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Mirvac Group

ASX:MGR
Snowflake Description

Established dividend payer with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MGR
ASX
A$12B
Market Cap
  1. Home
  2. AU
  3. Real Estate
Company description

Mirvac is a leading, diversified Australian property group, with an integrated development and asset management capability. The last earnings update was 67 days ago. More info.


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MGR Share Price and Events
7 Day Returns
-0.3%
ASX:MGR
0.1%
AU REITs
1.3%
AU Market
1 Year Returns
35.7%
ASX:MGR
20.5%
AU REITs
9.9%
AU Market
MGR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Mirvac Group (MGR) -0.3% -1.6% -5.9% 35.7% 42.1% 78.3%
AU REITs 0.1% 0.4% -2.8% 20.5% 23.4% 58.9%
AU Market 1.3% -0.6% -1% 9.9% 17.6% 17.8%
1 Year Return vs Industry and Market
  • MGR outperformed the REITs industry which returned 20.5% over the past year.
  • MGR outperformed the Market in Australia which returned 9.9% over the past year.
Price Volatility
MGR
Industry
5yr Volatility vs Market

MGR Value

 Is Mirvac Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Mirvac Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Mirvac Group.

ASX:MGR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:MGR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.47 (1 + (1- 30%) (29.69%))
0.606
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.8 * 5.96%)
7.08%

Discounted Cash Flow Calculation for ASX:MGR using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

ASX:MGR Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$2.86
Current discount Discount to share price of A$3.04
= -1 x (A$3.04 - A$2.86) / A$2.86
-6.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Mirvac Group is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Mirvac Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Mirvac Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:MGR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in AUD A$0.28
ASX:MGR Share Price ** ASX (2019-10-11) in AUD A$3.04
Australia REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 15.7x
Australia Market PE Ratio Median Figure of 557 Publicly-Listed Companies 17.93x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Mirvac Group.

ASX:MGR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:MGR Share Price ÷ EPS (both in AUD)

= 3.04 ÷ 0.28

11.02x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mirvac Group is good value based on earnings compared to the AU REITs industry average.
  • Mirvac Group is good value based on earnings compared to the Australia market.
Price based on expected Growth
Does Mirvac Group's expected growth come at a high price?
Raw Data
ASX:MGR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.02x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
-16.6%per year
Australia REITs Industry PEG Ratio Median Figure of 31 Publicly-Listed REITs Companies 1.2x
Australia Market PEG Ratio Median Figure of 357 Publicly-Listed Companies 1.69x

*Line of best fit is calculated by linear regression .

ASX:MGR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.02x ÷ -16.6%

-0.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mirvac Group earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Mirvac Group's assets?
Raw Data
ASX:MGR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in AUD A$2.52
ASX:MGR Share Price * ASX (2019-10-11) in AUD A$3.04
Australia REITs Industry PB Ratio Median Figure of 43 Publicly-Listed REITs Companies 1.11x
Australia Market PB Ratio Median Figure of 1,705 Publicly-Listed Companies 1.8x
ASX:MGR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:MGR Share Price ÷ Book Value per Share (both in AUD)

= 3.04 ÷ 2.52

1.21x

* Primary Listing of Mirvac Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mirvac Group is overvalued based on assets compared to the AU REITs industry average.
X
Value checks
We assess Mirvac Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Mirvac Group has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MGR Future Performance

 How is Mirvac Group expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-16.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Mirvac Group expected to grow at an attractive rate?
  • Mirvac Group's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Mirvac Group's earnings are expected to decrease over the next 1-3 years, this is below the Australia market average.
  • Mirvac Group's revenues are expected to decrease over the next 1-3 years, this is below the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:MGR Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:MGR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts -16.6%
ASX:MGR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts -27.5%
Australia REITs Industry Earnings Growth Rate Market Cap Weighted Average 2.5%
Australia REITs Industry Revenue Growth Rate Market Cap Weighted Average -3.7%
Australia Market Earnings Growth Rate Market Cap Weighted Average 10.2%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:MGR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:MGR Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-06-30 1,032 684 643 2
2021-06-30 1,034 668 651 2
2020-06-30 1,063 701 663 2
2019-10-13
ASX:MGR Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2019-06-30 2,255 518 1,019
2019-03-31 2,489 684 1,146
2018-12-31 2,722 850 1,272
2018-09-30 2,512 757 1,181
2018-06-30 2,302 663 1,089
2018-03-31 2,209 624 1,105
2017-12-31 2,116 584 1,121
2017-09-30 2,269 549 1,143
2017-06-30 2,422 513 1,164
2017-03-31 2,554 579 1,116
2016-12-31 2,685 644 1,068
2016-09-30 2,561 577 1,051

