Sydney, June 15, 2026, 04:02 AEST
- Goodman Group last traded at A$31.52 on June 12, up A$0.69, or 2.24%, with a market value of about A$64.45 billion.
- The latest share-price move came as the S&P/ASX 200 rose 1.98% to 8,804.0, while investors continued to assess Goodman’s AI-linked data-centre expansion.
- The next major catalyst is evidence that Goodman can convert advanced data-centre customer talks into contracts, followed by its annual and preliminary results scheduled for August 20.
Goodman Group enters the new trading week with GMG shares last quoted at A$31.52, after rising 2.24% in Friday’s session. The gain broadly matched a stronger Australian market, with the S&P/ASX 200 closing at 8,804.0 after a 1.98% rise, suggesting the move was helped by wider risk appetite rather than a fresh earnings release from Goodman itself.
The stock matters to investors because Goodman has become one of the ASX’s clearest property-market exposures to the artificial-intelligence infrastructure buildout. The company owns, develops and manages logistics properties and data centres, and its share price is increasingly tied to whether demand for computing capacity can be turned into contracted developments, rental income and fund-management earnings.
In its Q3 FY26 update, Goodman reported a A$87.1 billion total portfolio, A$14.5 billion of development work in progress, and a 6.4 gigawatt power bank. Work in progress, or WIP, refers to projects under development by estimated end value; Goodman said data centres made up 73% of WIP and that total WIP was expected to reach about A$18 billion by June 2026. Group CEO Greg Goodman framed the shift by saying, “We are in the early stages of the most significant technological transition of the 21st century.” Goodman
The next stock catalyst is leasing, not just construction. Goodman said its data-centre program remained on track for 0.5 GW of powered-shell and fully fitted projects in WIP by June, with total data-centre WIP above A$14 billion, and that commercial terms with customers were well advanced across multiple global projects. Investors will be watching whether those talks become binding commitments before the company’s August 20 annual and preliminary results.
The bull case is that Goodman controls scarce, well-located urban land and power capacity at a time when cloud and AI demand is pushing customers toward large metropolitan data-centre sites. Goodman said it had 3.6 GW of secured power, expected secured power to rise substantially over the next 6–12 months, and had established data-centre investment vehicles with long-term capital partners; if leasing follows, the pipeline could support operating EPS, or operating earnings per security, Goodman’s underlying per-security profit measure.
The bear case is that the market is already paying for a large future pipeline before much of the revenue is locked in. Morningstar analyst Yingqi Tan, CFA, noted that Goodman remained committed to expanding its development pipeline to A$18 billion by June, but raised concerns about limited leasing clarity, long project timelines into 2028 and 2029, and the absence of major customer commitments at the time of the March-quarter update. Morningstar maintained a A$29 fair value estimate, below the latest share price.
Recent director-interest changes have also kept valuation discipline in view. Executive director Danny Peeters sold 600,000 stapled securities on market at an average A$31.434 for about A$18.86 million, while an earlier filing showed CEO Greg Goodman sold 245,525 securities at A$31.510 for about A$7.74 million. Director sales do not automatically signal a weaker operating outlook, but they can sharpen investor attention when a stock’s valuation depends heavily on future growth.
At A$31.52, Goodman looks fairly valued-to-risky rather than clearly cheap. Google Finance lists an average 12-month analyst target of A$34.95, with a high of A$40.00 and a low of A$29.15, while also showing a trailing price-to-earnings ratio, or P/E — the share price divided by earnings per share — of about 38. The stock remains attractive for investors who believe Goodman can sign major data-centre customers and protect margins, but it is risky for buyers who want confirmed leasing before paying for the AI infrastructure story.
