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Co-founder & CEO of AllenWargent property market & hedge fund advisory.
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Co-founder & CEO of AllenWargent property advisory, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
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Thursday, 9 May 2013
Mirvac releases Q3 operational update
Skewed reporting of Mirvac Group (MGR) operations release today leads to the usual crowing by housing bears who for some reason seem to think that the company is struggling. The commenters clearly didn't read the release themselves. If they did they'd have seen forecast residential market improvements in NSW, WA and QLD.
Stock analysts enjoyed the release firing the share price up another 1.3% and will be off the top of the chart by close of trade. Forecast ROIC > 10%. PE ratio at 16. Stock price up ~50% in 12 months and a market cap of $6 billion. The FY13 results in August should make for pleasing reading.
Great news for holders.
Mirvac will look to focus on what they call 'quality' locations (inner suburbs) rather than inferior urban edge and rural areas.