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Undervalued
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 5.43 Fair value 5.85 One-star price 6.30
Morningstar Quantitative Rating as of 28 OCT 2026.
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (5.43) to the one-star price (6.30).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 4.79 |
| Price - 12 month high | 5.75 |
| Price - 12 month low | 4.35 |
| Pricing date | 28 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 5.74 |
| Market capitalization | 9,175.62 |
| 12 Month High price date | 26 NOV 2025 |
| 12 Month Low price date | 6 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 6.08 |
| Price - 1 Day % Change | 2.35% |
| Price - 13 week price percent change | -6.26% |
| Price - 26 week price percent change | 1.91% |
| Price - 5 Day % Change | 3.23% |
| Price - 52 week price percent change | -14.00% |
| Price - YTD price percent change | -11.62% |
| Price % Change Month To Date | 8.13% |
| EPS excluding extraordinary items - most recent fiscal year | 0.512 |
| EPS excluding extraordinary items - trailing 12 month | 0.549 |
| EPS Normalized - most recent fiscal year | 0.386 |
| Revenue/share - most recent fiscal year | 0.539 |
| Revenue/share - trailing 12 month | 0.514 |
| Book value per share - most recent fiscal year | 5.548 |
| Book value per share - most recent half-year | 5.626 |
| Book value (tangible) per share - most recent fiscal year | 5.530 |
| Book value (tangible) per share - most recent half-year | 5.607 |
| Cash per share - most recent fiscal year | 0.052 |
| Cash per share - most recent half-year | 0.063 |
| Cash Flow per share - most recent fiscal year | 0.325 |
| Cash Flow per share - trailing 12 month | 0.356 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.243 |
| EBITD per share - trailing 12 month | 0.675 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.512 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.549 |
| EPS including extraordinary items - most recent fiscal year | 0.512 |
| EPS including extraordinary items - trailing 12 month | 0.549 |
| Free Cash Flow per share - trailing 12 month | 0.353 |
| P/E excluding extraordinary items, most recent fiscal year | 8.72 |
| P/E Normalized, most recent fiscal year | 11.52 |
| Price to sales - most recent fiscal year | 9.31 |
| Price to Tangible Book - most fiscal year | 0.85 |
| Price to Free Cash Flow per Share - most recent fiscal year | 13.58 |
| Price to Cash Flow per share - trailing 12 month | 13.47 |
| Price to Book - most recent fiscal year | 0.85 |
| P/E excluding extraordinary items high, trailing 12 months | 28.83 |
| P/E excluding extraordinary items low, trailing 12 months | 7.96 |
| Net Debt, LFI | 5,466.70 |
| Net Debt, LFY | 5,426.80 |
| Dividend Yield - 5 Year Average | 5.22% |
| Dividend Yield - indicated annual dividend divided by closing price | 5.13% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 5.06% |
| Free Cash Flow - most recent fiscal year | 601.10 |
| LT debt/equity - most recent fiscal year | 46.64% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 52.00% |
| LT debt/equity - most recent half-year | 45.17% |
| Total debt/total equity - most recent half-year | 51.85% |
| Free Cash Flow - trailing 12 month | 675.80 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 1,031.90 |
| Revenue - trailing 12 month | 985.50 |
| EBITD - most recent fiscal year | 1,235.70 |
| EBITD - trailing 12 month | 1,293.20 |
| Earnings before taxes - most recent fiscal year | 1,008.10 |
| Earnings before taxes - trailing 12 month | 1,061.60 |
| Net Income available to common - most recent fiscal year | 981.00 |
| Net Income available to common - trailing 12 months | 1,052.00 |
| Earnings before taxes Normalized - most recent fiscal year | 759.70 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.42 |
| Net Profit Margin % - 1st historical fiscal year | 95.07% |
| Net Profit Margin % - trailing 12 month | 106.75% |
| Operating margin - 1st historical fiscal year | 62.39% |
| Operating margin - trailing 12 month | 61.09% |
| Pretax margin - trailing 12 month | 107.72% |
| Pretax margin - 1st historical fiscal year | 97.69% |
| Operating Margin - 5 year average | 58.34% |
| Pretax Margin - 5 year average | 57.96% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 62.99% |
| Free Operating Cash Flow/Revenue, TTM | 68.57% |
| Net Profit Margin - 5 year average | 56.95% |
| Return on average assets - most recent fiscal year | 6.07% |
| Return on average assets - trailing 12 month | 6.32% |
| Return on average equity - most recent fiscal year | 9.51% |
| Return on average equity - trailing 12 month | 9.98% |
| Return on average assets - 5 year average | 2.74% |
| Return on average equity - 5 year average | 4.09% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 7.56% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | -11.73% |
| Revenue/share (5 yr growth) | 7.92% |
| Growth rate% - Revenue, 3 year | 8.26% |
| Growth rate% - EPS, 3 year | 27.85% |
| Book value per share growth rate, 5 year | -0.15% |
| Capital Spending growth rate, 5 year | 3.02% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | ||||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
GPT makes most of its money from rental income generated by its retail, office, and logistics property portfolio, supplemented by high-margin funds-management fees and development profits from new projects. The company reports on the 16th of this month and while its trading ~17% above its 5-year valuation into a potential hiking cycle the stock again feels unattractive at current levels.