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Mirvac Group's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Mirvac Group's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:MGR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Mirvac Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:MGR Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-06-30 0.16 0.17 0.16 2.00
2021-06-30 0.17 0.18 0.16 3.00
2020-06-30 0.17 0.18 0.16 3.00
2019-10-13
ASX:MGR Past Financials Data
Date (Data in AUD Millions) EPS *
2019-06-30 0.28
2019-03-31 0.31
2018-12-31 0.34
2018-09-30 0.32
2018-06-30 0.29
2018-03-31 0.30
2017-12-31 0.30
2017-09-30 0.31
2017-06-30 0.31
2017-03-31 0.30
2016-12-31 0.29
2016-09-30 0.28

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Mirvac Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Mirvac Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Mirvac Group has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MGR Past Performance

  How has Mirvac Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Mirvac Group's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Mirvac Group's year on year earnings growth rate has been positive over the past 5 years.
  • Mirvac Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Mirvac Group's 1-year earnings growth is negative, it can't be compared to the AU REITs industry average.
Earnings and Revenue History
Mirvac Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Mirvac Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:MGR Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 2,255.00 1,019.00 212.00
2019-03-31 2,488.50 1,145.50 220.50
2018-12-31 2,722.00 1,272.00 229.00
2018-09-30 2,512.00 1,180.50 223.50
2018-06-30 2,302.00 1,089.00 218.00
2018-03-31 2,209.00 1,105.00 218.50
2017-12-31 2,116.00 1,121.00 219.00
2017-09-30 2,269.00 1,142.50 216.50
2017-06-30 2,422.00 1,164.00 214.00
2017-03-31 2,553.50 1,116.00 214.00
2016-12-31 2,685.00 1,068.00 214.00
2016-09-30 2,560.50 1,050.50 215.50
2016-06-30 2,436.00 1,033.00 217.00
2016-03-31 1,965.95 918.50 234.45
2015-12-31 1,495.90 804.00 251.90
2015-09-30 1,629.45 707.00 237.45
2015-06-30 1,763.00 610.00 223.00
2015-03-31 1,924.90 545.10 189.80
2014-12-31 2,086.80 480.20 156.60
2014-09-30 2,002.30 463.75 146.35
2014-06-30 1,917.80 447.30 136.10
2013-12-31 1,752.20 329.40 125.70
2013-09-30 1,619.35 233.95 122.25
2013-06-30 1,486.50 138.50 118.80
2012-12-31 1,464.80 266.80 116.80

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Mirvac Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Mirvac Group used its assets more efficiently than the AU REITs industry average last year based on Return on Assets.
  • Mirvac Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Mirvac Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Mirvac Group has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MGR Health

 How is Mirvac Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Mirvac Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Mirvac Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Mirvac Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Mirvac Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Mirvac Group Company Filings, last reported 3 months ago.

