Portfolio Amendment – Active Income Portfolio
We are increasing our weighting in MGR from 4% to 5% into market weakness.
Mirvac Group (MGR)
MGR $1.87
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Performance
Advanced charting functionality with the ability to amend timeframes, powered by TradingView.
Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 1.87
- Change
- ▲ 0.04 (2.19)
- Bid / Ask
- 1.86 - 1.87
- Volume
- 19,868,485
- Turnover
- 25,805,168
- Open
- 1.84
- Day Range
- 1.84 - 1.87
- VWAP
- 1.86
- Prev Close
- 1.83
- Last Trade
- 30/10 4:10pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Real Estate
- Shares Issued
- 3,881,214,201
- NTA/Share
- 2.35
- Last Dividend
- 0.05
- Dividend Ex Date
- 29 JUN 2026
- Dividend Pay Date
- 31 AUG 2026
Current (AUD) · FY2026
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 2,599.00
- EBITDA
- 736.00
- Profit
- 677.00
- Earnings Per Share (EPS)
- 0.17
- Dividend Per Share (DPS)
- 0.10
- Yield %
- 5.21
- Market Cap
- 7,238.46
- Price to Earnings Ratio (P/E)
- 10.84
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- —
- EBITDA
- —
- Profit
- 510.52
- Earnings Per Share (EPS)
- 0.13
- Dividend Per Share (DPS)
- 0.10
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Undervalued
- Economic Moat
- None
- Financial Health
- Moderate
- Uncertainty
- Medium
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 2.13 Fair value 2.39 One-star price 2.67
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 2.39
- Price / Fair Value
- 0.76
- Valuation
- Undervalued
- Uncertainty
- Medium
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (2.13) to the one-star price (2.67).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 1.83 |
| Price - 12 month high | 2.37 |
| Price - 12 month low | 1.61 |
| Pricing date | 28 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 11.72 |
| Market capitalization | 7,083.22 |
| 12 Month High price date | 30 OCT 2025 |
| 12 Month Low price date | 2 JUN 2026 |
| Volume - avg. trading volume for the last 3 months | 13.82 |
| Price - 1 Day % Change | 0.83% |
| Price - 13 week price percent change | 3.99% |
| Price - 26 week price percent change | 7.04% |
| Price - 5 Day % Change | 0.27% |
| Price - 52 week price percent change | -25.20% |
| Price - YTD price percent change | -10.98% |
| Price % Change Month To Date | 4.29% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | 0.172 |
| EPS excluding extraordinary items - trailing 12 month | 0.172 |
| EPS Normalized - most recent fiscal year | 0.152 |
| Revenue/share - most recent fiscal year | 0.659 |
| Revenue/share - trailing 12 month | 0.659 |
| Book value per share - most recent fiscal year | 2.371 |
| Book value per share - most recent half-year | 2.371 |
| Book value (tangible) per share - most recent fiscal year | 2.354 |
| Book value (tangible) per share - most recent half-year | 2.354 |
| Cash per share - most recent fiscal year | 0.060 |
| Cash per share - most recent half-year | 0.060 |
| Cash Flow per share - most recent fiscal year | 0.222 |
| Cash Flow per share - trailing 12 month | 0.222 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.095 |
| EBITD per share - trailing 12 month | 0.187 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.172 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.172 |
| EPS including extraordinary items - most recent fiscal year | 0.172 |
| EPS including extraordinary items - trailing 12 month | 0.172 |
| Free Cash Flow per share - trailing 12 month | 0.221 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | 10.61 |
| P/E Normalized, most recent fiscal year | 12.04 |
| Price to sales - most recent fiscal year | 2.77 |
| Price to Tangible Book - most fiscal year | 0.78 |
| Price to Free Cash Flow per Share - most recent fiscal year | 8.27 |
| Price to Cash Flow per share - trailing 12 month | 8.23 |
| Price to Book - most recent fiscal year | 0.77 |
| P/E excluding extraordinary items high, trailing 12 months | 140.59 |
| P/E excluding extraordinary items low, trailing 12 months | 9.97 |
| Net Debt, LFI | 3,852.00 |
| Net Debt, LFY | 3,594.00 |
| Dividend Yield - 5 Year Average | 4.63% |
| Dividend Yield - indicated annual dividend divided by closing price | 5.19% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 5.21% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 871.00 |
| LT debt/equity - most recent fiscal year | 34.77% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 40.96% |
| LT debt/equity - most recent half-year | 43.23% |
| Total debt/total equity - most recent half-year | 43.29% |
| Free Cash Flow - trailing 12 month | 871.00 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 2,599.00 |
| Revenue - trailing 12 month | 2,599.00 |
| EBITD - most recent fiscal year | 736.00 |
| EBITD - trailing 12 month | 736.00 |
| Earnings before taxes - most recent fiscal year | 732.00 |
| Earnings before taxes - trailing 12 month | 732.00 |
| Net Income available to common - most recent fiscal year | 677.00 |
| Net Income available to common - trailing 12 months | 677.00 |
| Earnings before taxes Normalized - most recent fiscal year | 645.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.15 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | 26.05% |
| Net Profit Margin % - trailing 12 month | 26.05% |
| Operating margin - 1st historical fiscal year | 17.66% |
| Operating margin - trailing 12 month | 17.66% |
| Pretax margin - trailing 12 month | 28.16% |
| Pretax margin - 1st historical fiscal year | 28.16% |
| Operating Margin - 5 year average | 17.80% |
| Pretax Margin - 5 year average | 7.33% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 21.55% |
| Free Operating Cash Flow/Revenue, TTM | 33.51% |
| Net Profit Margin - 5 year average | 6.55% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | 4.56% |
| Return on average assets - trailing 12 month | 4.56% |
| Return on average equity - most recent fiscal year | 7.36% |
| Return on average equity - trailing 12 month | 7.36% |
| Return on average assets - 5 year average | 0.98% |
| Return on average equity - 5 year average | 1.44% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | 7.89% |
| EPS growth rate, 5 year | -5.56% |
| Growth rate% - dividend, 3 year | -3.28% |
| Revenue/share (5 yr growth) | 7.84% |
| Growth rate% - Revenue, 3 year | 12.96% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | -2.50% |
| Capital Spending growth rate, 5 year | -4.36% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -5.43% |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | ||||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
Portfolio Amendment – Active Growth Portfolio
We are increasing our weighting in MGR from 4% to 5% into market weakness.
