We cut our fair value estimate for no-moat Mirvac by 16% to AUD 2.60 per security, as we transfer coverage to a new analyst. We’ve taken a more cautious view of the group's longer-term outlook, particularly on residential development margins. Even so, Mirvac securities screen as significantly undervalued.
High inbound migration should support Mirvac’s earnings, particularly retail rents, and residential development sales.
Mirvac has exposure to retail department stores, one of the hardest-hit segments in the entire property sector.
|
Metric
|
MGR
|
DXS
|
GPT
|
|---|---|---|---|
Price/Earnings (Normalized) | 31.05 | — | 111.75 |
Price/Book Value | 0.72 | 0.61 | 0.73 |
Price/Sales | 3.20 | 8.17 | 8.70 |
Price/Cash Flow | 43.18 | 11.87 | 13.37 |
|
Metric
|
MGR
|
DXS
|
GPT
|
|---|---|---|---|
Quick Ratio | 0.36 | 0.26 | 0.20 |
Current Ratio | 2.20 | 0.47 | 0.74 |
Interest Coverage | −3.87 | −7.57 | −0.19 |
|
Metric
|
MGR
|
DXS
|
GPT
|
|---|---|---|---|
Return on Assets (Normalized) | 1.41% | −5.52% | 0.20% |
Return on Equity (Normalized) | 2.24% | −8.08% | 0.31% |
Return on Invested Capital (Normalized) | 1.05% | −5.93% | 1.05% |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
| VICI Properties Inc Ordinary Shares
VICI
| — | Ctlb | $29.0 Bil | |||
| W.P. Carey Inc
WPC
| — | Kpkwr | $12.1 Bil | |||
| Stockland Corp Ltd
STKAF
| — | Mslr | $6.7 Bil | |||
| Land Securities Group PLC ADR
LDSCY
| — | Jlz | $6.0 Bil | |||
| Land Securities Group PLC
LSGOF
| — | Yhln | $6.0 Bil | |||
| Covivio SA ADR
FNCDY
| — | Tfj | $5.4 Bil | |||
| Covivio SA
GSEFF
| — | Vwj | $5.4 Bil | |||
| GPT Group
GPTGF
| — | Bbwtf | $5.2 Bil | |||
| UNITE Group PLC
UTGPF
| — | Szfn | $5.2 Bil | |||
| Empire State Realty Trust Inc Class A
ESRT
| Rrvxwsxr | Sfh | $1.6 Bil |
