Change of Coverage of GPT; No Change to Our View
We reiterate our AUD 5.40 fair value estimate for narrow-moat GPT Group following transfer of coverage to a new analyst. At current levels, shares screen as slightly overvalued. While the firm owns a high-quality property portfolio, we’d wait for a correction before recommending buying. Key risks include likely rising interest rates over the longer term, ongoing loss of sales to online channels and economically sensitive office properties.The retail portfolio consists of interests in 15 shoppin...
GPT Group owns and manages a portfolio of Australian retail, office and logistics assets. Co. operating segments include: Retail, which owns, develops and manages regional and sub-regional shopping centers and its equity investment in GPT Wholesale Shopping Centre Fund; Office, which owns, develops and manages CBD office properties with some related retail space, and its equity investment in GPT Wholesale Office Fund; Logistics, which owns, develops and manages logistics and business park assets; and Funds Management, which manages two Australian wholesale property funds in the retail and office sectors. At Dec 31 2016, Co. had 13 shopping centers, 23 office assets and 24 logistics assets.
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