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Mirvac Group
(Sydney:MGR)
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Rating:74Outperform
Price Target:
AU$2.00
▲(8.11% Upside)
Action:Upgraded
Date:08/20/26
The score is driven primarily by improved financial fundamentals (strong FY2026 profitability, sharply lower leverage, and robust free cash flow) and a supportive valuation profile (moderate P/E with a high dividend yield). Earnings-call guidance was broadly constructive with visible presales and expected NOI growth, while the main offsets are historical earnings/revenue volatility and only moderate technical momentum.
Positive Factors
Stronger Balance Sheet
Lower gearing, substantial liquidity and maintained investment-grade ratings improve Mirvac’s financial resilience. This gives the group greater capacity to fund its development pipeline, withstand property-market volatility and manage refinancing needs over the medium term.
Negative Factors
Volatile Earnings and Revenue
The sharp variation in revenue, earnings and cash generation indicates that development timing and property cycles can materially affect results. This reduces confidence that FY2026’s strong profitability and cash flow will be fully sustained.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger Balance Sheet
Lower gearing, substantial liquidity and maintained investment-grade ratings improve Mirvac’s financial resilience. This gives the group greater capacity to fund its development pipeline, withstand property-market volatility and manage refinancing needs over the medium term.
Read all positive factors
Mirvac Group (MGR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$7.40B
Dividend Yield5.12%
Average Volume (3M)14.71M
Price to Earnings (P/E)10.7
Beta (1Y)0.79
Revenue Growth6.20%
EPS Growth897.67%
CountryAU
Employees1,643
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.17
Shares Outstanding3,945,860,000
10 Day Avg. Volume19,818,826
30 Day Avg. Volume14,711,485
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.73
Price to Sales (P/S)2.59
P/FCF Ratio7.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$2.11Price Target Upside13.92% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.13
Revenue Forecast (FY)AU$920.23M
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 development profits and (2) recurring income from its investment property portfolio, supplemented by fees from property and asset management.
1) Property development (development ...
Mirvac Group Earnings Call Summary
Earnings Call Date:Aug 18, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
The call presents a materially positive operational and strategic update: strong execution across development, improved investment portfolio quality, high occupancy and like‑for‑like NOI growth, a stronger balance sheet and substantial pipeline and presales supporting FY'27 settlements. Key risks flagged include a notable write‑down and slower leasing at 7 Spencer Street, rising interest costs and a Q4 moderation in apartment sales; however these appear manageable in the near term given presales, liquidity and diversified earnings drivers (development NOI, funds growth, industrial and living). Overall the highlights notably outweigh the lowlights.Positive Updates
Operating Profit and EBIT Growth
Operating profit of $508 million, up 7% on the prior corresponding period; group EBIT up 12% driven by execution across the platform.
Negative Updates
7 Spencer Street Value Adjustment and Leasing Challenges
7 Spencer Street is only ~24% leased and the business recorded a significant value write-down (c.$200 million mentioned by analysts); leasing progress had been slower though inquiry reportedly picking up now the building is complete.
Read all updates
Q4-2026 Updates
Positive
Negative
Operating Profit and EBIT Growth
Operating profit of $508 million, up 7% on the prior corresponding period; group EBIT up 12% driven by execution across the platform.
Read all positive updates
Company Guidance
For FY‑27 Mirvac guided to EPS of $0.132–$0.134 and a DPS of $0.099 (c.4.2% growth), underpinned by 2,800–3,100 residential settlements (63% of that target already exchanged, ~58% if conditional sales excluded) and ~A$1.5bn of presales; the company expects development returns just above 10% on roughly A$3bn of capital and has flagged the first year of NOI growth in the investment portfolio since FY‑23, with ~A$130m of additional recurring NOI from committed completions. Guidance assumes the full A$200m on‑market buyback, factors a higher weighted average cost of debt (~5.7%) and look‑through gearing toward the top of the target range (headline gearing 24.1%, available liquidity A$1.6bn), and reflects a modest change to capitalised interest (this year ~A$6m tailwind, next year a <A$10m headwind).Mirvac Group Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.62B | 2.44B | 2.95B | 1.80B | 2.25B |
| Gross Profit | 793.00M | 580.00M | 833.00M | 799.00M | 854.00M |
| EBITDA | 970.00M | 278.00M | 716.00M | 41.00M | 648.00M |
| Net Income | 677.00M | 68.00M | -805.00M | -165.00M | 906.00M |
Balance Sheet | |||||
