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Mirvac Group
(Sydney:MGR)
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Rating:66Neutral
Price Target:
AU$2.00
▲(0.00% Upside)
Action:Reiterated
Date:02/23/26
The score is driven by mixed underlying financial performance (revenue and cash flow pressure despite a stable balance sheet), partially offset by a constructive earnings call with reaffirmed guidance, improving operational momentum, and solid funding metrics. Technical signals are neutral-to-soft and valuation is reasonable with supportive yield, keeping the overall score in the mid-range.
Positive Factors
Balance sheet and liquidity
A lower gearing profile, strong interest cover and a A$1.0bn liquidity buffer materially reduce refinancing and solvency risk over the next 2–6 months. This durable funding strength supports ongoing development and asset repositioning without forcing distressed disposals or rushed capital raises.
Negative Factors
Compressed development returns
Current development returns below 10% reflect elevated construction and input costs. Until through‑cycle recovery to mid‑to‑high teens occurs, lower development margins will structurally constrain earnings from the cyclical development engine and limit accretion from new projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet and liquidity
A lower gearing profile, strong interest cover and a A$1.0bn liquidity buffer materially reduce refinancing and solvency risk over the next 2–6 months. This durable funding strength supports ongoing development and asset repositioning without forcing distressed disposals or rushed capital raises.
Read all positive factors
Mirvac Group (MGR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.86B
Dividend Yield5.44%
Average Volume (3M)14.71M
Price to Earnings (P/E)17.8
Beta (1Y)0.82
Revenue Growth-8.84%
EPS GrowthN/A
CountryAU
Employees1,651
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)0.10
Shares Outstanding3,945,860,000
10 Day Avg. Volume19,818,826
30 Day Avg. Volume14,711,485
Financial Highlights & Ratios
PEG Ratio-1.18
Price to Book (P/B)0.96
Price to Sales (P/S)3.55
P/FCF Ratio15.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$2.05Price Target Upside2.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.13
Revenue Forecast (FY)AU$914.39M
Mirvac Group Business Overview & Revenue Model
Company Description
Mirvac Group is an Australian real estate company dedicated to enhancing urban living. We achieve this by developing beautiful residences, dynamic commercial hubs, and vibrant retail destinations, thereby making a meaningful impact on our cities a...
How the Company Makes Money
Mirvac makes money primarily through a combination of (1) property investment income and (2) property development profits, supported by (3) management and service-related fees.
1) Income from investment properties (recurring)
- Rental and related...
Mirvac Group Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call presented broad operational momentum and multiple tangible wins—strong residential sales and margin recovery, clear living and industrial outperformance, portfolio repositioning to higher‑quality office, meaningful fund raises and capital partnerships, improved liquidity and a lower gearing profile. Key near‑term weaknesses include higher net financing costs, compressed development returns (legacy cost pressures) and reliance on valuation gains in statutory profit, plus remaining office leasing and disposal execution. On balance the positives—improving margins, restocked pipeline, recurring income growth and strong capital‑partner demand—materially outweigh the lowlights.Positive Updates
Group financial growth
Group EBIT grew 10% year-on-year; operating profit after tax of $248m (A$0.063 per stapled security), up 5% on the prior half; EPS up 5%; statutory profit of $319m including A$120m of positive investment revaluations; NTA increased by A$0.04 to A$2.30; headline gearing moderated to 25.8%.
Negative Updates
Rising net financing costs and lower capitalized interest
Net financing costs were A$129m, up A$19m on the prior half, primarily due to lower capitalized interest despite a reduction in gross interest expense; this increased financing charge constrains near‑term margins.
Read all updates
Q2-2026 Updates
Positive
Negative
Group financial growth
Group EBIT grew 10% year-on-year; operating profit after tax of $248m (A$0.063 per stapled security), up 5% on the prior half; EPS up 5%; statutory profit of $319m including A$120m of positive investment revaluations; NTA increased by A$0.04 to A$2.30; headline gearing moderated to 25.8%.
