GMG has been a market standout performer over recent years, but it’s endured a tough 2025 since raising $4bn at $33.50 in February for data centre expansion. Greg Goodman is a proven, shrewd operator, and we are comfortable following him into this AI-fuelled growth area. While we re-entered the stock after it had corrected over 13%, it proved too early with “Liberation Day” around the corner, but we continue to like the business and our position. We believe GMG offers value compared to its global peers, trading around 8% below its capital raise. However, this area will likely cap the stock until we receive some positive trading updates from the company.
- We remain bullish on GMG, although some consolidation in the $30-33 area looks likely: we hold GMG in our Active Growth Portfolio.
MM remains long and bullish on GMG
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