2210 GMT - Goodman's data center rollout will test the market's appetite for risk, says Barrenjoey. Goodman has eight projects to put into production before June next year with a targeted end value above A$10 billion. "We forecast these to deliver high margin on revenue (50%) but expect most to 'kick-off' without a pre-lease and take 2-4 years to complete," analyst Ben Brayshaw says. While its development work book should grow strongly, its production is likely to be flat for the next 2-3 years before picking up. "We think the risk profile of its projects will increase, so we increase our cost of capital," Barrenjoey says. The result is a 1%-2% downgrade to operating EPS forecasts in FY 2025-FY 2027, and 4%-7% reductions in FY 2028-2030. Barrenjoey's price target falls 9.5% to A$33.50/share. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
March 10, 2025 18:11 ET (22:11 GMT)
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