GMG +5.72%: First take of the numbers this morning looked a slight miss on FY24 guidance ( earnings growth +9% v +11% consensus), however, the market looked through that, and assumes they’ll upgrade throughout the year (as is the norm), and importantly, be one of the very few property companies that are showing growth in a tough market. For FY23, they produced operating earnings of $1.78bn (+17%) inline with consensus, with guidance for +9% growth in FY24 implying they’ll hit $1.96bn this year. The dividend of 30cps was as expected, however, the main driver of the shares today came from the evolution of the business, Greg Goodman articulating their relatively new push into data centres as AI drives demand, GMG saying ~30% of their ~$13bn development book is now exposed to that theme – which is huge.
- We recently sold Goodman (GMG) around current levels, however, today’s result has us questioning why!
MM is bullish on GMG, regrettably, we recently sold it
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