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Goodman (ASX:GMG) share price rises on FY20 result

The Goodman Group (ASX: GMG) share price has climbed around 2% today after the integrated property group delivered its fulll-year results. Here’s what you need to know.

Goodman’s FY20 report

Goodman’s operating profit was revealed to be 12.5% higher than it was in FY19, growing to $1.06 billion. This is bang on what the market was expecting for net profit, according to consensus estimates.

On a per share basis, operating profit grew to 57.5 cents, up 11.4% on FY19 compared to initial guidance of 9% growth.

Goodman boasted strong fundamentals with an occupancy of 97.5% and like-for-like net property income growth of 3%.

Total assets under management (AUM) came in at $51.6 billion, while external AUM was $48 billion. These figures both represent a 12% rise compared to FY19. The property business benefited from a valuation lift of $2.9 billion across the group and partnerships.

Looking forward, the development work in progress was $6.5 billion across 46 projects, with a forecast yield of 6.6%.

Meanwhile, net tangible assets (NTA) per share increased by 9.4% to reach $5.84 per security. NTA is one of the ways that investors value property shares against the balance sheet/book value of the business.

If you’re interested in learning how to value companies, check out Rask Education’s valuation course:

Goodman’s FY20 distribution

Goodman declared a final distribution of 15 cents per share, in line with guidance and the company’s capital management strategy.

This takes Goodman’s full-year distribution to 30 cents per share, flat on FY19, putting shares on a distribution yield of around 1.7% (at the time of writing).

What happens next?

Commenting on outlook, chief executive Greg Goodman noted that the company has deliberately positioned itself over the past decade to maximise the sustainability of earnings in varying market conditions.

The pandemic has led to changing industry dynamics, such as the heightened use of technology and consumers’ need for convenience, and Mr Goodman said the company is well-positioned to take advantage of these trends.

Commenting further on the year ahead, Mr Goodman said: “Customer demand in our markets is also translating into high occupancy, rental growth, higher AUM and ultimately strong returns across our property investment and management businesses.”

Unlike many other companies, Goodman provided guidance for FY21. It expects to deliver operating profit of $1,165 million in FY21, an increase of 9.9% compared to FY20, and operating EPS of 62.7 cents, up 9% on FY20.

At this stage, the company’s forecast full-year distribution for FY21 will remain at 30 cents per share.

To get up to speed on the companies that have reported so far, and find out what’s in store for the rest of the month, check out Rask Media’s ASX reporting season calendar.

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Is BNPL the opportunity of a lifetime or is the sector a ticking time bomb?

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Disclosure: At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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