Australian Broker Call
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December 24, 2025
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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Overnight Price: $31.63
Citi rates GMG as Buy (1) -
Goodman Group announced a 50/50 joint venture with CPP (Canadian Pension Plan) Investments to develop a portfolio of data centre projects across European markets.
As anticipated by Citi, the agreement, known as the Goodman Data Centre Development Partnership, is CPP Investments’ first partnership foray into Europe with a value of $14bn and an initial capital commitment of $3.9bn.
The analyst envisages additional upside given investor demand for data centre developments, tenant demand for capacity and the group’s development timeline.
No change to Buy rating and $40 target price.
Citi analysts had put a 90-days positive catalyst watch on the shares on December 1.
Target price is $40.00 Current Price is $31.63 Difference: $8.37
If GMG meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $37.28, suggesting upside of 17.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 30.00 cents and EPS of 138.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.9, implying annual growth of 53.2%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 24.2. |
Forecast for FY27:
Current consensus EPS estimate is 143.9, implying annual growth of 9.9%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates STO as Buy (1) -
Citi notes the Gas Market report released by the Australian government yesterday had less detail than expected, with the preferred recommendation being the establishment of a domestic gas reservation scheme for LNG exporters.
Minister King’s media release suggested a range of 15-25%, with implementation as early as 2027. The analyst does not view the lead time as sufficient and believes it does not address the pending operational constraints for GLNG to manage and achieve an acceleration in production.
Both existing LNG export and domestic contracts would be met, which raises questions, the broker proposes, around practical implementation.
A minimal impact to Santos is noted, with the Buy rating and $7.25 target price unchanged.
Target price is $7.25 Current Price is $6.10 Difference: $1.15
If STO meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $7.49, suggesting upside of 22.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 37.91 cents and EPS of 49.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of N/A. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 34.18 cents and EPS of 59.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of 9.9%. Current consensus DPS estimate is 33.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| GMG | Goodman Group | Buy - Citi | Overnight Price $31.63 |
| STO | Santos | Buy - Citi | Overnight Price $6.10 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 2 |
Wednesday 24 December 2025
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