Mirvac (MGR) is a property group involved in both the development and management of office, retail and industrial property assets in Australia – we do like this integrated, diversified approach believing the stock is okay value trading on an estimated P/E of 14.7x for 2023 while it’s also expected to yield 4.5% over the next 12 months. MGR’s 1Q23 update saw a moderation in residential activity with interest rates, weather and labour constraints impacting the business but there were no hand grenades which was a plus in this tough stage of the cycle.
MGR agrees with our more positive view of fundamentals given low vacancies, low DAs and expected significant population growth but of course, they would!
- We believe MGR has a decent upside as residential property recovers through 2023/4.
MM is bullish MGR targeting the $2.60 area
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