Mirvac Group’s FY21 result came in ahead of guidance and Credit Suisse’s expectation. Operating EPS fell -9%, which was considered largely a function of lower development earnings, and was expected.
FY22 guidance is for EPS growth of 7.1% and DPS of 10.2 cents. The analyst sees enough upside to retain the Outperform rating. The target price increases to $3.13 from $3.06.
While the group is not immune to post-covid challenges that will likely continue to impact its Retail and Office portfolios in the near term, Credit Suisse expects earnings growth over the medium to long term.
Sector: Real Estate.
Target price is $3.13.Current Price is $3.00. Difference: $0.13 – (brackets indicate current price is over target). If MGR meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
