MGR unchanged: The commercial and residential building company released its 1Q25 operational update today, reiterating full-year guidance. The stock was flat in a soft market as rate-sensitive areas came under pressure from higher bond yields overnight.
The trading update showed:
- Full-year EPS guidance of 12-12.3cps reaffirmed
- Distribution per share of $0.09 reaffirmed, implying a current yield of 4.2%
The guidance is dependent upon the builder clearing several hurdles:
- Growth to ~2,500 residential lot settlements,
- Execute more than $500m in non-core asset sales
- Secure funding partners for key development projects
Mirvac is trading ~20% above its July lows, and while the reaffirmed guidance gives us some confidence, it is only early in the year – MM is long MGR in our Active Growth Portfolio.
MM remains long and bullish MGR
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