Category Archives: Perspectives

Warehouses have come a long way from being dirty sheds in the middle of nowhere. Today, highly automated warehouses are occupying populous urban locations and powering a world hungry for convenience and speed.

Goodman Group (ASX: GMG) is riding this wave of warehouse evolution, and what we consider to be a best-in-class global developer of logistics real estate. With the business having risen 125% over the past 3 years (vs +9% for the ASX200) and now trading at 27x FY22 P/E, we revisit GMG to determine whether it remains a good investment.

First, a Few “Fun Facts” About Warehouses:

There is little doubt that COVID has accelerated e-commerce penetration and provided a catalyst for retailers and transport providers to reassess their optimal strategy and supply chain solution. Global e-commerce penetration was at 14% in 2019 and had been growing about 1ppt a year; fast forward 9 months, and e-commerce penetration was estimated to be 20% as of 3Q20. Even China and Korea, which already boasted the world’s highest eCommerce penetration rates at 27-30%, saw another

Not All Warehouses are Created Equal

There is little doubt that COVID has accelerated e-commerce penetration and provided a catalyst for retailers and transport providers to reassess their optimal strategy and supply chain solution. Global e-commerce penetration was at 14% in 2019 and had been growing about 1ppt a year; fast forward 9 months, and e-commerce penetration was estimated to be 20% as of 3Q20. Even China and Korea, which already boasted the world’s highest eCommerce penetration rates at 27-30%, saw another

Source: Company reports, Paradice

Not All Warehouses are Created Equal

There is little doubt that COVID has accelerated e-commerce penetration and provided a catalyst for retailers and transport providers to reassess their optimal strategy and supply chain solution. Global e-commerce penetration was at 14% in 2019 and had been growing about 1ppt a year; fast forward 9 months, and e-commerce penetration was estimated to be 20% as of 3Q20. Even China and Korea, which already boasted the world’s highest eCommerce penetration rates at 27-30%, saw another

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