ASX:MGR Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 9,874.00 3,551.00 134.00
2019-03-31 9,874.00 3,551.00 134.00
2018-12-31 8,989.00 3,740.00 83.00
2018-09-30 8,989.00 3,740.00 83.00
2018-06-30 8,655.00 3,151.00 224.00
2018-03-31 8,655.00 3,151.00 224.00
2017-12-31 8,248.00 3,259.00 108.00
2017-09-30 8,248.00 3,259.00 108.00
2017-06-30 7,972.00 3,054.00 108.00
2017-03-31 7,972.00 3,054.00 108.00
2016-12-31 7,516.00 3,337.00 59.00
2016-09-30 7,516.00 3,337.00 59.00
2016-06-30 7,180.00 2,926.00 361.00
2016-03-31 7,180.00 2,926.00 361.00
2015-12-31 6,806.00 3,253.00 68.90
2015-09-30 6,806.00 3,253.00 68.90
2015-06-30 6,462.00 2,722.00 71.00
2015-03-31 6,462.00 2,722.00 71.00
2014-12-31 6,303.50 2,547.50 105.80
2014-09-30 6,303.50 2,547.50 105.80
2014-06-30 6,176.10 2,744.60 168.20
2013-12-31 6,104.70 2,753.40 71.00
2013-09-30 6,104.70 2,753.40 71.00
2013-06-30 6,010.80 2,192.60 139.00
2012-12-31 5,674.10 1,888.60 81.30
  • Mirvac Group's level of debt (36%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (44.4% vs 36% today).
  • Debt is not well covered by operating cash flow (14.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.8x coverage).
X
Financial health checks
We assess Mirvac Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Mirvac Group has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MGR Dividends

 What is Mirvac Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.82%
Current annual income from Mirvac Group dividends. Estimated to be 4.15% next year.
If you bought A$2,000 of Mirvac Group shares you are expected to receive A$76 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Mirvac Group's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.5%).
  • Mirvac Group's dividend is below the markets top 25% of dividend payers in Australia (5.6%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:MGR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Australia REITs Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 4.4%
Australia Market Average Dividend Yield Market Cap Weighted Average of 407 Stocks 4.2%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.5%
Australia Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:MGR Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2022-06-30 0.13 6.00
2021-06-30 0.13 7.00
2020-06-30 0.12 7.00
2019-10-13
ASX:MGR Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-08-07 0.116 3.717
2018-12-07 0.113 4.130
2018-08-08 0.110 4.763
2017-08-16 0.104 4.589
2016-06-21 0.099 4.599
2015-12-08 0.096 5.023
2015-06-24 0.094 5.203
2014-12-08 0.091 4.638
2014-06-24 0.090 5.071
2013-12-23 0.089 5.116
2013-06-24 0.090 5.357
2012-12-17 0.084 5.190
2012-08-20 0.084 5.776
2011-06-21 0.088 7.190
2011-04-21 0.080 6.381
2010-12-17 0.080 6.375
2010-09-21 0.080 6.162
2010-06-21 0.080 5.955
2010-03-22 0.080 5.813
2009-12-18 0.080 5.245
2009-09-18 0.080 5.187
2009-08-25 0.080 5.379
2009-08-24 0.008 0.635
2009-03-20 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Mirvac Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (5555.6x coverage).
X
Income/ dividend checks
We assess Mirvac Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Mirvac Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Mirvac Group has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MGR Management

 What is the CEO of Mirvac Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Susan Lloyd-Hurwitz
COMPENSATION A$4,822,584
AGE 51
TENURE AS CEO 7.2 years
CEO Bio

Ms. Susan Lloyd-Hurwitz, BA (Hons), MBA (Dist), has been the Chief Executive Officer and Managing Director of Mirvac Group since August 15, 2012 and its Executive Director since November 5, 2012. Prior to this, Ms. Lloyd-Hurwitz served as a Managing Director at LaSalle Investment Management, where she was responsible for the core investment accounts and funds business lines in the European region, as well as the operation of the business. Susan has also held senior executive positions at MGPA, Macquarie Group and Lend Lease Corporation, working in Australia, the US and Europe. She has been involved in the real estate funds management industry for over 28 years, with extensive experience in fund and portfolio management in both the direct and indirect markets, fund development, mergers and acquisitions, dispositions, research and business strategy. Ms. Lloyd-Hurwitz is also a Member of the UWS Foundation Council. She is National President of the Property Council of Australia, a Director of the Shopping Centre Council of Australia and the Green Building Council of Australia, a member of the NSW Public Service Commission Advisory Board, President of INSEAD Australasian Council and a member of the INSEAD Global Board. She holds a Bachelor of Arts (Hons) from the University of Sydney and an MBA (Distinction) from INSEAD (France).

