Consolidation theme gains traction, positive read-across for GMG

Research evidence excerpt

Consolidation theme gains traction, positive read-across for GMG

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Goodman Group

Consolidation theme gains traction,

positive read-across for GMG

Maintain Rating: BUY | PO: 34.40 AUD | Price: 30.89 AUD

Consolidation theme gains traction 06 July 2026

Consolidation among global public REITs is gaining traction with premium valuation Equity

multiples seen for datacenter platforms. Global REITs increasingly need scale and

platform to compete. Having a ready-built operating platform, including development Donald Chua >> Research Analyst

and datacenter pipelines, are attributes that operators are willing to pay up for. We see a Merrill Lynch (Singapore)

pick-up in global M&A activities as a positive read-through for GMG’s valuation. +65donald.chua@bofa.com6678 0415

Adam Calvetti >>Positive read-through for GMG Research Analyst

GMG has an established global logistics platform (A$87bn AUM) and a significant Merrill Lynch (Australia)

datacenter development pipeline (6.4GW). GMG trades a 22x 1-year forward earnings, +61 2 9226 5047 adam.calvetti@bofa.com

which we think has upside potential to re-rate given recent M&A actions. These levels

do not reflect embedded growth, notably development pipelines and growing datacenter

exposures. Scale and platform are becoming increasingly important for global REITs to

compete, themes that operators are likely willing to pay up for. We see scope for global Stock Data

M&A valuation multiples to rise for logistics/datacenter platforms, a trend that will be Price 30.89 AUD

supportive of GMG’s valuation. GMG’s global scale and development capability are likely Price Objective 34.40 AUD

to be viewed more favorably, as investors place a higher premium on such platforms. In Date Established 24-Apr-2026