Goodman Group (GMG) is expecting to achieve an EPS target of 5.7c per share on an undiluted basis for the FY10, the property group said in its annual report. Last year, Goodman Group recorded an EPS of 34c per share.
”Goodman has made good progress toward resolving the uncertainty of the last year and ensuring we are well placed to manage through the current environment,” the company said.
”Our financial position has been strengthened and our business model enables us to take advantage of the signifi cant opportunities in the existing Asia Pacific and European markets in which we operate.”
Yesterday, Standard & Poor’s rating agency reaffirmed Goodman Group’s ‘BBB’ rating and removed them from Creditwatch with negative implications.
Despite this, Standard & Poor’s said the outlook for the company was negative.
”We consider GMG’s current look-through credit metrics weak for the ‘BBB’ rating, reflecting the group’s high levels of debt at managed funds and GMG’s sizable cornerstone shareholdings,” Standard & Poor’s said.
”Persistently weak credit metrics are likely to place further downward pressure on the rating,” S&P concluded.
At 1032 AEST, Goodman Group shares were trading up 2c to 63c.
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