Stock Spotlight: Mirvac Group (ASX:MGR)
This week's Stock Spotlight is ASX-listed Mirvac Group.
About Mirvac Group.
Founded in 1972, Mirvac is an Australian Securities Exchange (ASX) top 50 company with an integrated asset creation and curation capability. For more than 50 years, we've dedicated ourselves to creating extraordinary urban places and experiences. We have over $35 billion of assets under management, together with a $12 billion commercial and mixed use development pipeline, and a $17 billion residential development pipeline, enabling us to deliver innovative and high-quality property for our customers, while driving long-term value for our security holders.

Source: Yahoo Finance
Key Stats
Key Stats
Source: Yahoo Finance, ASX. Data as of 16/08/24.
Price Performance
Growth Potential
- Potential uplift in property valuations and income.
- FY25 should be a trough in earnings. We forecast double digit earnings growth for FY26-27.
- High quality portfolio composition with stronger weighting towards Melbourne and Sydney urban areas minimising risk from submarket weakness from Brisbane.
- Solid balance sheet [gearing at 22.8% (at lower end of target range of 20%-30%] and solid dividend yield.
- Continuing recovery in weak retail sales especially for supermarkets.
- Strong management team.
- Potential corporate activity.
Key Risks
- Deterioration in property fundamentals for Office, Industrial and Retail portfolio, such as delays with developments or lower than expected rental growth causing downward asset revaluations.
- Tenant defaults as the economic landscape changes (increasingly competitive retail sector especially from online retailers such as Amazon). For instance, retailer bankruptcies causing rising vacancies in the retail portfolio.
- Generally softening outlook on the broader retail market.
- Residential settlement risk and defaults.
- Higher interest rates impacting debt margins.
- Consumer sentiment towards impact of higher interest rates and effect on retail and residential businesses.
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Disclaimer: This article does not constitute financial advice nor a recommendation to invest in the securities listed. The information presented is intended to be of a factual nature only. Past performance is not a reliable indicator of future performance. As always, do your own research and consider seeking financial, legal and taxation advice before investing.
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