Report
Tony Sherlock
EUR 147.86 For Business Accounts Only

We Are Warming to Mirvac's Capital Allocation Strategy; Raising Fair Value Estimate to AUD 2

Mirvac’s fiscal 2016 operating profit was AUD 482 million, or AUD 13.0 cents per security, up AUD 27 million or 5.8% on the prior year and towards the top of the AUD 12.9-13.0 cps guidance range. As expected, the 24% increase in the number of residential lot settlements (to 2,824) was the primary earnings driver, with EBIT up AUD 66 million (51%) to AUD 196 million, more than offsetting a AUD 19 million decline in development EBIT for office and industrial.
Residential will remain the key drive...
Underlying
Mirvac Group

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Tony Sherlock

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