First Impressions Profit Report: Goodman Group (GMG) - FY15 operating profit up 9%; forecasts FY16 distribution of 23.8 cents per security
Statutory profit up 84% to $1,208m (primarily on the back of $710m of asset revaluation gains). Net tangible assets per security increased 20% to $3.46, with a significant contribution from urban renewal projects (current price $6.28). Total assets under management of $29.4 billion, up 10% on FY14, reflecting increased valuations. Development work in progress of $3.1 billion across 76 projects in 11 countries, 65% pre-committed and 71% pre-sold to third parties or managed partnerships. Outlook: With the current market conditions expected to continue, Goodman is forecasting earnings growth of 6% in FY16, while further reducing gearing. This will in turn provide the Group with significant financial and operating flexibility for future periods to deliver on its earnings growth targets. “Positioned to deliver a target long-term EPS growth of 6%, including forecast FY16 operating EPS of 39.4 cents (up 6% on FY15)”. Read our summary here: (VIEW LINK)
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Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.