Mirvac Group

MGR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Mirvac Earnings: Well Positioned Once Debt Costs Stop Rising

Alexander Prineas

Feb 8, 2024

No-moat Mirvac posted first-half fiscal 2024 operating earnings per security of AUD 6.4 cents and a distribution of AUD 4.5 cps. Management reaffirmed full-year guidance for OEPS of AUD 14.0-AUD 14.3 cents per security and distributions totaling AUD 10.5 cps. Our forecasts remain in line with guidance with OEPS of AUD 14.2 cps and DPS of AUD 10.5 cps. We reaffirm our fair value estimate of AUD 3.10, and Mirvac securities screen as significantly undervalued.

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Mirvac Group

Mirvac Earnings: Well Positioned Once Debt Costs Stop Rising

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