Sales Growth Moderates Across GPT’s Retail Portfolio. FVE Unchanged at AUD 5.00
As part of its third-quarter operational update, narrow moat-rated GPT Group reiterated fiscal 2018 guidance for distribution and FFO growth of approximately 3%. Our earnings forecasts and valuation are both unchanged. At the current AUD 4.70 share price, GPT trades at a 6% discount to our recently lowered AUD 5.00 fair value estimate. The cut to our fair value was due to lowered retail rent growth expectations as bricks-and-mortar sales are migrating online. We’ve assumed long-term retail annua...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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