Jefferies expects Australia's Mirvac to choose internal candidate as CEO

Mirvac

12/10/2022 01:14

** Jefferies expects real estate firm Mirvac Group  MGR.AX 
to choose an internal candidate as its CEO 
    ** Brokerage believes next CEO will most likely be Campbell
Hannon, who is currently the head of integrated investment
portfolio at Mirvac
    ** Mirvac had announced that its Chair John Mulcahy and CEO
Susan Lloyd-Hurwitz both intend to retire as their 9-year and
10-year tenures, respectively, came to an end  urn:newsml:reuters.com:*:nASX21RSF6
    ** Brokerage says Campbell is the most likely internal
candidate "who they consider as a safe option with no material
change in strategy for MGR" 
    ** Jefferies sees MGR's balance sheet strength as a key
positive aspect, but expects retail environment to remain
challenging for MGR including the cost-of-living pressure,
rising rates and falling house prices 
    ** Jefferies reiterates its PT of A$2.22 for MGR, while
maintaining a "hold" rating
    ** Eight of 13 analysts rate the stock "buy" or higher,three
"hold" and two "sell" ; their median PT is A$2.45 – Refinitiv
data
    ** Stock down 34% this year, as of last close
 (Reporting by Nausheen Thusoo)
 ((Nausheen.Thusoo@thomsonreuters.com;))