20 minute delayed
Join Market Matters and get full access to all our Opinion + Action
Undervalued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 4.91 Fair value 5.45 One-star price 6.05
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (4.91) to the one-star price (6.05).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 4.58 |
| Price - 12 month high | 6.41 |
| Price - 12 month low | 3.71 |
| Pricing date | 4 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 9.52 |
| Market capitalization | 11,136.93 |
| 12 Month High price date | 12 NOV 2025 |
| 12 Month Low price date | 4 JUN 2026 |
| Volume - avg. trading volume for the last 3 months | 16.78 |
| Price - 1 Day % Change | 2.23% |
| Price - 13 week price percent change | 6.51% |
| Price - 26 week price percent change | 13.93% |
| Price - 5 Day % Change | 9.57% |
| Price - 52 week price percent change | -26.01% |
| Price - YTD price percent change | -20.07% |
| Price % Change Month To Date | 11.44% |
| EPS excluding extraordinary items - most recent fiscal year | 0.410 |
| EPS excluding extraordinary items - trailing 12 month | 0.410 |
| EPS Normalized - most recent fiscal year | 0.369 |
| Revenue/share - most recent fiscal year | 1.480 |
| Revenue/share - trailing 12 month | 1.480 |
| Book value per share - most recent fiscal year | 4.418 |
| Book value per share - most recent half-year | 4.418 |
| Book value (tangible) per share - most recent fiscal year | 4.397 |
| Book value (tangible) per share - most recent half-year | 4.397 |
| Cash per share - most recent fiscal year | 0.328 |
| Cash per share - most recent half-year | 0.328 |
| Cash Flow per share - most recent fiscal year | 0.361 |
| Cash Flow per share - trailing 12 month | 0.361 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.252 |
| EBITD per share - trailing 12 month | 0.341 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.412 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.412 |
| EPS including extraordinary items - most recent fiscal year | 0.412 |
| EPS including extraordinary items - trailing 12 month | 0.412 |
| Free Cash Flow per share - trailing 12 month | 0.357 |
| P/E excluding extraordinary items, most recent fiscal year | 11.17 |
| P/E Normalized, most recent fiscal year | 12.42 |
| Price to sales - most recent fiscal year | 3.09 |
| Price to Tangible Book - most fiscal year | 1.04 |
| Price to Free Cash Flow per Share - most recent fiscal year | 12.84 |
| Price to Cash Flow per share - trailing 12 month | 12.68 |
| Price to Book - most recent fiscal year | 1.04 |
| P/E excluding extraordinary items high, trailing 12 months | 18.60 |
| P/E excluding extraordinary items low, trailing 12 months | 9.80 |
| Net Debt, LFI | 5,200.00 |
| Net Debt, LFY | 4,099.00 |
| Dividend Yield - 5 Year Average | 5.54% |
| Dividend Yield - indicated annual dividend divided by closing price | 5.65% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 5.50% |
| Free Cash Flow - most recent fiscal year | 865.00 |
| LT debt/equity - most recent fiscal year | 42.68% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 45.70% |
| LT debt/equity - most recent half-year | 41.76% |
| Total debt/total equity - most recent half-year | 54.81% |
| Free Cash Flow - trailing 12 month | 865.00 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 3,589.00 |
| Revenue - trailing 12 month | 3,589.00 |
| EBITD - most recent fiscal year | 826.00 |
| EBITD - trailing 12 month | 826.00 |
| Earnings before taxes - most recent fiscal year | 1,036.00 |
| Earnings before taxes - trailing 12 month | 1,036.00 |
| Net Income available to common - most recent fiscal year | 994.00 |
| Net Income available to common - trailing 12 months | 994.00 |
| Earnings before taxes Normalized - most recent fiscal year | 911.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.37 |
| Net Profit Margin % - 1st historical fiscal year | 27.70% |
| Net Profit Margin % - trailing 12 month | 27.70% |
| Operating margin - 1st historical fiscal year | 20.79% |
| Operating margin - trailing 12 month | 20.79% |
| Pretax margin - trailing 12 month | 28.87% |
| Pretax margin - 1st historical fiscal year | 28.87% |
| Operating Margin - 5 year average | 24.08% |
| Pretax Margin - 5 year average | 27.91% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 14.80% |
| Free Operating Cash Flow/Revenue, TTM | 24.10% |
| Net Profit Margin - 5 year average | 26.12% |
| Return on average assets - most recent fiscal year | 5.39% |
| Return on average assets - trailing 12 month | 5.39% |
| Return on average equity - most recent fiscal year | 9.55% |
| Return on average equity - trailing 12 month | 9.55% |
| Return on average assets - 5 year average | 4.32% |
| Return on average equity - 5 year average | 7.99% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 5.62% |
| EPS growth rate, 5 year | -2.36% |
| Growth rate% - dividend, 3 year | -1.29% |
| Revenue/share (5 yr growth) | 5.34% |
| Growth rate% - Revenue, 3 year | 8.52% |
| Growth rate% - EPS, 3 year | 30.78% |
| Book value per share growth rate, 5 year | 1.93% |
| Capital Spending growth rate, 5 year | -11.27% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -3.73% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | ||||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
SGP +12.35%: delivered a better-than-expected FY26 result, with funds from operations (FFO) ahead of consensus and FY27 guidance pointing to further earnings growth despite an expected moderation in residential community settlements. Importantly, the broader portfolio – including land lease communities, logistics, retail and funds management – is expected to more than offset lower MPC earnings, highlighting how much more diversified SGP has become.
