Morningstar upbeat on Australia's Mirvac Group portfolio outlook

Mirvac

13/09/2023 22:47

** Analysts at Morningstar maintain fair value estimate of
A$3.10 for Australian property developer Mirvac Group  MGR.AX 
    ** Morningstar sees reasonable annual sales volumes for its
10-year forecast period and is upbeat on group's retail and
industry property portfolios
    ** Brokerage says MGR "is one of few large developers
capable of end-to-end design, construction, and development
in-house, and offers build-to-sell apartments and houses,
land-lease, and build-to-rent", which helps navigate
macroeconomic challenges
    ** "We maintain our assumption that rental growth is
marginally positive for the next couple of years and that the
portfolio will achieve 3% annual rental growth in the long run,"
says Morningstar
    ** MGR up 7.5% so far this year, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))