Monday, 16 August 2021

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Monday, 16 August 2021

MGR - MIRVAC GROUP

Credit Suisse rates MGR as Outperform (1) - 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.

Target price is $3.13 Current Price is $3.00 Difference: $0.13 If MGR meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges). Current consensus price target is $3.14, suggesting upside of 4.6%(ex-dividends)The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 10.00 cents and EPS of 15.00 cents . At the last closing share price the estimated dividend yield is 3.33%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of -35.8%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 20.4.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 11.00 cents and EPS of 17.00 cents . At the last closing share price the estimated dividend yield is 3.67%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.65. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of 10.2%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.7All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources