Company DescriptionMirvac is an Australian property group with a clearly defined purpose to reimagine urban life. By creating beautiful homes, inspiring workplace precincts and thriving shopping centres, we aim to make a positive contribution to our cities and communities. Mirvac was founded in 1972, which means we've been shaping Australia's urban landscape for almost fifty years. Of course, we've evolved a lot over that time growing from a small joint venture to become a thriving ASX-listed property group that leads the way in innovation, sustainability and placemaking. Renowned for the quality of our products, we've created some of Australia's most iconic places and precincts, from thriving masterplanned communities, to landmark offices including our own headquarters at EY Centre, 200 George Street, Sydney. At the heart of every project there exists a deep commitment to our customers and communities.

How the Company Makes Money

Mirvac Group Financial Statement Overview

Summary

Mirvac Group shows a mixed financial performance. Strong revenue growth is overshadowed by significant net losses impacting profitability. The balance sheet is robust with a healthy equity ratio, but operational cash generation needs improvement.

Income Statement

Negative

Mirvac Group's income statement shows some concerning trends. While the gross profit margin for 2024 is approximately 30.0%, there is a significant net loss of AUD 805 million, resulting in a negative net profit margin of -26.6%. The revenue has grown by 59.9% from 2023 to 2024, indicating positive sales growth. However, the EBIT and EBITDA margins, at 21.2% and 23.7% respectively, reflect operational efficiency issues, compounded by the large net loss.

Balance Sheet

Neutral

The balance sheet reveals a strong equity base with a debt-to-equity ratio of 0.48, suggesting moderate leverage, which is common for REITs. The equity ratio stands at 60.1%, indicating financial stability. However, the decline in stockholders' equity from 2023 to 2024 raises concerns about asset valuation or additional liabilities. The return on equity is negative due to the net loss, which is a significant downside.

Cash Flow

Neutral

Mirvac Group's cash flow statement highlights a recovery in free cash flow, which is AUD 540 million for 2024. The operating cash flow to net income ratio is negative due to the net loss, and the free cash flow growth rate is strong compared to the previous year. Nevertheless, the operating cash flow is less than ideal, indicating a need for improved cash generation from operations.

TTM	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Breakdown
Income Statement		Total Revenue
2.99B	2.95B	1.89B	2.30B	1.80B	2.10B
	Gross Profit
866.00M	833.00M	835.00M	854.00M	753.00M	820.00M
	EBIT
654.00M	641.00M	463.00M	565.00M	507.00M	544.00M
	EBITDA
641.00M	716.00M	41.00M	648.00M	578.00M	612.00M
	Net Income Common Stockholders
-603.00M	-805.00M	-165.00M	906.00M	901.00M	558.00M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
76.00M	335.00M	122.00M	558.00M	117.00M	324.00M
	Total Assets
15.44B	15.56B	17.15B	17.38B	16.15B	15.77B
	Total Debt
4.70B	4.48B	4.54B	4.29B	3.99B	4.37B
	Net Debt
4.62B	4.14B	4.42B	3.73B	3.87B	4.05B
	Total Liabilities
6.28B	6.21B	6.59B	6.18B	5.49B	5.63B
	Stockholders Equity
9.17B	9.35B	10.56B	11.13B	10.59B	10.09B
Cash Flow		Free Cash Flow
810.00M	540.00M	-62.00M	888.00M	630.00M	446.00M
	Operating Cash Flow
812.00M	542.00M	-57.00M	896.00M	635.00M	450.00M
	Investing Cash Flow
-213.00M	126.00M	-315.00M	-436.00M	-492.00M	-443.00M
	Financing Cash Flow
-750.00M	-455.00M	-64.00M	-19.00M	-350.00M	183.00M

Mirvac Group Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MRVGF		$5.91B	―	-6.29%	5.14%	―	―
Sector *	61 Neutral	$2.83B	10.98	0.41%	8438.90%	5.81%	-21.06%
CTOUF		$5.96B	308.23	1.03%	2.44%	―	―
FKKEF		$717.77M	47.85	1.57%	5.41%	―	―
GMGSF		$44.40B	66.15	5.14%	0.94%	―	―
GPTGF		$6.08B	―	-1.94%	4.97%	―	―
STGPF		$12.57B	18.10	5.94%	4.70%	―	―

* Real Estate Sector Average

Performance Comparison

MRVGF

Mirvac Group

1.40

0.22

18.64%

CTOUF

Charter Hall Group

12.65

4.81

61.35%

FKKEF

Charter Hall Social Infrastructure REIT

1.89

0.37

24.34%

GMGSF

Goodman Group

21.40

-1.08

-4.80%

GPTGF

GPT Group

2.98

0.45

17.79%

STGPF

Scentre Group

2.42

0.48

24.74%

Glossary

OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.

NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.

UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

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.