Property Stocks Down Under 16 March 2022: Mirvac (ASX:MGR)

Mirvac: Is this the ASX’s most unique property developer?

Mirvac (ASX: MGR) is Australia’s largest listed developer of residential, commercial and industrial property. It is also one of the unique being the first Australian property developer to be carbon positive and the first to offer Built to Rent (BTR) apartments. The latter has been a long time coming but the company launched its first BTR property and we think it could be the biggest innovation to the apartment space since the creation of strata in the 1960s.

Despite a 15% rise in the company’s shares since we last covered it in July 2021, it still trades at a discount to its NTA and to its peers on a P/NTA basis. We think it is because of investor scepticism over the state of the apartment market but we believe things will turn around now that international borders are open, people are returning to CBDs and Australia is ‘living with COVID’. Therefore, we are giving Mirvac four stars based on its track record, its healthy pipeline, high ESG credentials, capital discipline and sector diversification.

Click here to read the previous edition of Emerging Stocks Down Under published 9 March 2022.

For in-depth research reports or to keep up-to-date on the latest Stocks Down Under news see our parent company, Pitt Street Research, or follow us on Facebook and Twitter.