| Total Assets | 14.93B | 15.08B | 15.56B | 17.15B | 17.38B |
| Cash, Cash Equivalents and Short-Term Investments | 238.00M | 236.00M | 335.00M | 122.00M | 558.00M |
| Total Debt | 3.83B | 4.54B | 4.48B | 4.54B | 4.29B |
| Total Liabilities | 5.57B | 6.02B | 6.21B | 6.59B | 6.18B |
| Stockholders Equity | 9.36B | 9.05B | 9.35B | 10.56B | 11.13B |
Cash Flow | |||||
| Free Cash Flow | 871.00M | 548.00M | 540.00M | -62.00M | 888.00M |
| Operating Cash Flow | 875.00M | 550.00M | 542.00M | -57.00M | 896.00M |
| Investing Cash Flow | 49.00M | -155.00M | 126.00M | -315.00M | -436.00M |
| Financing Cash Flow | -922.00M | -494.00M | -455.00M | -64.00M | -19.00M |
Mirvac Group Technical Analysis
Positive
1.85
Price Trends
1.75
Positive
1.71
Positive
1.83
Positive
Market Momentum
0.03
Negative
58.47
Neutral
73.91
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 1.85 is above the 20-day moving average (MA) of 1.81, above the 50-day MA of 1.75, and above the 200-day MA of 1.83, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 58.47 is Neutral, neither overbought nor oversold. The STOCH value of 73.91 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | AU$11.34B | 11.02 | 9.44% | 6.12% | 14.63% | 18.93% | |
74 Outperform | AU$7.40B | 10.75 | 7.30% | 5.59% | 6.20% | 897.67% | |
74 Outperform | AU$8.98B | 8.56 | 9.83% | 4.90% | -7.59% | 178.60% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | AU$6.31B | 13.11 | 4.83% | 6.46% | -28.16% | 250.74% | |
54 Neutral | AU$9.71B | 27.29 | 20.47% | 2.28% | -19.06% | 6.95% | |
45 Neutral | AU$2.01B | -2.60 | -14.46% | 8.12% | -30.04% | -432.70% |
* Real Estate Sector Average
AU:MGR
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1.85
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Mirvac Group Corporate Events
Mirvac Group Announces On‑Market Buy‑Back of Stapled Securities
Aug 18, 2026
Mirvac Group has notified the market of a new on‑market buy‑back of its fully paid ordinary stapled securities trading under the ASX code MGR. The program covers Mirvac Limited and Mirvac Funds Limited in its capacity as responsible en...
Mirvac Confirms Full Compliance With ASX Corporate Governance Standards in FY26
Aug 18, 2026
Mirvac Group has released its 2026 corporate governance statement outlining the framework and practices applied across the Group for the financial year ended 30 June 2026. The Board emphasises that high standards of ethical behaviour, integrity an...
Mirvac Unveils Comprehensive FY26 Property Reporting Suite
Aug 18, 2026
Mirvac has released its FY26 property compendium as part of a broader reporting package detailing its financial and non-financial performance for the year. The materials, dated 19 August 2026, include annual reports for Mirvac Group and Mirvac Pro...
Mirvac details FY26 performance, portfolio and sustainability roadmap
Aug 18, 2026
Mirvac has released detailed FY26 additional information outlining its competitive advantages, platform value and improved earnings growth visibility into FY27 and beyond. The material highlights segment-level EBIT movements, capital management me...
Mirvac Outlines FY26 Results Agenda Across Core Property Segments
Aug 18, 2026
Mirvac Group has released its FY26 results agenda, outlining presentations from senior executives across the business. The schedule covers an overview from the Group CEO, detailed financial performance, funds management, development activities and...
Mirvac Releases Assured FY26 Integrated Annual Report
Aug 18, 2026
Mirvac has released its FY26 Annual Report covering operations, performance, financial position and outlook for the year ended 30 June 2026, with the Board overseeing and approving the report and consolidated financial statements. The reporting su...
Mirvac Posts Strong FY26 Result, Launches $200m Buy-Back as Funds Platform Scales
Aug 18, 2026
Mirvac Group reported a strong FY26 result, with operating profit rising 7% to $508 million and statutory profit surging to $677 million, supported by higher residential settlements, robust margins and improved commercial and mixed-use contributio...
Mirvac Confirms 4.8 Cent Distribution From Property Trust
Aug 18, 2026
Mirvac Group has confirmed a distribution of 4.8 cents per stapled security for the six‑month period ended 30 June 2026, following an earlier notification in June. The payment relates solely to income from Mirvac Property Trust, with no divi...
Mirvac Delivers Sharp Profit Rebound and Higher Investor Returns in 2026
Aug 18, 2026
Mirvac Group reported a strong financial performance for the year ended 30 June 2026, with total revenue and other income rising 13% to $3.08 billion. Profit attributable to stapled securityholders surged to $677 million, reflecting a significant ...
Mirvac Updates Security Trading Policy to Strengthen Governance
Aug 18, 2026
Mirvac Group has announced that its Security Trading Policy has been revised, with the updated version authorised by the board and effective from 18 August 2026. The policy, which governs trading in the company’s securities by insiders and o...
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 ...
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.