Morgans research analyst Liam Schofield anticipates Goodman Group will achieve a record work-in-progress pipeline exceeding $17.5 billion by June 2026. Data centre projects are expected to represent approximately 75 per cent of this pipeline. Goodman Group is a global property group that owns, develops and manages industrial and commercial properties. They also manage investment partnerships, giving institutional investors access to their specialist real estate funds and expertise.
Schofield noted the FY26 operating EPS growth is reaffirmed at 9 per cent. The company plans to utilise partnerships and its balance sheet to fund expansion. The group maintains a high occupancy rate of 96.1 per cent across its portfolio of A-grade data centre and industrial assets.
According to Schofield, industrial development starts remain subdued, but sentiment is improving. Opportunities continue to emerge with larger logistics occupiers focused on productivity improvements through automation and site consolidation. He also highlighted the potential in Goodman Group’s five-gigawatt powerbank, noting it could sustain earnings growth as development yields improve.
Morgans has issued an ‘accumulate’ recommendation for Goodman Group with a 12-month price target of $38.40.
