NZ REITs industry which returned -5.6% over the past year.

Return vs Market: GMT exceeded the NZ Market which returned 1.3% over the past year.


Shareholder returns

GMTIndustryMarket
7 Day-3.5%0.8%1.0%
30 Day-0.9%3.2%4.2%
90 Day-5.6%-15.6%-5.1%
1 Year24.1%19.9%-1.2%-5.6%5.4%1.3%
3 Year101.9%76.0%35.9%17.0%38.9%20.6%
5 Year137.8%87.2%66.7%30.6%86.0%43.5%

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

Valuation

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

11.3x

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$1.19)

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 (18x).


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).


Next Steps

Future Growth

How is Goodman Property Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

-28.0%

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 (-28% per year).

Earnings vs Market: GMT's earnings are forecast to decline over the next 3 years (-28% 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 (-0.3% per year).

High Growth Revenue: GMT's revenue is forecast to decline over the next 3 years (-0.3% 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%).


Next Steps

Past Performance

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

14.5%

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.


Next Steps

Financial Health

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).


Balance Sheet


Next Steps

Dividend

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

3.02%

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 (3.09%).

High Dividend: GMT's dividend (3.02%) is low compared to the top 25% of dividend payers in the NZ market (6.28%).


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).


Next Steps

Management

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

6.5yrs

Average management tenure


CEO

John Dakin (53yo)

16.42yrs

Tenure

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 ($USD0.00) is below average for companies of similar size in the NZ market ($USD1.28M).

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


Leadership Team

NamePositionTenureCompensationOwnership
John Dakin
CEO & Executive Director16.42yrsno data0.11% NZ$3.3m
Andrew Eakin
Chief Financial Officer9.25yrsno data0.0072% NZ$220.1k
James Spence
Director of Investment Managementno datano datano data
Jonathan Simpson
Head of Corporate Affairsno datano datano data
Anton Shead
General Counsel & Company Secretaryno datano data0.013% NZ$382.0k
Mandy Waldin
Marketing Directorno datano datano data
Paul McGarry
Head of Asia3.83yrsno datano data
Angus Brooks
Chief Executive Officer of Japan3.75yrsno datano data

6.5yrs

Average Tenure

43yo

Average Age

Experienced Management: GMT's management team is seasoned and experienced (6.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
John Dakin
CEO & Executive Director16.42yrsno data0.11% NZ$3.3m
Phillip Pryke
Non-Executive Directorno dataNZ$90.00k0.0043% NZ$131.7k
Keith Smith
Independent Chairman of the Board10.17yrsNZ$158.50k0.027% NZ$832.6k
Susan Paterson
Independent Directorno dataNZ$90.00k0.024% NZ$724.1k
Gregory Goodman
Non-Executive Directorno datano datano data
Peter Simmonds
Independent Director9.67yrsNZ$100.00k0.016% NZ$479.9k
Leonie Freeman
Independent Directorno dataNZ$90.00k0.013% NZ$382.3k

9.7yrs

Average Tenure

62yo

Average Age

Experienced Board: GMT's board of directors are considered experienced (9.7 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 been diluted in the past year, with total shares outstanding growing by 7%.


Top Shareholders

Company Information

Goodman Property Trust's company bio, 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$3.049b
  • Shares outstanding: 1.39b
  • Website: https://nz.goodman.com

Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GMTNZSE (New Zealand Stock Exchange)YesUnitsNZNZDMar 2001

Biography

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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/02 10:34
End of Day Share Price2020/06/02 00:00
Earnings2020/03/31
Annual Earnings2020/03/31


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.