Why is Goodman Group (GMG) down this morning?
The integrated property company reported FY22 earnings per share (EPS) of 81.3c, inline with the 81.4c expected by the market while the dividend of 30cps for the FY was also as we expected. Earnings were up 24% on FY21 which is clearly a strong result while they talked to a strong development pipeline for the year ahead.
They have guided to 11% growth at the EPS line which is slightly below where the market was positioned for FY23, about ~3% light on however they do have a habit of under-promising, and over-delivering, but we suspect there may be a little bit of selling around today as a result.
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