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Mirvac Group MRVGF

Rating as of

Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

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Company Profile

Business Description

Mirvac is known as one of Australia’s largest residential developers, particularly apartments. Earnings from residential development are volatile, generating about a fifth of EBIT in fiscal 2019, despite only about 13% of the group’s invested capital being allocated there. We believe that was a cyclical high and that development earnings will moderate from the 2019-20 high point. About 80% of Mirvac’s earnings come from a relatively predictable commercial property portfolio, more than half of which is office and another fourth in retail, a small industrial portfolio, and a fledgling build-to-rent residential portfolio. The company is gradually allocating more capital to passive property ownership, and within that, trimming retail exposure and adding office, industrial, and residential.

Contact
200 George Street, Level 28
Sydney, NSW, 2000, Australia
T +61 290808000
Sector Real Estate
Industry REIT - Office
Most Recent Earnings
Fiscal Year End Jun 30, 2021
Stock Type
Employees 1,414