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: 7.04
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

$35.37

07 Aug
2025

-0.100

OPEN

$35.70

-0.28%

HIGH

$35.88

2,827,361

LOW

$35.37

TARGET
$37.251 5.3% 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 FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 5.2 119.2 xxx
DPS (cps) xxx 30.0 30.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx 0.0% 0.0% xxx
PE Ratio xxx N/A 29.9 xxx
Dividend Yield xxx N/A 0.8% xxx
Div Pay Ratio(%) xxx N/A 25.2% xxx

Dividend yield today if purchased 3 years ago: 1.49%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.84

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-5.2
DPS All xxxxxxxxxxxxxxx30.0
Sales/Revenue xxxxxxxxxxxxxxx1,962.0 M
Book Value Per Share xxxxxxxxxxxxxxx923.4
Net Operating Cash Flow xxxxxxxxxxxxxxx1,188.6 M
Net Profit Margin xxxxxxxxxxxxxxx-5.04 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-0.56 %
Return on Invested Capital xxxxxxxxxxxxxxx-0.46 %
Return on Assets xxxxxxxxxxxxxxx-0.41 %
Return on Equity xxxxxxxxxxxxxxx-0.56 %
Return on Total Capital xxxxxxxxxxxxxxx2.40 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx610.7 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx11 M
Long Term Debt xxxxxxxxxxxxxxx3,712 M
Total Debt xxxxxxxxxxxxxxx3,723 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,785 M
Price To Book Value xxxxxxxxxxxxxxx3.76

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx10.5 M
Capex % of Sales xxxxxxxxxxxxxxx0.54 %
Cost of Goods Sold xxxxxxxxxxxxxxx556 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx894 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx4,118 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

0.6

No. Of Recommendations

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

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Morgans

09/07/2025

3

Downgrade to Hold from Accumulate

$37.20

5.17%

A Property sector update by Morgans reveals a preference for data centres, retail, and private credit due to more resilient leasing trends and earnings visibility.

The broker remains cautious on office and industrial due to softening rental spreads and ongoing leasing incentives. Sydney industrial and office markets have displayed varied performance in yields and vacancies during June, notes Morgans.

Overall, June quarter valuations show modest book value gains, as rental growth has largely offset cap rate expansion, explain the analysts.

Declining interest rate swap curves are easing funding pressures, with falling interest costs expected to become a tailwind for FFO and improve transaction activity as yield spreads normalise.

While acknowleding a great business, Morgans feels the valuation for Goodman Group is a stretch and downgrades to Hold from Accumulate. The target rises to $37.20 from $36.65.

FORECAST
Morgans forecasts a full year FY25 dividend of 30.00 cents and EPS of 117.00 cents.
Morgans forecasts a full year FY26 dividend of 30.00 cents and EPS of 131.00 cents.

Morgan Stanley

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3

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UBS

xx/xx/xxxx

1

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

02/06/2025

1

Buy

$39.00

10.26%

Jarden has lowered its target price for Goodman Group to $39.00 from $39.50 following a moderation in near-term earnings forecasts. The Buy rating is retained.

While guidance for 2025 operating earnings growth is 9%, the broker believes this is a temporary trough and expects stronger growth to resume from 2026 as data centre developments accelerate and new capital partners are onboarded.

The broker forecasts cumulative earnings (EBITDA) of around $28bn over the next decade, underpinned by logistics, data centre development and residential conversion opportunities.

Logistics is expected to remain around 30% of the development pipeline, with additional upside from selective residential asset conversions contributing to net tangible asset accretion. 

FORECAST
Jarden forecasts a full year FY25 dividend of 30.00 cents and EPS of 117.60 cents.
Jarden forecasts a full year FY26 dividend of 30.00 cents and EPS of 130.30 cents.
Access Extra Coverage Research History >

GMG STOCK CHART

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Latest Infra & Property Developers News

1
Goodman Group Revels In Data Centres Hot Seat

Jun 03 2025 - Australia
2
Treasure Chest: Goodman Group’s Data Centres

Apr 02 2025 - Treasure Chest
3
Treasure Chest: Stockland

Jan 15 2025 - Treasure Chest
4
GPT Group On The Up

Jul 16 2024 - Technicals
5
Treasure Chest: Stockland

Jun 26 2024 - Treasure Chest
6
ESG Focus: Do Data Centres Threaten ESG Targets?

Jun 24 2024 - ESG Focus
7
Goodman Group’s Upward Momentum Continues

Jun 11 2024 - Technicals
8
Lendlease: Bringing It Back Home

May 30 2024 - Australia
9
Goodman Group Powers On

May 09 2024 - Australia
10
Goodman Group: Overbought

Aug 22 2023 - Technicals