CEO Compensation
  • Susan's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Susan's remuneration is about average for companies of similar size in Australia.
Management Team Tenure

Average tenure of the Mirvac Group management team in years:

3.6
Average Tenure
  • The tenure for the Mirvac Group management team is about average.
Management Team

Susan Lloyd-Hurwitz

TITLE
CEO, MD & Executive Director
COMPENSATION
A$5M
AGE
51
TENURE
7.2 yrs

Shane Gannon

TITLE
Chief Financial Officer
COMPENSATION
A$2M
AGE
59
TENURE
5.8 yrs

Brett Draffen

TITLE
Chief Investment Officer
COMPENSATION
A$3M
TENURE
5.3 yrs

Susan MacDonald

TITLE
Head of Retail
COMPENSATION
A$2M

Stuart Penklis

TITLE
Head of Residential
COMPENSATION
A$2M
TENURE
2.4 yrs

Campbell Hanan

TITLE
Head of Office & Industrial
COMPENSATION
A$2M
TENURE
3.6 yrs

Bryan Howitt

TITLE
General Manager of Investor Relations

Kate Lander

TITLE
General Manager of Communications

Chris Akayan

TITLE
Head of Culture & Reputation
TENURE
2.6 yrs

Bay Warburton

TITLE
Head of Stakeholder Relations
TENURE
2.2 yrs
Board of Directors Tenure

Average tenure and age of the Mirvac Group board of directors in years:

6.4
Average Tenure
60.5
Average Age
  • The tenure for the Mirvac Group board of directors is about average.
Board of Directors

John Mulcahy

TITLE
Independent Non-Executive Chair
COMPENSATION
A$480K
AGE
69
TENURE
5.9 yrs

Susan Lloyd-Hurwitz

TITLE
CEO, MD & Executive Director
COMPENSATION
A$5M
AGE
51
TENURE
6.9 yrs

Peter John Hawkins

TITLE
Independent Non-Executive Director
COMPENSATION
A$233K
AGE
65
TENURE
13.8 yrs

James Millar

TITLE
Independent Non-Executive Director
COMPENSATION
A$233K
AGE
66
TENURE
9.9 yrs

Elana Rubin

TITLE
Independent Non-Executive Director
COMPENSATION
A$203K
TENURE
8.9 yrs

John Peters

TITLE
Independent Non-Executive Director
COMPENSATION
A$203K
TENURE
7.9 yrs

Christine Bartlett

TITLE
Independent Non-Executive Director
COMPENSATION
A$203K
TENURE
4.8 yrs

Sam Mostyn

TITLE
Independent Non-Executive Director
COMPENSATION
A$203K
AGE
54
TENURE
4.6 yrs

Jane Hewitt

TITLE
Independent Non-Executive Director
COMPENSATION
A$114K
TENURE
0.8 yrs

Peter Nash

TITLE
Independent Non-Executive Director
COMPENSATION
A$126K
AGE
56
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • Mirvac Group individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
24. Sep 19 Sell Susan Lloyd-Hurwitz Individual 18. Sep 19 19. Sep 19 -70,967 A$3.11 A$-220,320
25. Mar 19 Sell Susan Lloyd-Hurwitz Individual 18. Mar 19 21. Mar 19 -321,294 A$2.74 A$-875,845
17. Mar 19 Sell State Street Global Advisors, Inc. Company 31. Dec 18 13. Mar 19 -2,335,105 A$2.69 A$0
17. Mar 19 Buy State Street Global Advisors, Inc. Company 28. Dec 18 14. Mar 19 30,256,514 A$2.70 A$339,328
20. Feb 19 Sell BlackRock, Inc. Company 19. Oct 17 15. Feb 19 -56,593,818 A$2.57 A$0
20. Feb 19 Buy BlackRock, Inc. Company 19. Oct 17 18. Feb 19 75,894,303 A$2.59 A$42,561
27. Dec 18 Buy State Street Global Advisors, Inc. Company 22. Aug 18 21. Dec 18 15,429,989 A$2.51 A$849,107
X
Management checks
We assess Mirvac Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Mirvac Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MGR News

Simply Wall St News

A Look At Mirvac Group's (ASX:MGR) Exceptional Fundamentals

For those interested in understanding where the figures come from and want to see the analysis, take a look at the report on Mirvac Group here.Established dividend payer with adequate balance sheet MGR is financially robust, with ample cash on hand and short-term investments to meet upcoming liabilities. … ASX:MGR Historical Debt, August 30th 2019 Income investors would also be happy to know that MGR is a great dividend company, with a current yield standing at 3.7%. … ASX:MGR Historical Dividend Yield, August 30th 2019 Next Steps: For Mirvac Group, there are three key factors you should look at: Future Outlook: What are well-informed industry analysts predicting for MGR’s future growth?

