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Tuesday, 20 April 2021
GPT - GPT GROUP
UBS rates GPT as Neutral (3) - UBS is factoring in GPT Group spending $1bn on logistics over the next 5 years given the group's development pipeline expansion and recent track record. The broker believes this will see logistics increase to 28% of assets in 2025.
As of December, GPT Group's asset allocation is in line with the strategic weightings of retail 40%/office 40%/ logistics 20%, observes UBS. The broker expects this to be reset going forward with logistics up to 33%.
Neutral rating with the target rising to $4.80 from $4.55.
Target price is $4.80 Current Price is $4.66 Difference: $0.14 If GPT meets the UBS target it will return approximately 3% (excluding dividends, fees and charges). Current consensus price target is $4.69, suggesting upside of 0.7%(ex-dividends)The company's fiscal year ends in December.
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 25.00 cents and EPS of 31.00 cents . At the last closing share price the estimated dividend yield is 5.36%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.03. How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 30.8, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.1.
Forecast for FY22:
UBS forecasts a full year FY22 dividend of 26.00 cents and EPS of 33.00 cents . At the last closing share price the estimated dividend yield is 5.58%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.12. How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 32.8, implying annual growth of 6.5%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.2.
Market Sentiment: 0.3All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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