Goodman Group

ASX:GMG Stock Report

Market Cap: AU$60.8b

Goodman Group Valuation

Is GMG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of GMG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

AU$27.39
Fair Value
8.5% overvalued intrinsic discount
13
Number of Analysts

Below Fair Value: GMG (A$29.71) is trading above our estimate of fair value (A$27.39)

Significantly Below Fair Value: GMG is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GMG?

Key metric: As GMG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for GMG. This is calculated by dividing GMG's market cap by their current earnings.
What is GMG's PE Ratio?
PE Ratio36.5x
EarningsAU$1.67b
Market CapAU$60.75b

Price to Earnings Ratio vs Peers

How does GMG's PE Ratio compare to its peers?

The above table shows the PE ratio for GMG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.5x
CIP Centuria Industrial REIT
16.2x5.88%AU$2.2b
DXI Dexus Industria REIT
16.7x5.97%AU$888.4m
SCG Scentre Group
14.9x0.25%AU$21.3b
SGP Stockland
18.1x7.35%AU$14.9b
GMG Goodman Group
36.5x15.61%AU$60.8b

Price-To-Earnings vs Peers: GMG is expensive based on its Price-To-Earnings Ratio (36.5x) compared to the peer average (16.5x).

Price to Earnings Ratio vs Industry

How does GMG's PE Ratio compare vs other companies in the Global Industrial REITs Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GMG 36.5xIndustry Avg. 16.2xNo. of Companies16PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: GMG is expensive based on its Price-To-Earnings Ratio (36.5x) compared to the Global Industrial REITs industry average (16.3x).

Price to Earnings Ratio vs Fair Ratio

What is GMG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GMG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio36.5x
Fair PE Ratio21.5x

Price-To-Earnings vs Fair Ratio: GMG is expensive based on its Price-To-Earnings Ratio (36.5x) compared to the estimated Fair Price-To-Earnings Ratio (21.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst GMG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$29.71
AU$37.39
+25.86%
9.70%AU$41.50AU$29.00n/a13
Nov ’26AU$33.03
AU$37.90
+14.74%
9.11%AU$41.50AU$29.00n/a13
Oct ’26AU$32.98
AU$37.82
+14.68%
9.41%AU$41.50AU$29.00n/a13
Sep ’26AU$33.98
AU$37.82
+11.31%
9.41%AU$41.50AU$29.00n/a13
Aug ’26AU$34.64
AU$37.08
+7.04%
9.53%AU$40.47AU$28.00n/a12
Jul ’26AU$34.19
AU$37.02
+8.27%
9.38%AU$40.47AU$28.00n/a12
Jun ’26AU$32.92
AU$36.41
+10.61%
9.91%AU$40.00AU$28.00n/a11
May ’26AU$31.00
AU$36.79
+18.67%
9.32%AU$40.00AU$28.00n/a11
Apr ’26AU$29.19
AU$37.03
+26.87%
9.21%AU$40.00AU$28.00n/a11
Mar ’26AU$31.31
AU$37.65
+20.26%
8.96%AU$40.82AU$28.00n/a11
Feb ’26AU$36.45
AU$38.85
+6.59%
11.16%AU$43.00AU$27.00n/a11
Jan ’26AU$35.64
AU$38.51
+8.04%
10.50%AU$42.40AU$27.00n/a11
Dec ’25AU$37.91
AU$37.96
+0.13%
10.74%AU$42.40AU$27.00n/a11
Nov ’25AU$36.51
AU$37.25
+2.02%
12.85%AU$42.40AU$24.00AU$33.0311
Oct ’25AU$37.08
AU$36.03
-2.82%
12.83%AU$40.70AU$24.00AU$32.9811
Sep ’25AU$33.40
AU$34.04
+1.92%
17.71%AU$40.00AU$19.83AU$33.9812
Aug ’25AU$36.44
AU$33.25
-8.77%
17.34%AU$40.00AU$19.83AU$34.6412
Jul ’25AU$35.01
AU$32.69
-6.63%
17.45%AU$40.00AU$19.83AU$34.1912
Jun ’25AU$33.52
AU$31.45
-6.18%
15.90%AU$37.70AU$19.83AU$32.9212
May ’25AU$31.51
AU$29.88
-5.19%
15.64%AU$35.60AU$19.83AU$31.0013
Apr ’25AU$33.81
AU$29.58
-12.50%
15.37%AU$34.84AU$19.83AU$29.1913
Mar ’25AU$30.48
AU$29.15
-4.38%
14.35%AU$34.13AU$19.83AU$31.3113
Feb ’25AU$25.41
AU$25.64
+0.90%
8.70%AU$28.41AU$19.40AU$36.4512
Jan ’25AU$25.30
AU$24.71
-2.34%
9.38%AU$28.41AU$19.40AU$35.6412
Dec ’24AU$23.05
AU$24.14
+4.74%
12.30%AU$28.41AU$17.34AU$37.9113
Nov ’24AU$21.20
AU$23.88
+12.66%
11.41%AU$28.04AU$17.34AU$36.5113
AU$37.39
Fair Value
20.5% undervalued intrinsic discount
13
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/17 23:19
End of Day Share Price 2025/11/17 00:00
Earnings2025/06/30
Annual Earnings2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Goodman Group is covered by 23 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Benjamin BrayshawBarrenjoey Markets Pty Limited
Nicholas McGarrigleBarrenjoey Markets Pty Limited
Andrew MacFarlaneBell Potter