Read all positive updates
Company Guidance
Mirvac reaffirmed FY26 earnings guidance of $0.128–$0.130 per stapled security and a distribution of $0.095, while flagging continued earnings growth after a strong H1 (operating profit after tax $248m or $0.063 per security, +5% half‑on‑half; statutory profit $319m including $120m of revaluations; group EBIT +10%; EPS +5%; NTA +$0.04 to $2.30). Key balance‑sheet and funding metrics include headline gearing moderating to 25.8%, interest cover >3.5x, average cost of debt 5.3%, $1.0bn available liquidity, $1.3bn refinanced this half at ~115bps (a further $3.0bn at ~180bps), and a 60–80% distribution policy; capital‑raising track record includes ~$9bn raised over 5 years (c.$6bn from capital partners, ~$3bn asset sales). Forward drivers and pipeline metrics cited as supporting guidance include ~$100m of future NOI to be realised over 3–4 years, committed developments expected to add ~$2.3bn to FUM (embedded FUM growth ~ $2.3bn), third‑party capital of $17bn (FUM +$1bn in 6 months), MWOF $430m equity raise, BTR platform ~2,200 apartments (LIV like‑for‑like +6%, valuation uplift ~4%), land‑lease platform >7,500 lots (sales +50%, settlements +21%, comparable EBIT +50%), residential sales +38% with margins up to 22.5% and settlements ~22% (H1 settlements 835; full‑year settlement target 2,000–2,300; ~90% secured), and a referenced development earnings expectation of ~ $270m for the year.Mirvac Group Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.63B | 2.44B | 2.95B | 1.80B | 2.25B | 1.92B |
| Gross Profit | 583.00M | 580.00M | 833.00M | 799.00M | 854.00M | 909.00M |
| EBITDA | 685.00M | 278.00M | 716.00M | 41.00M | 648.00M | 1.11B |
| Net Income | 386.00M | 68.00M | -805.00M | -165.00M | 906.00M | 901.00M |
Balance Sheet | ||||||
| Total Assets | 14.49B | 15.08B | 15.56B | 17.15B | 17.38B | 16.15B |
| Cash, Cash Equivalents and Short-Term Investments | 126.00M | 236.00M | 335.00M | 122.00M | 558.00M | 117.00M |
| Total Debt | 4.02B | 4.54B | 4.48B | 4.54B | 4.29B | 3.99B |
| Total Liabilities | 5.31B | 6.02B | 6.21B | 6.59B | 6.18B | 5.49B |
| Stockholders Equity | 9.19B | 9.05B | 9.35B | 10.56B | 11.13B | 10.59B |
Cash Flow | ||||||
| Free Cash Flow | 648.00M | 548.00M | 540.00M | -62.00M | 888.00M | 630.00M |
| Operating Cash Flow | 649.00M | 550.00M | 542.00M | -57.00M | 896.00M | 635.00M |
| Investing Cash Flow | 245.00M | -155.00M | 126.00M | -315.00M | -436.00M | -492.00M |
| Financing Cash Flow | -844.00M | -494.00M | -455.00M | -64.00M | -19.00M | -350.00M |
Mirvac Group Technical Analysis
Positive
2.00
Price Trends
1.68
Positive
1.72
Positive
1.89
Negative
Market Momentum
<0.01
Positive
57.64
Neutral
71.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MGR, the sentiment is Positive. The current price of 2 is above the 20-day moving average (MA) of 1.71, above the 50-day MA of 1.68, and above the 200-day MA of 1.89, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 57.64 is Neutral, neither overbought nor oversold. The STOCH value of 71.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:MGR.
Mirvac Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$10.57B | 19.61 | 19.38% | 1.97% | 18.04% | 71.29% | |
69 Neutral | AU$9.52B | 11.67 | 7.84% | 4.41% | 3.78% | ― | |
66 Neutral | AU$6.86B | 17.77 | 4.23% | 4.39% | -8.84% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | AU$10.08B | 11.53 | 8.50% | 4.29% | 9.71% | 93.78% | |
56 Neutral | AU$6.18B | 13.09 | 4.78% | 5.32% | -1.07% | ― | |
44 Neutral | AU$2.02B | -14.05 | -2.65% | 4.55% | -32.61% | 89.26% |
* Real Estate Sector Average
AU:MGR
Mirvac Group
1.74
-0.38
-17.92%
AU:CHC
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22.35
3.04
15.75%
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Dexus
5.76
-0.84
-12.73%
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4.97
0.15
3.05%
AU:LLC
Lendlease Group
2.95
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-40.40%
AU:SGP
Stockland
4.15
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-20.22%
Mirvac Group Corporate Events
Mirvac declares 4.8c distribution from property trust arm only
Jun 17, 2026
Mirvac Group has declared a distribution of 4.8 cents per stapled security for the six-month period ending 30 June 2026, payable on 31 August 2026. The payment, tied to a record date of 30 June and ex-date of 29 June, will be funded solely from Mi...
Mirvac Appoints Janelle Hopkins as Director Effective June 2026
Jun 1, 2026
Mirvac Group has announced the appointment of Janelle Hopkins as a director of the stapled entity comprising Mirvac Limited and Mirvac Property Trust, effective 1 June 2026. An initial director’s interest notice lodged with the ASX confirms ...
Mirvac strengthens board with appointment of former REA CFO Janelle Hopkins
May 24, 2026
Mirvac Group has appointed former REA Group chief financial officer Janelle Hopkins as an independent non-executive director on its board, effective 1 June 2026, as part of its ongoing board renewal strategy. Chair Rob Sindel said Hopkins’s ...
Mirvac Releases Third-Quarter 2026 Operational Update
Apr 22, 2026
Mirvac Group has issued its operational update for the third quarter of the 2026 financial year, providing investors and the market with its latest performance snapshot. While detailed metrics are contained in the full update, the release signals ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.