Simply Wall St -

The Mirvac Group (ASX:MGR) Share Price Has Gained 67% And Shareholders Are Hoping For More

For example, long term Mirvac Group (ASX:MGR) shareholders have enjoyed a 67% share price rise over the last half decade, well in excess of the market return of around 8.9% (not including dividends). … Over half a decade, Mirvac Group managed to grow its earnings per share at 18% a year. … As it happens, Mirvac Group's TSR for the last 5 years was 112%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Top Bear Market Investment: Mirvac Group (ASX:MGR)

High quality stocks such as Mirvac Group has fared well over time in a fickle stock market, which is why I want to bring it into light amongst all the chaos. … Generally, large-cap stocks are well-resourced and well-established meaning that a bear market will cause it to rejig some short-term capital allocations, but stock market volatility is hardly detrimental to its financial health and business operations. … This consistent market outperformance illustrates a robust track record of delivering strong returns over a number of years, increasing my conviction in Mirvac Group as an investment over the long run.

Simply Wall St -

Is It Worth Buying Mirvac Group (ASX:MGR) For Its 3.5% Dividend Yield?

Dividend paying stocks like Mirvac Group (ASX:MGR) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. A high yield and a long history of paying dividends is an appealing combination for Mirvac Group. We'd guess that plenty of investors have purchased it for the income. The company also bought back stock equivalent to around 1.0% of market capitalisation this year. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. We'll run through some checks below to help with this. Explore this interactive chart for our latest analysis on Mirvac Group! ASX:MGR Historical Dividend Yield, July 18th 2019 Payout ratios Dividends are usually paid out of company earnings. If a company is paying more than it earns, then the dividend might become unsustainable - hardly an ideal situation. As a result, we should always investigate whether a company can afford its dividend, measured as a percentage of a company's net income after tax. In the last year, Mirvac Group paid out 48% of its profit as dividends. This is a middling range that strikes a nice balance between paying dividends to shareholders, and retaining enough earnings to invest in future growth. Plus, there is room to increase the payout ratio over time. In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. Mirvac Group paid out a conservative 49% of its free cash flow as dividends last year. It's encouraging to see that the dividend is covered by both profit and cash flow. This generally suggests the dividend is sustainable, as long as earnings don't drop precipitously. Mirvac Group is a REIT, which is an investment structure that often has different payout rules compared to other companies. It is not uncommon for REITs to pay out 100% of their earnings each year. Is Mirvac Group's Balance Sheet Risky? As Mirvac Group has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. … We calculated its interest cover by measuring its earnings before interest and tax (EBIT), and dividing this by the company's net interest expense. Mirvac Group has EBIT of 5.40 times its interest expense, which we think is adequate. Dividend Volatility From the perspective of an income investor who wants to earn dividends for many years, there is not much point buying a stock if its dividend is regularly cut or is not reliable. For the purpose of this article, we only scrutinise the last decade of Mirvac Group's dividend payments. Its dividend payments have fallen by 20% or more on at least one occasion over the past ten years. During the past ten-year period, the first annual payment was AU$0.33 in 2009, compared to AU$0.11 last year. The dividend has fallen 66% over that period. When a company's per-share dividend falls we question if this reflects poorly on either the business or management. Either way, we find it hard to get excited about a company with a declining dividend. Dividend Growth Potential With a relatively unstable dividend, and a poor history of shrinking dividends, it's even more important to see if EPS are growing. It's good to see Mirvac Group has been growing its earnings per share at 54% a year over the past 5 years. Earnings per share have rocketed in recent times, and we like that the company is retaining more than half of its earnings to reinvest. However, always remember that very few companies can grow at double digit rates forever. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … See what the 7 analysts we track are forecasting for Mirvac Group for free with public analyst estimates for the company.

