Citi reiterates a Buy rating. FY21 results were ahead of expectations, driven by higher investment income and lower interest expense. The company has introduced FY22 guidance at 10% growth in earnings per share.
Yet Citi envisages upside to this figure, given it is based on increasing volumes and expanding margins and potentially there will be lower disposals that will benefit management and investment income. The company also has a history of being conservative. Target is $22.10.
Sector: Real Estate.
Target price is $22.10.Current Price is $22.98. Difference: ($0.88) – (brackets indicate current price is over target). If GMG meets the Citi target it will return approximately -4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