SGP has delivered for investors more than doubling from its 2022 low while paying a healthy dividend along the way - its forecast to yield 4.7% in the coming year. SGP develops and manages a property portfolio across residential, retail, retirement, office and industrial assets but as a business with gearing, a succession of rate hikes should ultimately weigh on profitability.
SGP develops and manages a property portfolio across residential, retail, retirement, office and industrial assets. The shares have recovered from Februarys earnings miss with negligible follow through suggesting investors are confident with their maintained full-year guidance.
SGP –3.72%: Shares dropped as much as 8.8%, as the market reacted to a sharp earnings miss, before recovering slightly as they maintained full-year guidance. FY25 Funds from Operations (FFO) per share of 10.5c, missing consensus estimates of 11.3cps, primarily due to weaker residential margins.
Due to many Australian fixation with property prices real estate is one of the first sectors that investors consider when interest rates fall, which makes sense as the family home often goes up in value.
Property is one of the first sectors that investors consider when interest rates fall, which makes sense as the family home often goes up in value, all else being equal. This morning, we’ve deliberately looked at a stock not in an MM portfolio if subscribers are considering increasing sector exposure, SGP is forecast to yield ~6% unfranked over the coming 12-months.
While expectations around the quantum of rate cuts have eased, the next move is still highly likely to be down, which should be enough to push this property group higher.
SGP rallied +2.8% on Thursday, helping the Real Estate Sector claim the top spot, finishing the session up +1.6%. We see two catalysts that can lead to a strong year ahead for SGP: additional capital partnerships to fund the development pipeline and/or lower interest rates.
SGP advanced +2.9% on Thursday, posting 2-year highs in the process, i.e. a bullish move on relatively muted momentum. In late 2023, SGP agreed to acquire 12 community projects from Lendlease for $1.06bn in a JV with Supalai, a solid deal in our opinion, with the transaction being ~4% accretive to FY25-27E earnings while SGP. This does, however, increase the risk on execution for Stockland.
Stockland operates in the commercial, residential, and retirement living property segments. SGP's Q3 update showed a continuation of steady residential improvement from a 1H23 low, with net sales of +9% from the previous quarter.
MM is cautiously bullish toward SGP
MM is neutral towards SGP ~$5.80
MM is cautiously bullish on SGP into Christmas
MM remains bullish SGP
MM is bullish toward SGP
MM is bullish towards SGP
MM is cautiously bullish SGP
MM is bullish towards SGP
MM is cautiously bullish towards SGP ~$4.65
MM likes SGP under $4.50
Stockland is one of Australia's largest residential property developers, specializing in master-planned communities. Earnings from residential and commercial development are lumpy and averaged about 40% of the group's funds from operationsover the past five years. Revenue from master-planned communities makes up the majority of development income. While land lease assets contribute only a fraction of the total development revenue, the sector is growing. The investment management business, around two thirds of the group's earnings, generates rental income and investment management fees from a portfolio of retail, logistics, office, and land lease assets. The portfolio mix is evolving, with less retail, and increasing exposure to logistics and office in recent years.
Forgot password? Request a One Time Password or reset your password
One Time Password
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
A link to create a new password will be sent to the email address you have registered to your account.
Hi, this is only available to members. Join today and access the latest views on the latest developments from a professional money manager.
Our Smart Phone App will give you access to much of our content and notifications. Download for free today.
Hi, this is only available to members. Join today and access the latest views on the latest developments from a professional money manager.
JOIN NOW
Something went wrong. Please try again in a moment.
