Financials Goodman Property Trust

Equities

End-of-day quote New Zealand S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
2.28 ^NZD	-.--%		+1.79%	-.--%

03-28	Goodman Property Trust Concludes Corporate Restructuring	MT
03-25	Goodman Property Trust Provides Earnings Guidance for the Fiscal Year 2025	CI

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,240	2,973	3,144	3,298	3,003	3,401	-	-
Enterprise Value (EV) ¹	2,822	3,587	3,871	4,380	4,256	4,794	4,579	4,566
P/E ratio	7.01 x	11 x	4.98 x	4.41 x	-22.2 x	-8.4 x	1,052 x	9.19 x
Yield	3.84%	3.1%	2.35%	2.33%	2.76%	2.81%	2.94%	3%
Capitalization / Revenue	17.7 x	20.5 x	20.6 x	21 x	17 x	16.7 x	15.4 x	15.1 x
EV / Revenue	22.3 x	24.7 x	25.3 x	27.9 x	24 x	23.6 x	20.7 x	20.3 x
EV / EBITDA	21.5 x	26.1 x	26.4 x	29.7 x	25.6 x	28.4 x	22.4 x	22.9 x
EV / FCF	38.6 x	-	-	-19.6 x	-	-67.6 x	7.93 x	10.8 x
FCF Yield	2.59%	-	-	-5.09%	-	-1.48%	12.6%	9.25%
Price to Book	1.09 x	1.24 x	1.06 x	0.9 x	0.87 x	1.09 x	1.07 x	1.01 x
Nbr of stocks (in thousands)	1,294,901	1,385,791	1,391,228	1,397,303	1,403,255	1,538,769	-	-
Reference price ²	1.730	2.145	2.260	2.360	2.140	2.210	2.210	2.210
Announcement Date	14/05/19	28/05/20	13/05/21	18/05/22	17/05/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	126.8	145.3	153	157.1	177	203.2	221.3	224.7
EBITDA ¹	131.1	137.5	146.4	147.6	166.1	169	204.5	199.5
EBIT ¹	126.2	131.6	137.2	138	156	181	207.1	213.9
Operating Margin	99.53%	90.57%	89.67%	87.84%	88.14%	89.04%	93.56%	95.19%
Earnings before Tax (EBT) ¹	334.8	284.4	-	763.8	-	-633	-	-
Net income ¹	319.5	261.9	631.7	748.6	-135.4	-471.1	88.15	307.6
Net margin	251.97%	180.25%	412.88%	476.51%	-76.5%	-231.79%	39.83%	136.89%
EPS ²	0.2468	0.1948	0.4541	0.5357	-0.0965	-0.2632	0.002100	0.2405
Free Cash Flow ¹	73.08	-	-	-223	-	-70.9	577.6	422.3
FCF margin	57.64%	-	-	-141.95%	-	-34.89%	261%	187.91%
FCF Conversion (EBITDA)	55.75%	-	-	-	-	-	282.45%	211.73%
FCF Conversion (Net income)	22.87%	-	-	-	-	-	655.24%	137.28%
Dividend per Share ²	0.0665	0.0665	0.0530	0.0550	0.0590	0.0620	0.0650	0.0664
Announcement Date	14/05/19	28/05/20	13/05/21	18/05/22	17/05/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	582	615	727	1,082	1,253	1,394	1,178	1,165
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.439 x	4.469 x	4.967 x	7.331 x	7.544 x	8.248 x	5.761 x	5.843 x
Free Cash Flow ¹	73.1	-	-	-223	-	-70.9	578	422
ROE (net income / shareholders' equity)	5.18%	4.07%	3.55%	3%	3.13%	3.86%	4.36%	4.33%
ROA (Net income/ Total Assets)	3.66%	-	2.73%	17.3%	2.3%	3.64%	4.8%	4.77%
Assets ¹	8,734	-	23,175	4,323	-5,892	-12,942	1,836	6,449
Book Value Per Share ²	1.580	1.730	2.130	2.620	2.450	2.040	2.060	2.190
Cash Flow per Share ²	0.0600	0.0600	0.0600	0.0700	0.0700	0.1000	0.1000	0.1100
Capex ¹	144	125	74.3	73	188	177	109	89.9
Capex / Sales	113.72%	86.17%	48.56%	46.47%	105.93%	87.08%	49.33%	40%
Announcement Date	14/05/19	28/05/20	13/05/21	18/05/22	17/05/23	-	-	-

¹NZD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

2.21 NZD

Average target price

2.152 NZD

Spread / Average Target

-2.60%

	1st Jan change	Capi.
GOODMAN PROPERTY TRUST	-.--%	2.08B
PROLOGIS, INC.	-23.57%	94.48B
GOODMAN GROUP	+25.22%	39.08B
REXFORD INDUSTRIAL REALTY, INC.	-24.46%	9.31B
EASTGROUP PROPERTIES, INC.	-14.54%	7.47B
STAG INDUSTRIAL, INC.	-11.33%	6.25B
AMERICOLD REALTY TRUST, INC.	-26.16%	6.24B
FIRST INDUSTRIAL REALTY TRUST, INC.	-12.63%	6.01B
WAREHOUSES DE PAUW SA	-12.49%	5.85B
TERRENO REALTY CORPORATION	-13.39%	5.25B