MGR has corrected over 40% from its 2021 high making it one of the worst performers in the sector, however, we like this integrated, diversified property group believing the stock is reasonable value trading on an estimated 15x for 2023 while it’s also expected to yield 4.4% over the next 12 months. MGR’s Q1’23 update saw a moderation in residential activity with interest rates, weather and labour constraints impacting business but there were no hand grenades in this tough stage of the cycle however with a NAV of $2.50 the stock isn’t an outstanding bargain in our opinion.
- We like MGR but again the risk/reward has diminished following its 24% bounce.
MM is mildly bullish on MGR
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