Mirvac Group (ASX: MGR) $1.85
MM has held MGR since March having bought, sold and re-bought the property developer, owner, and investment manager reasonably successfully over the last few years. We liked Mirvac’s FY26 result covered here, which pointed to FY27 being another year of earnings growth despite a still-challenging property backdrop, plus, the company sweetened the result with a new A$200m buyback - the stock popped ~7% on the day demonstrating it wasn’t just MM that thought it was a solid result.
Mirvac Group (ASX: MGR) $1.85
MGR +6.32%: delivered a respectable FY26 result and, more importantly, FY27 guidance points to another year of earnings growth despite a still-challenging property backdrop. The stock rallied strongly as investors focused on improving earnings visibility, the recovery in statutory asset values and a new A$200m buyback.
Mirvac Group (ASX: MGR) $1.81
MGR is one of Australia's major apartment developers, with significant exposure to residential communities and a diversified portfolio of office, industrial and retail investment properties. Yesterday's story in the Australian Financial Review (AFR) around the NSW Labour Party going to war with councils as the cost to build an apartment in Sydney exceeds $1mn, making projects not feasible for developers, sums up some of the issues for companies like MGR - as we’ve highlighted before, national data shows it’s now 50% slower to build apartments today than a decade ago, both embarrassing and frustrating in our opinion.
Residential construction – Mirvac (ASX: MGR) v Vicinity Group (ASX: VCX)
The Budget structurally redirected investment toward new residential construction by restricting negative gearing to new builds only, which also reduces the appeal of going “direct” in property, increasing the relative appeal of listed players. Debt taken on to buy listed REITs (or any shares) remains tax deductible. These two important factors we think will have a bearing on relative performance across the property sector.
Mirvac Group (ASX: MGR) $1.75
MGR -1.69%: delivered a steady 3Q update today, with management reaffirming FY26 operating EPS guidance of 12.8c to 13.0c and maintaining its distribution outlook at 9.5c per share.
Mirvac Group (MGR) $1.81
With yields elevated due to oil-driven inflation fears, any stabilisation in energy prices should see bond yields ease and support a recovery in rate-sensitive sectors such as property, including Mirvac (MGR).
Mirvac (MGR) $1.875
We added Mirvac Group (MGR) to both the Income & Growth portfolios yesterday after recent weakness created what we think is an attractive entry point into one of the higher-quality names in the Australian property sector. The stock has pulled back over the past week or so, not because of any deterioration in the business itself, but largely due to the sharp move higher in bond yields, with the Australian 10-year yield briefly trading above 5%. Rising yields are typically a headwind for listed property, compressing valuation multiples and increasing discount rates applied to long-duration assets.
Active Growth & Income – Portfolio Amendments
We are adding a stock to the Growth & Income Portfolios
Action
Updated
02/10/2026
10:26
MGR
Updated 02/10/2026 10:26
MM is adding to MGR in the Active Growth Portfolio, increasing the target weight to 5% around $1.80
Updated
02/10/2026
10:26
MGR
Updated 02/10/2026 10:26
MM is adding to MGR in the Active Income Portfolio, increasing the target weight to 5% around $1.80
Updated
01/10/2026
09:40
MGR
Updated 01/10/2026 09:40
MM is bullish towards MGR around $1.85
Updated
20/08/2026
09:06
MGR
Updated 20/08/2026 09:06
MM is considering increasing its holding in MGR
Updated
19/08/2026
17:48
MGR
Updated 19/08/2026 17:48
MM remains long and bullish MGR
Updated
30/07/2026
09:50
MGR
Updated 30/07/2026 09:50
MM is long and bullish towards MGR
Updated
14/05/2026
10:09
MGR
Updated 14/05/2026 10:09
MM prefers Mirvac to Vicinity, around $1.70 and $2.50, respectively
Updated
23/04/2026
17:45
MGR
Updated 23/04/2026 17:45
MM remains long and bullish MGR
Updated
26/03/2026
10:10
MGR
Updated 26/03/2026 10:10
MM is bullish towards Mirvac (MGR) around $1.80
Updated
11/03/2026
09:41
MGR
Updated 11/03/2026 09:41
MM is now long & bullish MGR
Business Summary
Mirvac started off as a residential property developer and over time expanded into property investment, funds management, and commercial property development. Investment is the major earnings driver, generating about two-thirds of group earnings. The investment portfolio, by book value, is made up of 51% office, 21% retail, 20% industrial and the rest is build-to-rent and land lease assets. Longer term, Mirvac aims to increase exposure to the industrial and living sectors and own fewer offices and retail centers. Development income is volatile and was around one-third of fiscal 2026 group earnings. Besides developing apartments and houses, which Mirvac is best known for, it is also involved in commercial and mixed-use precinct developments.
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