Goodman’s Higher Development Rate Reduces Cash Flow Drag on Vacant Land. FVE Raised to NZD 1.30
We’ve increased the forecast level of developments Goodman is expected to deliver over fiscal 2018 to 2020, which boosts development earnings and just as importantly reduces the earnings drag of holding vacant development land. Our fair value estimate increases 5% to NZD 1.30 from NZD 1.24, with the no-moat-rated Goodman fairly valued at current levels. Our upgraded outlook for development is largely due to the higher floor space requirements of firms selling product through digital channels rat...Goodman Property Trust is engaged in investment in real estate in New Zealand.
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