A Look At Goodman Group’s Valuation As Hong Kong Data Centre Partnership Expands

Simply Wall St.01-17

AdvertisementGoodman’s Hong Kong data centre expansion and what it could mean for ASX:GMG Goodman Group (ASX:GMG) is in focus after the Goodman Hong Kong Data Centre Partnership, launched in July 2025...

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See our latest analysis for Goodman Group. The Hong Kong data centre partnership sits against a mixed share price backdrop, with a 10.22% 1 month share price return and 4.67% 7 day gain offset by a 6.15% 3 month decline and 15.69% 1 year total shareholder return decline, so shorter term momentum has picked up even as longer term returns have been more subdued. If this type of infrastructure story interests you, it could be a useful moment to scan other real asset names and compare them with fast growing stocks with high insider ownership With A$3,409.9m in revenue, A$1,666.4m in net income and a recent share price of A$31.61 sitting below an average analyst target of A$37.02, you have to ask: is there real value left here, or is the market already pricing in future growth? Most Popular Narrative: 14.9% Undervalued With Goodman Group last closing at A$31.61 against a narrative fair value of A$37.13, the current price sits below what this widely followed view considers reasonable based on long term earnings potential.  Acceleration in data center development, supported by secured power in high-barrier-to-entry metro locations and capital partnerships, positions Goodman to benefit from AI, cloud, and digital infrastructure demand, with a significant increase in Work-In-Progress (WIP) expected to drive revenue and long-term earnings growth.  Read the complete narrative. Curious what kind of revenue run rate and profit margins are being pencilled in to support that higher fair value, and what earnings multiple ties it all together? The full narrative lays out a detailed earnings bridge built on those assumptions. Result: Fair Value of $37.13 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, these assumptions still lean heavily on data centre projects staying on time and on budget, and on external capital partners remaining willing to fund the expansion. Find out about the key risks to this Goodman Group narrative. Another View: Earnings Multiple Sends A Different Signal That 14.9% narrative undervaluation sits uncomfortably next to the current P/E of 38.8x. The wider Industrial REITs group trades on 16.3x, Goodman’s peers on 24.5x, and its fair ratio is 22x. That is a big gap, so is the real risk that expectations are already stretched? See what the numbers say about this price — find out in our valuation breakdown. ASX:GMG P/E Ratio as at Jan 2026 Build Your Own Goodman Group Narrative If you look at this and feel it does not quite fit your view, or simply prefer to test the assumptions yourself, you can build a custom story for Goodman in just a few minutes with Do it your way A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding Goodman Group. Looking for more investment ideas? If Goodman has your attention, do not stop here. Use the Simply Wall St Screener to quickly surface fresh ideas that match how you like to invest.  Zero in on potential value opportunities by scanning these 863 undervalued stocks based on cash flows that align with your return and risk preferences. Ride the AI wave early by checking out these 24 AI penny stocks that are tied to themes you already care about. Target higher income potential by reviewing these 12 dividend stocks with yields > 3% that may fit your yield goals and payout preferences.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? 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