Mirvac Group
Company Profile
Business description
Mirvac is one of Australia’s largest residential developers, particularly apartments. Residential development earnings are volatile, generating about a quarter of EBIT in fiscal 2024, despite requiring only about less than 20% of the group’s invested capital. Over our 10-year discrete forecast period we don't expect residential development to exceed the lofty peaks seen in 2017, when Mirvac settled 3,400 residential lots. After an expected trough in 2025 we forecast modest growth as Mirvac constructs housing into an under-supplied market. About 80% of Mirvac’s earnings come from a predictable commercial property portfolio, more than half of which is high-grade office and another fourth in retail, a small industrial portfolio, and a small but growing build-to-rent residential portfolio.
Contact
200 George Street
Level 28
SydneyNSW2000
AUST: +61 290808000
Sector
Real Estate
Stock type
Cyclical
Industry
REIT - Diversified
Fiscal Year End
30 June 2025
Employees
1,684
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