Core assets to deliver bulk of earnings; share upside requires ongoing stability in house prices.
Ongoing strength in the retail sales performance and a step up in the release of residential land lots are behind the fair value upgrade for no–moat-rated Mirvac Group to AUD 2.15 from AUD 2.05. With Mirvac trading around AUD 2.35, we continue to view the firm as overvalued.Against a backdrop of sluggish Australian retail sales, Mirvac’s Sydney-centric retail portfolio stands out, with comparable specialty moving annual turnover, or MAT, up 6.0% and the MAT for all tenancies up 4.2%. We attribu...
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