Run-Down in Vacant Land Positions Goodman for Growth; FVE Increased to NZD 1.45
No-moat-rated Goodman Property Trust’s fiscal 2018 earnings were broadly in line with expectations at NZD 7 cents per unit, or CPS, but cash earnings were slightly ahead as vacant land holding costs declined 30%. The business has seen significant transformation over the past 12 months, and overwhelmingly for the betterment of securityholders. We’ve raised our fair value estimate to NZD 1.45 from NZD 1.35, with Goodman fairly valued at current levels. Our valuation increase reflects the NZD 2.5 C...Goodman Property Trust is engaged in investment in real estate in New Zealand.
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