Goodman Property Trust

NZSE:GMT Stock Report

Market Cap: NZ$3.3b

Goodman Property Trust Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 GMT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

NZ$3.44
Fair Value
38.4% undervalued intrinsic discount
4
Number of Analysts

Below Fair Value: GMT (NZ$2.12) is trading below our estimate of fair value (NZ$3.45)

Significantly Below Fair Value: GMT is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for GMT. This is calculated by dividing GMT's market cap by their current earnings.
What is GMT's PE Ratio?
PE Ratio29.8x
EarningsNZ$109.60m
Market CapNZ$3.26b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for GMT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average57.2x
PFI Property For Industry
11.7x4.01%NZ$1.2b
PCT Precinct Properties NZ & Precinct Properties Investments
177.6x44.87%NZ$2.0b
KPG Kiwi Property Group
30.8x18.40%NZ$1.8b
ARG Argosy Property
8.7x-3.60%NZ$1.1b
GMT Goodman Property Trust
29.8x17.72%NZ$3.3b

Price-To-Earnings vs Peers: GMT is good value based on its Price-To-Earnings Ratio (29.8x) compared to the peer average (57.2x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
GMT 29.8xIndustry Avg. 16.5xNo. of Companies12PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: GMT is expensive based on its Price-To-Earnings Ratio (29.8x) compared to the Global Industrial REITs industry average (16.4x).

Price to Earnings Ratio vs Fair Ratio

What is GMT'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.

GMT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio29.8x
Fair PE Ratio19.3x

Price-To-Earnings vs Fair Ratio: GMT is expensive based on its Price-To-Earnings Ratio (29.8x) compared to the estimated Fair Price-To-Earnings Ratio (19.3x).

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 GMT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNZ$2.12
NZ$2.22
+4.48%
6.78%NZ$2.45NZ$2.07n/a4
Oct ’26NZ$2.14
NZ$2.19
+2.22%
5.90%NZ$2.40NZ$2.07n/a4
Sep ’26NZ$2.05
NZ$2.19
+6.97%
5.90%NZ$2.40NZ$2.07n/a4
Aug ’26NZ$2.01
NZ$2.16
+7.59%
6.61%NZ$2.40NZ$2.02n/a4
Jul ’26NZ$1.98
NZ$2.16
+9.49%
6.61%NZ$2.40NZ$2.02n/a4
Jun ’26NZ$1.91
NZ$2.16
+13.22%
6.61%NZ$2.40NZ$2.02n/a4
May ’26NZ$1.87
NZ$2.17
+16.49%
5.05%NZ$2.35NZ$2.05n/a4
Apr ’26NZ$1.89
NZ$2.17
+14.95%
5.05%NZ$2.35NZ$2.05n/a4
Mar ’26NZ$1.95
NZ$2.17
+11.41%
5.05%NZ$2.35NZ$2.05n/a4
Feb ’26NZ$2.09
NZ$2.18
+4.32%
4.91%NZ$2.35NZ$2.06n/a4
Jan ’26NZ$2.01
NZ$2.18
+8.21%
4.91%NZ$2.35NZ$2.06n/a4
Dec ’25NZ$2.08
NZ$2.18
+4.57%
4.91%NZ$2.35NZ$2.06n/a4
Nov ’25NZ$2.09
NZ$2.16
+3.48%
4.07%NZ$2.30NZ$2.06n/a4
Oct ’25NZ$2.09
NZ$2.16
+3.23%
4.07%NZ$2.30NZ$2.06NZ$2.144
Sep ’25NZ$2.12
NZ$2.15
+1.18%
4.49%NZ$2.30NZ$2.04NZ$2.054
Aug ’25NZ$2.08
NZ$2.15
+3.13%
4.49%NZ$2.30NZ$2.04NZ$2.014
Jul ’25NZ$2.01
NZ$2.15
+6.98%
4.49%NZ$2.30NZ$2.04NZ$1.984
Jun ’25NZ$2.19
NZ$2.15
-2.05%
4.49%NZ$2.30NZ$2.04NZ$1.914
May ’25NZ$2.21
NZ$2.15
-2.60%
6.28%NZ$2.35NZ$2.00NZ$1.874
Apr ’25NZ$2.28
NZ$2.11
-7.35%
4.23%NZ$2.20NZ$2.00NZ$1.894
Mar ’25NZ$2.19
NZ$2.09
-4.46%
3.54%NZ$2.20NZ$2.00NZ$1.954
Feb ’25NZ$2.23
NZ$2.06
-7.53%
4.84%NZ$2.20NZ$1.95NZ$2.094
Jan ’25NZ$2.28
NZ$2.06
-9.76%
4.84%NZ$2.20NZ$1.95NZ$2.014
Dec ’24NZ$2.15
NZ$2.06
-4.08%
4.84%NZ$2.20NZ$1.95NZ$2.084
Nov ’24NZ$2.00
NZ$2.08
+4.01%
4.78%NZ$2.22NZ$1.95NZ$2.094
Oct ’24NZ$2.12
NZ$2.10
-0.71%
3.52%NZ$2.22NZ$2.03NZ$2.094
NZ$2.22
Fair Value
4.3% undervalued intrinsic discount
4
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/18 03:27
End of Day Share Price 2025/10/17 00:00
Earnings2025/03/31
Annual Earnings2025/03/31

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 Property Trust is covered by 6 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Joshua DaleDeutsche Bank
Rohan Koreman-SmitForsyth Barr Group Ltd.
Arie DekkerJarden Limited