Goodman Group's (ASX:GMG) portfolio benefits should support sustained data center works-in-progress growth over fiscal 2026 to fiscal 2028, and the firm remains on track for 500 megawatts of data center projects in works in progress by fiscal 2026, Jefferies said in a Wednesday note.

Its current and future data center development pipeline is estimated to be around 3 gigawatts. Jefferies' analysis also noted an additional eight projects, totalling around another gigawatt in capacity, that it tracked through various state planning portals, which are not yet referenced in Goodman's disclosures.

The AU$14 billion of data center works in progress June 30 implies a development margin of around AU$5 billion or around 56%. Extrapolating this returns profile across the around 2.3 gigawatts of additional projects tracked implies over AU$30 billion of future margin.

Goodman is relatively immune from project cancellations and community opposition, with 10 projects already underway.

The investment firm retained its buy rating on Goodman and set a price target of AU$36.45 per share.