Sydney, June 13, 2026, 05:17 AEST — Goodman Group shares are trading higher as a broader ASX rally steers investor focus toward data-centre growth.
- Goodman Group ended Friday at A$31.52, gaining 2.24% after a choppy two-day run on the ASX.
- Investors continue to value the stock mostly on Goodman’s data-centre pipeline, rather than only its older logistics assets.
- The next big event is the August 20 FY26 earnings report. Investors will also watch for any new data-centre customer deals before that date.
Goodman Group (ASX: GMG) closed Friday in Sydney at A$31.52, gaining A$0.69, or 2.24%, with shares moving between A$30.86 and A$31.69 on volume of about 3.15 million. Shares bounced after Thursday’s drop. The stock is still trading below its 52-week high of A$37.31, with market cap near A$64.45 billion.
Australian stocks bounced hard, with MarketIndex saying the S&P/ASX 200 rose 1.93% as of 2:15 p.m. AEST Friday. Real estate led gains for the week. Bond yields in Australia moved lower over the week, which is key for Goodman. Property shares react to yields because lower yields can pull down the “discount rate” investors use on future cash flows, so long-term property and infrastructure income looks better. Market Index
Goodman’s focus is still on data centres. In its May 26 Q3 FY26 update, the group said it had A$14.5 billion in work in progress as of March 31. It expects that figure to rise to about A$18 billion by June 2026. Data centres make up 73% of current WIP. The yield on cost there is 8.0%. Yield on cost measures the expected income against development costs.
Chief executive Greg Goodman said, “The Group set a target of 9% Operating EPS growth for FY26 and is currently on track to deliver at least this level of performance.” Operating EPS—operating earnings per security—removes property revaluations and some non-cash items to reflect underlying earnings.
Goodman is pitching its control of land, power and build-out skills in big metro markets as key for cloud and AI firms that need fast, close data centers. The company reported its total data-centre “power bank” is now 6.4 gigawatts, with 3.6 gigawatts of secured power and 0.4 gigawatts under construction. Commercial talks with customers are moving forward on several projects, Goodman said, adding it expects signed commitments for the rest of the year.
The existing property base adds more stability than if Goodman was just staking everything on development. Goodman posted a A$87.1 billion total portfolio, 95.7% occupancy, 4.1% annual like-for-like net property income growth, and a 4.9-year weighted average lease expiry as of March 31. Like-for-like NPI compares income from the same properties, stripping out changes from buying or selling assets.
Valuation and execution risk are the main parts of the bear case. According to Google Finance, Goodman is trading at a trailing P/E ratio of roughly 38 times, so buyers are paying A$38 for each A$1 in earnings per security. That kind of multiple is high for a real estate company, especially if data-centre leasing, building timelines, power supply, or capital partners fall short. Goodman warned investors of heavy capital needs, patchy equity markets, and the need to watch its debt, leverage, and cash. The company also pointed out that China rent reversion was negative this quarter and could stay negative as leases reset.
Goodman is sitting in the fairly valued to moderately risky range, not looking outright cheap. Google Finance shows 10 analysts rate the stock a Strong Buy, with nine buys and one hold. The average 12-month price target is A$34.95, which suggests about 10.9% upside from where shares finished Friday. The lowest analyst target is A$29.15, showing there is still downside risk. The next set piece is the August 20, 2026 earnings report, but any major data-centre deals or funding news could move the stock before then. Google
