GROWTHPOINT PROPERTIES AUSTRALIA (GOZ)
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GOZ - GROWTHPOINT PROPERTIES AUSTRALIA

FNArena Sector : Infra & Property Developers

Year End: June

GICS Industry Group : Real Estate

Debt/EBITDA: 8.44

Index: ASX300 | ALL-ORDS

Growthpoint Properties is a real estate investment company with a portfolio of industrial and office properties across Australia. It has been listed on the ASX since 2007.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$2.27 16 Apr 2025	0.010 OPEN $2.28	0.44% HIGH $2.29	303,961 LOW $2.26

TARGET

$2.59

14.1% upside

Franking for last dividend paid out: 0%

OTHER COMPANIES IN THE SAME SECTOR
CMW . CWP . FRI . FWD . GMG . GPT . LIC . LLC . MGR . PPC . SFC . SGP . SIO . UOS .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	- 39.6	20.0	xxx
DPS (cps)	xxx	19.3	20.3	xxx
EPS Growth	xxx	N/A	N/A	xxx
DPS Growth	xxx	- 9.8%	5.2%	xxx
PE Ratio	xxx	N/A	11.4	xxx
Dividend Yield	xxx	N/A	8.9%	xxx
Div Pay Ratio(%)	xxx	N/A	101.8%	xxx

Dividend yield today if purchased 3 years ago: 4.37%

DIVIDEND YIELD CALCULATOR

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: 28/12 - ex-div 9.65c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	-39.6
DPS All	xxx	xxx	xxx	xxx	xxx	19.3
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	332.4 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	346.4
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	133.9 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	-89.71 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	-10.53 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	-6.27 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	-5.98 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	-10.53 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	4.81 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-19.5 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	202 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	1,828 M
Total Debt	xxx	xxx	xxx	xxx	xxx	2,031 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	42 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	0.63

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	0.0 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	0.00 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	62 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	37 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	4,691 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

1.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Citi	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Macquarie	21/02/2025	1	Outperform	$2.57	13.22%	Growthpoint Properties' 1H25 funds from operations (FFO) per securitiy was down -2.5% sequentially but ahead of Macquarie's forecast. The REIT launched two new funds in the 1H and the broker notes it has potential to launch more, which represents upside risks to its forecasts. FY25 FFO per security guidance was reaffirmed at 22.3-23.1c and DPS at 20.3cps, broadly in line with the broker and consensus estimates. Target price drops to $2.57 from $2.61 after the broker incorporated 1H25 result and revised forecasts into its sum-of-the-parts valuation. Outperform maintained. FORECAST Macquarie forecasts a full year FY25 dividend of 20.30 cents and EPS of 17.20 cents. Macquarie forecasts a full year FY26 dividend of 18.50 cents and EPS of 17.30 cents.
Ord Minnett	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Citi

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

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

Macquarie

21/02/2025

Outperform

$2.57

13.22%

Growthpoint Properties' 1H25 funds from operations (FFO) per securitiy was down -2.5% sequentially but ahead of Macquarie's forecast.

The REIT launched two new funds in the 1H and the broker notes it has potential to launch more, which represents upside risks to its forecasts.

FY25 FFO per security guidance was reaffirmed at 22.3-23.1c and DPS at 20.3cps, broadly in line with the broker and consensus estimates.

Target price drops to $2.57 from $2.61 after the broker incorporated 1H25 result and revised forecasts into its sum-of-the-parts valuation. Outperform maintained.

FORECAST
Macquarie forecasts a full year FY25 dividend of 20.30 cents and EPS of 17.20 cents.
Macquarie forecasts a full year FY26 dividend of 18.50 cents and EPS of 17.30 cents.

Ord Minnett

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

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

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

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
Moelis	25/02/2025	1	Buy	$3.07	35.24%	Growthpoint Properties Australia's 1H25 financial result was better than expected, with FFO of $88.8m, exceeding the broker’s estimate of $80.0m due to higher transaction fees and amortisation adjustments. Net Tangible Assets declined -7% to $3.21, reflecting a -4.7% drop in office asset valuations, though industrial assets saw a 1.5% valuation uplift. Management reaffirmed FY25 guidance for FFO of 22.3-23.1cps and DPU of 20.3cps, with leasing spreads improving across industrial properties. Moelis remains positive on Growthpoint’s valuation, citing its -25% discount to NTA and 7.6% distribution yield. Moelis analysts have maintained a Buy rating on Growthpoint Properties Australia, lowering the price target to $3.07 from $3.32. FORECAST Moelis forecasts a full year FY25 dividend of 20.30 cents and EPS of 22.60 cents. Moelis forecasts a full year FY26 dividend of 18.50 cents and EPS of 23.50 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Moelis

25/02/2025

Buy

$3.07

35.24%

Growthpoint Properties Australia's 1H25 financial result was better than expected, with FFO of $88.8m, exceeding the broker’s estimate of $80.0m due to higher transaction fees and amortisation adjustments.

Net Tangible Assets declined -7% to $3.21, reflecting a -4.7% drop in office asset valuations, though industrial assets saw a 1.5% valuation uplift.

Management reaffirmed FY25 guidance for FFO of 22.3-23.1cps and DPU of 20.3cps, with leasing spreads improving across industrial properties.

Moelis remains positive on Growthpoint’s valuation, citing its -25% discount to NTA and 7.6% distribution yield. Moelis analysts have maintained a Buy rating on Growthpoint Properties Australia, lowering the price target to $3.07 from $3.32.

FORECAST
Moelis forecasts a full year FY25 dividend of 20.30 cents and EPS of 22.60 cents.
Moelis forecasts a full year FY26 dividend of 18.50 cents and EPS of 23.50 cents.

Access Extra Coverage Research History >

GOZ STOCK CHART

FNArena News on GOZ

1	Australian Broker Call Extra Edition – Feb 25, 2025 Feb 25 2025 - Daily Market Reports

2	FNArena Corporate Results Monitor – 22-02-2025 Feb 22 2025 - Australia

3	Weekly Ratings, Targets, Forecast Changes – 31-01-25 Feb 03 2025 - Weekly Reports

4	Australian Broker Call Extra Edition – Oct 31, 2024 Oct 31 2024 - Daily Market Reports

5	Next Week At A Glance – 7-11 Oct 2024 Oct 04 2024 - Weekly Reports

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Dividend Yield Today On Last Actual Payout :	8.46
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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GROWTHPOINT PROPERTIES AUSTRALIA (GOZ)
Share Price Analysis and Chart