Mustera Property Group Ltd. (MPX) AI Stock Analysis

• Market Cap: AU$17.62M
• Dividend Yield: N/A
• Average Volume (3M): 2.42K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.09
• Revenue Growth: -81.98%
• EPS Growth: -131.34%
• Country: AU
• Employees: N/A
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): >-0.01
• Shares Outstanding: 146,835,130
• 10 Day Avg. Volume: 3,041
• 30 Day Avg. Volume: 2,416
• PEG Ratio: 0.10
• Price to Book (P/B): 1.81
• Price to Sales (P/S): 2.66
• P/FCF Ratio: 4.83
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 38 Underperform
• Price Target: AU$0.11 ▼(-19.29% Downside)
• Action: Downgraded Date: 10/17/25
• Date: Action: Downgraded 10/17/25

Mustera Property Group Ltd. is facing significant financial and technical challenges. The company's financial performance is weak, with declining revenues and profitability, and liquidity issues. Technically, the stock is in a bearish trend and appears oversold. The valuation is unattractive due to a negative P/E ratio and lack of dividend yield. These factors contribute to a low overall stock score.

Positive Factors

Leverage Improvement

A lower debt-to-equity ratio to 0.59 signals materially improved leverage management versus prior periods. This reduces refinancing risk and interest burden over the medium term, giving the business greater financial flexibility to fund development projects or absorb cyclical downturns without immediate distress.

Very High Gross Margin

A reported 100% gross profit margin indicates the company can generate very strong project-level margins or benefits from favorable accounting on revenue recognition. Structurally, this suggests pricing power or low direct costs on sold projects, which, if sustained, supports long-term recovery of operating profitability once overheads and financing are controlled.

Positive FCF-to-Net-Income

A positive free cash flow to net income ratio shows the company still converts some reported earnings into cash, providing a foundation for liquidity. Over a multi-month horizon this supports operational continuity, debt servicing and targeted reinvestment, even though overall FCF levels have fallen and need rebuilding.

Negative Factors

Severe Revenue Decline

An ~82% drop in revenue is a structural red flag for a development business dependent on steady project turnovers. Such a collapse reduces scale, impairs fixed-cost absorption, weakens bargaining leverage with contractors and buyers, and lengthens the time needed to restore a sustainable revenue base and project pipeline visibility.

Sharp Free Cash Flow Fall & Weak Cash Conversion

An 86.9% decline in free cash flow and an operating-cash-to-income ratio of zero indicate acute cash conversion and liquidity stress. This undermines the company's ability to fund development cycles from internal cash, increasing dependency on external financing or equity, which can constrain long-term project execution and strategic choices.

Unprofitable Operations and Negative ROE

Persistent negative net profit and EBIT margins combined with negative ROE show the business is destroying shareholder capital. Over months this limits retained earnings, complicates capital raises, and signals fundamental issues in cost structure, project economics or pricing that must be corrected to restore sustainable shareholder returns.

Mustera Property Group Ltd. Business Overview & Revenue Model

Company Description

Mustera Property Group Limited, together with its subsidiaries, operates as a property investment and development company in Australia. The company operates through two segments: Property Investment and Property Development. It provides real estate development platform for residential, commercial, industrial, retail, and mixed-use properties. The company also engages in the fund management activities. Mustera Property Group Limited was incorporated in 2010 and is based in North Fremantle, Australia.

How the Company Makes Money

Mustera Property Group Ltd. generates revenue through multiple streams. The primary revenue model is based on property sales, where the company develops residential and commercial properties and sells them to end-users or investors. Additionally, MPX earns income through leasing commercial spaces to businesses, providing a steady cash flow. The company may also engage in joint ventures or partnerships with other developers or investors, sharing profits from collaborative projects. Furthermore, MPX could potentially benefit from property management services offered to property owners, further diversifying its income sources. Economic trends and local real estate market conditions are significant factors influencing its earnings, along with strategic partnerships that enhance project funding and execution.

Mustera Property Group Ltd. Financial Statement Overview

Summary

Mustera Property Group Ltd. faces significant financial challenges, with declining revenues and profitability, high past leverage, and cash flow issues. Despite improved leverage management, the company needs to address its profitability and cash flow conversion to stabilize its financial position.

Income Statement

Mustera Property Group Ltd. has experienced a significant decline in revenue, with a revenue growth rate of -81.69% in the latest year. The company also reported negative net profit and EBIT margins, indicating challenges in profitability. Despite a high gross profit margin of 100%, the overall income statement reflects financial instability and declining performance.

Balance Sheet

The company's debt-to-equity ratio has improved to 0.59 from previous years, suggesting better leverage management. However, the return on equity remains negative, indicating that the company is not generating sufficient returns on shareholders' equity. The equity ratio is relatively stable, but the overall balance sheet reflects moderate financial health with potential risks due to past high leverage.