Simply Wall St -

Are Insiders Selling Mirvac Group (ASX:MGR) Stock?

So we'll take a look at whether insiders have been buying or selling shares in Mirvac Group (ASX:MGR). … Check out our latest analysis for Mirvac Group The Last 12 Months Of Insider Transactions At Mirvac Group In the last twelve months, the biggest single sale by an insider was when the CEO, MD & Director, Susan Lloyd-Hurwitz, sold AU$876k worth of shares at a price of AU$2.74 per share. … Does Mirvac Group Boast High Insider Ownership?

Simply Wall St -

Should You Be Impressed By Mirvac Group's (ASX:MGR) ROE?

One way to conceptualize this, is that for each A$1 of shareholders' equity it has, the company made A$0.14 in profit. … The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Mirvac Group: 14% = AU$1.3b ÷ AU$9.0b (Based on the trailing twelve months to December 2018.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … A company that can achieve a high return on equity without debt could be considered a high quality business.

Simply Wall St -

Why Mirvac Group's (ASX:MGR) CEO Pay Matters To You

Susan Lloyd-Hurwitz has been the CEO of Mirvac Group (ASX:MGR) since 2012. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Susan Lloyd-Hurwitz's Compensation Compare With Similar Sized Companies?

Simply Wall St -

There's An Opportunity With Mirvac Group (ASX:MGR)

This is the best time to buy stocks like Mirvac Group at a discount. … View our latest analysis for Mirvac Group. … Mirvac is a leading, diversified Australian property group, with an integrated development and asset management capability

Simply Wall St -

Introducing Mirvac Group (ASX:MGR), A Stock That Climbed 61% In The Last Five Years

For example, long term Mirvac Group (ASX:MGR) shareholders have enjoyed a 61% share price rise over the last half decade, well in excess of the market return of around 5.8% (not including dividends). … During five years of share price growth, Mirvac Group achieved compound earnings per share (EPS) growth of 30% per year. … This EPS growth is higher than the 10% average annual increase in the share price.

Simply Wall St -

Is Mirvac Group (ASX:MGR) A Healthy REIT?

real estate investment trust (REIT) based in Sydney, Australia. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.

Simply Wall St -

MGR Company Info

Description

Mirvac is a leading, diversified Australian property group, with an integrated development and asset management capability. We have 45 years of experience in the property industry and an unmatched reputation for delivering superior products and services across our businesses. Principally located in Australia's four key cities of Sydney, Melbourne, Brisbane and Perth, Mirvac owns and manages assets across the office, retail and industrial sectors, with over $18 billion of assets currently under management. Our development activities allow us to create and deliver innovative and high-quality commercial assets and residential projects for our customers, while driving long-term value for our securityholders. Our integrated approach gives us a competitive advantage in the creation of quality assets across the entire lifecycle of a project; from planning through to design, construction and development, leasing, property management and long-term ownership. Recognising the contribution we make to Australia’s major cities, our purpose, Reimagine Urban Life, inspires us to question how and why we do things. With a strong focus on our customers, we’re asked to think about how we can redefine the landscape and create more sustainable, connected and vibrant urban environments, leaving a lasting legacy for generations to come.

Details
Name: Mirvac Group
MGR
Exchange: ASX
Founded: 1972
A$11,959,188,364
3,933,943,541
Website: http://www.mirvac.com
Address: Mirvac Group
200 George Street,
Level 28,
Sydney,
New South Wales, 2000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX MGR Stapled Securities Australian Securities Exchange AU AUD 18. Jun 1999
OTCPK MRVG.F Stapled Securities Pink Sheets LLC US USD 18. Jun 1999
DB MJB Stapled Securities Deutsche Boerse AG DE EUR 18. Jun 1999
BST MJB Stapled Securities Boerse-Stuttgart DE EUR 18. Jun 1999
CHIA MGR Stapled Securities Chi-X Australia AU AUD 18. Jun 1999
Number of employees
Current staff
Staff numbers
1,540
Mirvac Group employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 10:33
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/09/15
Last earnings filing: 2019/08/07
Last earnings reported: 2019/06/30
Last annual earnings reported: 2019/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.