Mirvac’s Diversification Has Some Benefits, but Residential Remains the Centre Show; FVE Unchanged
We retain our AUD 2.05 fair value estimate for no-moat Mirvac Group, with the firm screening as overvalued, currently trading around AUD 2.30. The roughly 20% of capital Mirvac allocates to development, particularly residential, has been overearning in recent years, with development accounting for 34% of fiscal 2017 pretax earnings, compared with 24% a year earlier. We say overearning, as Mirvac, like a great many other property businesses, has benefited handsomely from the tailwind of falling i...Mirvac Group is engaged in real estate investment, development, third party capital management and property asset management. Co. performs these activities across three primary segments: Office & Industrial, which manages the office and industrial property portfolio to produce rental income along with developing office and industrial projects; Retail, which manages the retail property portfolio, including shopping centers, to produce rental income; and Residential, which designs, develops, markets and sells residential properties to external customers including masterplanned communities and apartments in primary metropolitan markets in conjunction with strategic partners.
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