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Morgans GDF Research Report

Projects in the pipeline

  • GDF’s FY19 result delivered FFO of A$13.2m (vs A$11.2m in the pcp) with FY19 DPS of 9c in line with guidance.
  • FY20 DPS guidance has been set at 9cps (in line with our forecasts) and implies a FY20 distribution yield of around 6.2% (paid quarterly).
  • The near term focus remains on leasing outcomes on the Botanicca 9 asset in Richmond, Melbourne which was completed in June 2019 as well as completing the Wacol and Berrinba industrial projects in Brisbane.
  • We retain a Hold rating with a price target of A$1.45.

FY19 result overview

GDF reported FFO of A$13.2m (vs A$11.2m in the pcp and Morgans at A$13.3m). FY19 distribution of 9c (flat on the pcp) was in line with guidance (104.7% payout). Gearing stands at 38.5% with total debt facilities currently A$162.3m (weighted average term to maturity 1.1 years/drawn to A$139.7m). NTA as at June was A$1.37 (vs A$1.29 in the pcp). Post the issue of securities in July to help fund the Acacia Ridge acquisitions NTA falls slightly to A$1.36.

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