GPT Group (AU:GPT)
ASX:GPT
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GPT Group
(Sydney:GPT)
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Rating:69Neutral
Price Target:
AU$5.50
▲(21.41% Upside)
Action:ReiteratedDate:02/26/26
Score reflects solid underlying financial performance (strong cash generation and 2025 rebound) and supportive valuation (low P/E and healthy yield), reinforced by constructive FY2026 guidance and operational momentum from the earnings call. These positives are partially offset by weak technicals (below key moving averages with negative MACD) and ongoing cyclicality/cost/CapEx pressures highlighted by management.
Positive Factors
Cash Generation
Consistently positive operating cash flow and a meaningful free cash flow improvement in 2025 signal durable internal funding for distributions, development funding and debt servicing. This reduces reliance on capital markets and supports resilience through property cycles over the next 2–6 months.
Negative Factors
Elevated CapEx Needs
Sustained elevated maintenance and leasing CapEx (~A$170m) constrains free cash deployment for expansions or larger distributions and increases funding needs. Recurring capital intensity can pressure near-term cash available for shareholders and heightens sensitivity to cyclical cashflow swings.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Consistently positive operating cash flow and a meaningful free cash flow improvement in 2025 signal durable internal funding for distributions, development funding and debt servicing. This reduces reliance on capital markets and supports resilience through property cycles over the next 2–6 months.
Read all positive factors
GPT Group (GPT) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$8.68B
Dividend Yield4.41%
Average Volume (3M)4.65M
Price to Earnings (P/E)10.6
Beta (1Y)0.81
Revenue Growth12.66%
EPS GrowthN/A
CountryAU
Employees500
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.17
Shares Outstanding1,915,577,400
10 Day Avg. Volume5,202,444
30 Day Avg. Volume4,649,925
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.98
Price to Sales (P/S)10.08
P/FCF Ratio17.27
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$5.69Price Target Upside25.59% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.36
Revenue Forecast (FY)AU$988.98M
GPT Group Business Overview & Revenue Model
Company Description
The GPT Group is one of Australia's largest diversified property groups and a top 50 ASX listed company by market capitalisation. GPT owns and manages a $25.3 billion portfolio of retail, office and logistics property assets across Australia. The ...
How the Company Makes Money
GPT Group generates revenue primarily through leasing its properties to tenants in various sectors, including retail, office, and logistics. The company earns rental income from long-term leases, which provides a stable and recurring revenue strea...
GPT Group Earnings Call Summary
Earnings Call Date:Feb 15, 2026
(Q4-2025)
| Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call communicated a broadly positive operational and financial performance: FFO and AFFO grew (FFO +5.5%, AFFO +5.2%), like‑for‑like income was strong across core sectors (Office +8.3%, Retail +5.1%, Logistics +5.1%), AUM and platform scale expanded (~A$40bn AUM), management and co‑investment earnings showed double‑digit growth, and balance sheet metrics remain within targets (net gearing 31.1%, A$1.2bn liquidity, rating retained). Key challenges are manageable: increased finance and corporate costs, elevated maintenance/leasing CapEx, portfolio reshaping effects on headline growth (notably Logistics headline decline), a significant vacancy and near‑term CapEx need at Grosvenor Place, and GWOF liquidity and modest revenue drag. Overall the positives (organic income growth, platform expansion, strong retail and logistics leasing results, and disciplined capital/hedging actions) materially outweigh the negatives, supporting constructive outlook guidance for FY2026.Positive Updates
Funds From Operations (FFO) Growth
Delivered $650.5 million FFO ($0.34 per security), up 5.5% on 2024; growth was 6.9% when excluding trading profits. AFFO was $494.4 million, up 5.2%.
Negative Updates
Increased Finance and Corporate Costs
Finance costs rose to A$219.7 million reflecting higher debt levels and higher weighted average cost of debt; corporate costs increased due to full‑year run rate of strategic investment in talent.
Read all updates
Q4-2025 Updates
Positive
Negative
Funds From Operations (FFO) Growth
Delivered $650.5 million FFO ($0.34 per security), up 5.5% on 2024; growth was 6.9% when excluding trading profits. AFFO was $494.4 million, up 5.2%.
