Financials Goodman Property Trust

Equities

End-of-day quote New Zealand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
2.24 ^NZD	0.00%		+1.13%	-1.75%

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

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,240	2,973	3,144	3,298	3,003	3,447	-	-
Enterprise Value (EV) ¹	2,822	3,587	3,871	4,380	4,256	4,840	4,625	4,612
P/E ratio	7.01 x	11 x	4.98 x	4.41 x	-22.2 x	-8.51 x	1,067 x	9.31 x
Yield	3.84%	3.1%	2.35%	2.33%	2.76%	2.77%	2.9%	2.96%
Capitalization / Revenue	17.7 x	20.5 x	20.6 x	21 x	17 x	17 x	15.6 x	15.4 x
EV / Revenue	22.3 x	24.7 x	25.3 x	27.9 x	24 x	23.8 x	21 x	20.7 x
EV / EBITDA	21.5 x	26.1 x	26.4 x	29.7 x	25.6 x	28.6 x	22.6 x	23.1 x
EV / FCF	38.6 x	-	-	-19.6 x	-	-68.3 x	8.01 x	10.9 x
FCF Yield	2.59%	-	-	-5.09%	-	-1.46%	12.5%	9.16%
Price to Book	1.09 x	1.24 x	1.06 x	0.9 x	0.87 x	1.09 x	1.08 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	2.240	2.240	2.240
Announcement Date	5/14/19	5/28/20	5/13/21	5/18/22	5/17/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	126.8	145.3	153	157.1	177	203.2	220.6	223.3
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%	93.85%	95.8%
Earnings before Tax (EBT) ¹	334.8	284.4	-	763.8	-	-633	179	343
Net income ¹	319.5	261.9	631.7	748.6	-135.4	-471.2	87.97	307.5
Net margin	251.97%	180.25%	412.88%	476.51%	-76.5%	-231.84%	39.87%	137.73%
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%	261.81%	189.12%
FCF Conversion (EBITDA)	55.75%	-	-	-	-	-	282.44%	211.68%
FCF Conversion (Net income)	22.87%	-	-	-	-	-	656.59%	137.31%
Dividend per Share ²	0.0665	0.0665	0.0530	0.0550	0.0590	0.0620	0.0650	0.0664
Announcement Date	5/14/19	5/28/20	5/13/21	5/18/22	5/17/23	-	-	-

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	8.246 x	5.761 x	5.841 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%	4.35%	4.34%
ROA (Net income/ Total Assets)	3.66%	-	2.73%	17.3%	2.3%	-	-	-
Assets ¹	8,734	-	23,175	4,323	-5,892	-	-	-
Book Value Per Share ²	1.580	1.730	2.130	2.620	2.450	2.060	2.070	2.210
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	167	100	83.5
Capex / Sales	113.72%	86.17%	48.56%	46.47%	105.93%	82.17%	45.47%	37.38%
Announcement Date	5/14/19	5/28/20	5/13/21	5/18/22	5/17/23	-	-	-

¹NZD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

2.24 NZD

Average target price

2.152 NZD

Spread / Average Target

-3.91%

	1st Jan change	Capi.
GOODMAN PROPERTY TRUST	-1.75%	2.04B
PROLOGIS, INC.	-21.94%	96.34B
GOODMAN GROUP	+21.78%	38.16B
REXFORD INDUSTRIAL REALTY, INC.	-22.99%	9.39B
EASTGROUP PROPERTIES, INC.	-15.05%	7.49B
AMERICOLD REALTY TRUST, INC.	-26.53%	6.32B
STAG INDUSTRIAL, INC.	-12.18%	6.27B
FIRST INDUSTRIAL REALTY TRUST, INC.	-12.66%	6.09B
WAREHOUSES DE PAUW SA	-13.12%	5.8B
FIBRA PROLOGIS	-11.75%	5.48B