Mirvac Earnings: We Maintain Fair Value Estimate Following In-Line Performance and Transfer Coverage

Mirvac’s first-half operating earnings per share was down 6% from the previous corresponding period to AUD 6 cents, in line with our expectations. Our fair value estimate remains at AUD 2.50, following transfer of coverage to a new analyst. For fiscal 2025, we expect an operating EPS of AUD 12.2 cents, around the middle of the reaffirmed target range of AUD 12.0-AUD 12.3 cents. Our estimated distribution of AUD 9 cents is also in line with management guidance.