GARDA PROPERTY GROUP (GDF)
Share Price Analysis and Chart

06/08/2024

1

Add

$1.59

34.18%

Garda Property's FY24 result appears to have fallen a touch shy of Morgans' expectation.

The company closed the year with gearing of 36.5% and hedging of 69% and its ICR covenant stood at 1.5x.

The portfolio was valued at roughly $500m with an 80% weighting to industrial following the $100m sale of a Melbourne office with a weighted average lease expiry of 4.8 years.

Add rating retained. Target price falls to $1.59 from $1.65.

FORECAST
Morgans forecasts a full year FY24 dividend of 6.30 cents and EPS of 6.30 cents.
Morgans forecasts a full year FY25 dividend of 7.20 cents and EPS of 6.40 cents.

07/02/2025

1

Buy

$1.57

32.49%

Garda Property's 1H25 funds from operations and dividend were in line with Moelis' estimates, and the company reaffirmed FY25 dividend guidance of 6.3c.

The broker notes Garda is well positioned for a strong 42% EPS growth into FY26 driven by debt reduction as a result of North Lakes sales and growth in credit book.

The broker made negligible changes to earnings, with an increased contribution from private credit offset by deferral of income contribution from both the Acacia Ridge properties. Buy rating maintained but target price cut to $1.57 from $1.66. 

FORECAST
Moelis forecasts a full year FY24 dividend of 6.30 cents and EPS of 6.40 cents.
Moelis forecasts a full year FY25 dividend of 7.20 cents and EPS of 6.70 cents.