Mirvac’s Residential Remains Solid as Offshore Buyers Retreat; FVE Unchanged at AUD 2.15
Mirvac Group’s first-half fiscal 2018 operating earnings were AUD 5.8 cents per security, with second-half earnings forecast to be up materially to AUD 9.7 CPS, given 80%-90% of the 3,400 expected annual residential settlements are slated to occur in the second half. Our fiscal 2018 distribution and earnings forecast of AUD 15.5 CPS remains consistent with the reiterated earnings guidance of AUD 15.3-AUD 15.6 CPS and distributions of AUD 11 CPS. Our fair value estimate is unchanged at AUD 2.15 f...
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