Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Guys thanks for your expertise. Do you have a target for Goodman or is it more about the when'' to switch out." I'm not used to this kind of blue sky activity. Normally my selections is trying to recover. I like your strategy better.
Hi Paul,
Blue-sky can be scary but a nice place to be. It’s happening to a lot of stocks on the ASX, plus the index itself today as it breaks to new all-time highs. While we think GMG is on the expensive side when we model it against current operations, the scope here is significant on the data side and to be fair, its hard to get a clear handle on what this could be worth in the future through further re-zonings and focus on higher value land use.
Momentum in earnings is obvious, and the momentum in share price is hard to argue with. We believe that staying long while those two aspects remain is the best coarse of action. Also we should not discount the increased premium (valuations) the market is currently comfortable putting on quality names, such as GMG. If/when we believe its gone “too far” we may trim but MM does regard GMG as a likely core holding through 2024/5.
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