GDI PROPERTY GROUP (GDI)
Share Price Analysis and Chart

27/08/2024

1

Buy

$0.80

31.15%

FY24 funds from operations (FFO) for GDI Property came in 6% ahead of Bell Potter's forecast driven by a higher Property FFO, which was slightly offset by higher operating expenses and a lower Management FFO.

Management anticipates a “significantly enhanced Property FFO” in FY25 and guides to a dividend of 5cpu, which the analysts note is in line with the prior target.

Buy rating and the target is raised to 80 cents from 75 cents. Asset sales to bridge the discount to net tangible assets (NTA) would be a key positive catalyst, suggests Bell Potter.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 5.00 cents and EPS of 6.60 cents.
Bell Potter forecasts a full year FY26 dividend of 5.00 cents and EPS of 6.80 cents.

29/08/2024

1

Buy

$0.98

60.66%

GDI Property delivered FY24 results that were ahead of Moelis estimates and the final distribution was consistent with guidance, at 2.5c.

The broker notes good progress has been made on leasing at 197 St George's Terrace, WS1and WS2 which resulted in 12% uplift in property FFO in FY24 that should produce a benefit for FY25.

Moelis believes, as direct market activity increases there is scope for selling or introducing capital partners to assets, which should be a catalyst. Target edges down to $0.98 from $1.00. Buy rating.

FORECAST
Moelis forecasts a full year FY25 dividend of 5.00 cents and EPS of 6.40 cents.
Moelis forecasts a full year FY26 dividend of 5.50 cents and EPS of 8.00 cents.