GOODMAN GROUP (GMG)
Share Price Analysis and Chart

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GMG

GMG - GOODMAN GROUP

FNArena Sector : Infra & Property Developers
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 10.62
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Goodman Group is an Australian commercial and industrial property group that owns, develops and manages warehouses, large scale logistics facilities, business and office parks in 17 countries. First listed in February 2005.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$33.03

30 Oct
2025

-0.420

OPEN

$32.88

-1.26%

HIGH

$33.27

2,112,939

LOW

$32.56

TARGET
$37.966 14.9% upside
OTHER COMPANIES IN THE SAME SECTOR
CMW . CWP . FRI . FWD . GLF . GOZ . GPT . LIC . LLC . MGR . PPC . SFC . SGP . SIO . UOS .
FNARENA'S MARKET CONSENSUS FORECASTS
GMG: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 85.4 130.0 xxx
DPS (cps) xxx 30.0 30.0 xxx
EPS Growth xxx N/A 52.2% xxx
DPS Growth xxx 0.0% 0.0% xxx
PE Ratio xxx N/A 25.4 xxx
Dividend Yield xxx N/A 0.9% xxx
Div Pay Ratio(%) xxx 35.1% 23.1% xxx

Dividend yield today if purchased 3 years ago: 1.76%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.91

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx85.4
DPS All xxxxxxxxxxxxxxx30.0
Sales/Revenue xxxxxxxxxxxxxxx2,293.0 M
Book Value Per Share xxxxxxxxxxxxxxx1,147.6
Net Operating Cash Flow xxxxxxxxxxxxxxx959.6 M
Net Profit Margin xxxxxxxxxxxxxxx72.67 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx8.16 %
Return on Invested Capital xxxxxxxxxxxxxxx6.76 %
Return on Assets xxxxxxxxxxxxxxx6.00 %
Return on Equity xxxxxxxxxxxxxxx8.16 %
Return on Total Capital xxxxxxxxxxxxxxx1.92 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx381.6 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx556 M
Long Term Debt xxxxxxxxxxxxxxx4,719 M
Total Debt xxxxxxxxxxxxxxx5,275 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx3,957 M
Price To Book Value xxxxxxxxxxxxxxx2.98

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx6.4 M
Capex % of Sales xxxxxxxxxxxxxxx0.28 %
Cost of Goods Sold xxxxxxxxxxxxxxx790 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,024 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx7,328 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.5

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

25/09/2025

3

Neutral

$34.73

5.15%

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

No change to spread assumptions for Goodman Group.

Neutral. Target unchanged at $34.73.

FORECAST
Macquarie forecasts a full year FY26 dividend of 30.00 cents and EPS of 129.00 cents.
Macquarie forecasts a full year FY27 dividend of 30.00 cents and EPS of 142.00 cents.

Morgans

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

16/10/2025

1

Buy

$41.10

24.43%

Jarden believes the market is pricing in the broker's most "bearish" outcome for Goodman Group, which is considered very conservative and assumes a decline of -5% in the group's book value when logistics cap rates are starting to compress.

The market also appears to be discounting only $19.6bn of cumulative development profits over the next decade, against what the analyst expects to be at least $35-$40bn to be sourced from the data centre pipeline "alone."

Management anticipates logistics to generate 30%-40% of the future development mix, inferring cumulative development profits could beat $35bn-$40bn again over the next decade.

Jarden's bear case assumes management income will grow at a CAGR of 3.9% for FY26-FY29 versus a 21% CAGR achieved from FY15-FY25. Retain Buy with $41.10 target price.

FORECAST
Jarden forecasts a full year FY26 dividend of 30.00 cents and EPS of 130.40 cents.
Jarden forecasts a full year FY27 dividend of 30.00 cents and EPS of 146.70 cents.
Access Extra Coverage Research History >

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