Read all positive updates
Company Guidance
GPT guided FY2026 FFO growth of approximately 4% to $0.354 per security (or ~5.7% growth excluding trading profits) and distributions of $0.245 per security (a 2.1% increase); they expect like‑for‑like income north of 5% across investment properties and co‑investments, maintenance and leasing CapEx of about $170m (skewed to 2H), and noted AFFO/AFFO context (AFFO delivered $494.4m in 2025; FFO 2025 was $650.5m / $0.34ps). Balance‑sheet guidance highlights net gearing of 31.1% (target range 25–35%), $1.2bn liquidity, no unfunded capital commitments, Moody’s A2 / S&P A‑ ratings, a hedging program around 72% of drawn debt (78% at time of the call, averaging 72%), a forecast average cost of debt of 5% (down from 5.3%) with ~10bps margin improvement on extended facilities, and incremental refinancing activity (~$8bn refinanced with ~$1.5bn at group level at ~115bps line & margin; group average line & margin ~160bps). Guidance assumes a ~3.2% base cash rate and no further hikes (an example August rate rise would cost ~ $2m), while management operations face a ~$5m–$6m headwind from the GWOF restructure.GPT Group Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
66
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.03B | 988.70M | 900.10M | 816.40M | 795.30M |
| Gross Profit | 738.10M | 646.90M | 560.50M | 498.10M | 562.20M |
| EBITDA | 1.24B | 29.00M | 564.10M | 514.00M | 426.40M |
| Net Income | 981.00M | -200.70M | -240.00M | 469.30M | 1.42B |
Balance Sheet | |||||
| Total Assets | 16.93B | 15.63B | 16.28B | 17.32B | 17.18B |
| Cash, Cash Equivalents and Short-Term Investments | 99.40M | 72.20M | 67.90M | 60.20M | 61.50M |
| Total Debt | 5.56B | 4.87B | 4.83B | 5.10B | 5.19B |
| Total Liabilities | 6.30B | 5.52B | 5.51B | 5.84B | 5.51B |
| Stockholders Equity | 10.63B | 10.11B | 10.77B | 11.48B | 11.67B |
Cash Flow | |||||
| Free Cash Flow | 601.10M | 602.20M | 582.60M | 273.80M | 307.90M |
| Operating Cash Flow | 622.10M | 604.00M | 586.00M | 564.40M | 520.40M |
| Investing Cash Flow | -902.50M | 68.20M | 206.10M | -245.80M | -1.23B |
| Financing Cash Flow | 307.60M | -667.90M | -784.40M | -319.90M | 394.70M |
GPT Group Technical Analysis
Negative
4.53
Price Trends
4.98
Negative
5.19
Negative
5.17
Negative
Market Momentum
-0.12
Negative
33.41
Neutral
48.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:GPT, the sentiment is Negative. The current price of 4.53 is below the 20-day moving average (MA) of 4.68, below the 50-day MA of 4.98, and below the 200-day MA of 5.17, indicating a bearish trend. The MACD of -0.12 indicates Negative momentum. The RSI at 33.41 is Neutral, neither overbought nor oversold. The STOCH value of 48.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:GPT.
GPT Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$10.34B | 11.82 | 8.50% | 4.29% | 4.75% | 170.39% | |
70 Outperform | AU$8.84B | 10.60 | 19.38% | 1.97% | 15.06% | 47.66% | |
69 Neutral | AU$8.68B | 10.58 | 7.84% | 4.41% | 12.66% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | AU$51.96B | 19.16 | 7.19% | 1.02% | 16.87% | ― | |
56 Neutral | AU$6.44B | 5.34 | 4.78% | 5.32% | 4.52% | ― | |
54 Neutral | AU$2.45B | 4.72 | 6.69% | 6.14% | -9.63% | ― |
* Real Estate Sector Average
AU:GPT
GPT Group
4.53
0.37
8.84%
AU:CHC
Charter Hall Group
18.68
2.86
18.09%
AU:DXS
Dexus
5.99
-0.72
-10.68%
AU:GMG
Goodman Group
25.41
-2.76
-9.80%
AU:SGP
Stockland
4.26
-0.41
-8.86%
AU:CLW
Charter Hall Long WALE REIT
3.42
-0.11
-3.12%
GPT Group Corporate Events
GPT Group Discloses Change in Director Russell Proutt’s Security Holdings
Feb 19, 2026
GPT Group has notified the Australian Securities Exchange of a change in the security holdings of director Russell Proutt, in line with its continuous disclosure obligations. The announcement records an update to his interests in stapled securitie...
GPT Group Cancels 53,485 Performance Rights in Capital Management Move
Jan 12, 2026
GPT Group has notified the ASX of the cessation of 53,485 performance rights (security code GPTAJ) effective 31 December 2025, as disclosed in an Appendix 3H filing. The change reflects an adjustment to the group’s issued capital structure r...
GPT Group to Issue 534,676 Unquoted Performance Rights Under Incentive Plan
Jan 12, 2026
GPT Group has notified the market of the planned issue of 534,676 unquoted performance rights under its employee incentive scheme, scheduled to be granted on 31 December 2025. These equity-based awards, which will not be quoted on the ASX, form pa...
GPT Group Completes Grosvenor Place Deal and Launches New Value-Add Partnership
Dec 21, 2025
GPT Group has settled the acquisition of a 50% interest in Sydney’s landmark office tower Grosvenor Place for $860 million plus transaction costs, in partnership with Commonwealth Superannuation Corporation, strengthening its exposure to pri...
GPT Group Announces Estimated Distribution and 2026 Investor Calendar
Dec 16, 2025
GPT Group has announced an estimated distribution of 12.0 cents per ordinary stapled security for the six months ending 31 December 2025. Key dates for the investor calendar in 2026 include the release of annual results, the closing date for direc...
GPT Group Announces New Dividend Distribution
Dec 16, 2025
GPT Group has announced a new dividend distribution of AUD 0.12 per fully paid ordinary/unit stapled security, covering a six-month period ending on December 31, 2025. The ex-date for this distribution is set for December 30, 2025, with the record...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.