Roaring Residential Drives Mirvac’s Earnings but We Question the Sustainability of Margins
Our earnings forecasts and AUD 2.00 fair value estimate for no-moat-rated Mirvac Group are both unchanged, with Mirvac considered overvalued, currently trading around AUD 2.30, with the guided distribution of AUD 10.4 cents per security, or cps, representing a yield of 4.5%. Similarly, for the Australian east coast office market, we think asset values looked stretched, with rising values less a result of rental growth and more a function of the search for yield flowing from record low interest r...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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