We are making two changes to the Active Growth Portfolio Today
GPT Group (GPT) – again, this property name is unlikely to outperform the market while the risks of sticky inflation, at best, remain elevated in the US and potentially at home.
GPT has advanced strongly over recent months, but we believe it's too early to fade this strength. They delivered a solid 1H24 result in August, which has helped the stock rally ~30% from its July swing low. The growth aspect of GPT actually comes from funds management, which will become a bigger slice of the pie in the coming years.
The result was very solid today, interestingly, office occupancy is running better than expected at 92.4% and office income decline was only 1.3% for the year i.e. not as doom and gloom as many thought. Logistics and retail were strong as expected, with occupancy at 99.4% and 99.6% respectively, with retail showing income growth of 5.8% and an average annual rental increase of 4.9%. The growth aspect of this stock comes from funds management, which will become a bigger slice of the pie in coming years.
We switched to GPT from Goodman Group (GMG) at the start of the month, a contentious move at the time, but it has at least worked through a volatile August. GPT has actually been positive over the last week, and although a few days doesn’t justify a purchase, it is demonstrating that high-yielding rate-sensitive names are in demand, with central banks poised to commence cutting interest rates.
We are making two changes to the Active Growth Portfolio today.
GMG has been a standout performer in 2024, surging +39% year-to-date, but we started reducing our exposure in mid-July on valuation grounds. We think GMG is a great business, and applaud their move into Data-Centres which looks like another master stroke by CEO Greg Goodman, however, our concern in the short term centres on the dislocation between a great strategy, and the timing around the actual earnings that strategy will generate
As subscribers know, MM's preferred scenario is that the RBA doesn’t hike interest rates in 2024, which should provide a tailwind for GPT. The business is an active owner and manager of a diversified portfolio of Australian property assets, including the MLC Centre & Australia Square in Sydney and Melbourne Central.
GPT soared 6.9% on Wednesday, placing it 5th amongst the tearaway real estate stocks; usually, such a move would see a stock sitting on top of the pile! This active owner and manager of a diversified portfolio of Australian retail, office and industrial property assets has already surged over +20% in less than 3-weeks.
MM is neutral towards GPT around $5.50
MM are selling GPT in the Active Growth Portfolio, around break even ~$4.64
MM prefers SUL over GPT
MM is long and bullish toward GPT
MM is long & bullish GPT
MM is long and bullish GPT
MM is considering switching from GMG to GPT
MM are buying GPT in the Active Growth Portfolio, allocating 4% around $4.65
MM is bullish towards GPT
MM is bullish toward GPT, targeting the $4.50 area
GPT Group, formerly known as General Property Trust, is Australia's first property trust. GPT has an ownership interest in, manages, and develops a diversified portfolio of retail, office, and logistics assets predominantly located in Sydney and Melbourne. Retail and office, including contributions from their respective funds management, each account for about two-fifths of group funds from operations. The rest of the earnings come from logistics. GPT manages third-party assets and mandates of approximately AUD 25 billion as of June 2026.
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