GMG has rallied +44% so far in 2024, but it’s looking tired above $36 and a touch expensive as investors start to price in its foray into data centres. Also, with HMC Capital flagging a $4bn data centre float and NEXTDC (NXT) still a viable alternative, investors are increasingly less likely to push valuations around this thematic ever higher.
- We have patiently had GMG in our Hitlist for a few months, looking to re-enter closer to $30; we see no reason to change that view
MM likes GMG in the $30-32 area
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