Mirvac Group - Stock Quote MRVGF
Morningstar's Mirvac Group Stock Analysis
1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
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Mirvac Group's Company Profile
Mirvac is 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 expect development settlements will remain below below 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.