Leading residential developer MGR operates across build-to-sell and build-to-rent accommodation, both of which are in demand today and will only increase as our population swells. Approximately 20% of MGR’s forecast earnings are derived from residential development with the potential for a new earnings stream from building apartments to rent over the next few years. We believe Mirvac is positioned perfectly to deliver sector-leading earnings growth of ~7% over the next three years, driven primarily by improved residential trading conditions as governments move to deal with the housing crisis.
- We like MGR medium-term, market concerns around interest rates, staff, and overall housing affordability, in our opinion, are affording investors an opportunity to start accumulating the stock.
MM likes MGR around the $2-2.20 area
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