GROWTHPOINT PROPERTIES AUSTRALIA (GOZ)
Share Price Analysis and Chart

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

18/08/2026

1

Outperform

$2.30

10.58%

Growthpoint Properties Australia's FY26 result was broadly in line with Macquarie's forecasts, with funds from operations per security (FFOps) of 23.5c near the top of management guidance.

FY27 FFOps guidance of 22.6c–23.5c and distribution guidance of 18.4cpu were also in line with the broker's expectations, with office leasing the key swing factor.

The distribution payout ratio was around 78% of funds from operations (FFO) in FY25 and FY26, though Macquarie estimates a ratio closer to 70% would be more sustainable.

The broker notes Growthpoint trades at a -29% discount to net tangible assets (NTA) of $3.05 and offers an attractive FY27 distribution yield.

Commentary notes higher interest rates weigh on the outlook, though a recent $267.7m asset sale should reduce gearing by around -4 percentage points. Macquarie lowers its target to $2.30 from $2.47 and retains an Outperform rating.

FORECAST
Macquarie forecasts a full year FY27 dividend of 18.40 cents and EPS of 16.20 cents.
Macquarie forecasts a full year FY28 dividend of 17.60 cents and EPS of 16.80 cents.

18/08/2026

1

Buy

$2.90

39.42%

Moelis maintains a Buy rating for Growthpoint Properties Australia with its target price decreased to $2.90 from $2.98 following FY26 results where FFO landed at the top end of guidance.

The analyst notes office leasing activity de-risked near-term portfolio expiries, bringing occupancy to 95% while reducing FY27 to FY28 income expiries down to 18%.

The broker's estimates adjust EPS projections based on updated leasing assumptions, factoring in a temporary uptick in capex and incentives.

Gearing ticked up to 41.6% in 2H26 but pro forma leverage improves below 38% following the agreed divestment of the Perth Woolworths distribution centre for $268m.

The analyst views the trust as offering defensive exposure to a recovering office market at an attractive 8.1% implied cap rate.

FORECAST
Moelis forecasts a full year FY27 dividend of 18.40 cents and EPS of 23.00 cents.
Moelis forecasts a full year FY28 dividend of 18.40 cents and EPS of 23.50 cents.