GMG - Macquarie rates the stock as Outperform
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The company hosted an asset tour in Sydney. Macquarie observes, given the company's significant relationship with Amazon globally, it still appears well-placed to satisfy some of the requirements.
That said, little information was provided regarding Amazon, with the broker noting confidentiality constraints were cited frequently. The broker observes the balance sheet is fine, with the business still focused on its core and in no rush to deploy surplus funds. Gearing remains low.
The stock is not cheap, but Macquarie believes the certainty of near-term earnings and the options on the balance sheet, with further potential upside from renewal opportunities suggests it will continue to outperform.
Outperform retained. Target is $8.52.
Sector: Real Estate.
Target price is $8.52.Current Price is $8.66. Difference: ($0.14) - (brackets indicate current price is over target). If GMG meets the Macquarie target it will return approximately -2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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