Cash Flow

Mustera Property Group Ltd. has seen a significant decline in free cash flow growth, down by 86.87%. The operating cash flow to net income ratio is zero, indicating challenges in converting income into cash. While the free cash flow to net income ratio is positive, the overall cash flow statement suggests liquidity issues and a need for improved cash management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.39M	12.39M	68.76M	2.25M	3.73M	5.35M
Gross Profit	12.39M	12.39M	14.35M	476.00K	644.66K	284.61K
EBITDA	153.25K	153.25K	13.85M	-2.04M	-182.94K	-1.30M
Net Income	-2.60M	-2.60M	8.31M	-5.75M	-2.23M	-2.41M
Balance Sheet
Total Assets	44.18M	44.18M	58.60M	81.25M	53.64M	42.03M
Cash, Cash Equivalents and Short-Term Investments	686.67K	686.67K	6.73M	1.09M	894.67K	421.45K
Total Debt	10.78M	10.78M	30.55M	58.05M	31.04M	21.58M
Total Liabilities	26.02M	26.02M	37.84M	68.19M	35.95M	28.51M
Stockholders Equity	18.16M	18.16M	20.76M	13.06M	17.70M	13.34M
Cash Flow
Free Cash Flow	6.82M	6.82M	33.48M	-25.18M	-13.47M	956.73K
Operating Cash Flow	6.82M	6.82M	33.85M	-25.18M	-13.47M	1.16M
Investing Cash Flow	-10.24K	-10.24K	-507.63K	-550.16K	-2.14M	-2.35M
Financing Cash Flow	-12.85M	-12.85M	-27.69M	25.92M	16.08M	1.32M

Mustera Property Group Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.14
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MPX, the sentiment is Negative. The current price of 0.14 is above the 20-day moving average (MA) of 0.12, above the 50-day MA of 0.13, and below the 200-day MA of 0.18, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 26.16 is Positive, neither overbought nor oversold. The STOCH value of 20.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MPX.

Mustera Property Group Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
DGH	53 Neutral	AU$34.36M	12.90	4.87%	―	3.56%	101.74%
MPX	38 Underperform	AU$17.62M	-12.12	-13.36%	―	-81.98%	-131.34%

Mustera Property Group Ltd. Corporate Events

Mustera Narrows Loss as Revenue Jumps 45% in Half-Year Result

Mustera Property Group has reported a strong rise in revenue for the half-year ended 31 December 2025, with income from ordinary activities climbing 45% to $7.3 million compared with the prior corresponding period. Despite this top-line growth and a significantly reduced loss, the company remains in the red and continues to retain earnings to support its operations.

The net loss attributable to members narrowed to $724,000 from $1.87 million a year earlier, reflecting improved performance but underscoring ongoing profitability challenges. No interim dividend has been declared, and net tangible assets per security eased to 11.92 cents from 12.92 cents, suggesting that while operational momentum is improving, asset backing per share has softened slightly for investors.

The most recent analyst rating on (AU:MPX) stock is a Sell with a A$0.11 price target. To see the full list of analyst forecasts on Mustera Property Group Ltd. stock, see the AU:MPX Stock Forecast page.

Mustera Advances Verse on McCabe, Sells Midland Site to Reduce Debt

Mustera Property Group reported steady operational progress in the December 2025 quarter, advancing its 42-apartment Verse on McCabe project in North Fremantle towards an anticipated construction start in the June 2026 quarter, supported by continued strong buyer interest and contracted sales of about $15.05 million. The group also continued to sell down remaining stock at its Forbes Residences project in Applecross, including the settlement of a $3 million apartment and another now-unconditional sale, while divesting its Midland landholding for $1.375 million to pay down debt, and incurring operating, marketing, overhead and finance costs consistent with ongoing development and marketing activity; related-party payments mainly comprised directors’ remuneration and administrative and secretarial services.

The most recent analyst rating on (AU:MPX) stock is a Sell with a A$0.11 price target. To see the full list of analyst forecasts on Mustera Property Group Ltd. stock, see the AU:MPX Stock Forecast page.

Mustera Property Group Announces Director’s Interest Change

Mustera Property Group Ltd has announced a change in the director’s interest, specifically regarding Nicholas Zborowski. The change involves the expiry of 1,000,000 vested Performance Rights that were not exercised, leaving the director’s indirect interest unchanged in terms of shares held. This update reflects internal adjustments in the company’s management of director interests, potentially impacting the company’s governance and stakeholder confidence.

The most recent analyst rating on (AU:MPX) stock is a Sell with a A$0.13 price target. To see the full list of analyst forecasts on Mustera Property Group Ltd. stock, see the AU:MPX Stock Forecast page.