Mirvac Group Future Growth

Future criteria checks 1/6

Mirvac Group's revenue is forecast to decline at 40.8% per annum while its annual earnings are expected to grow at 10.1% per year. EPS is expected to grow by 9.5% per annum. Return on equity is forecast to be 5.8% in 3 years.

Key information

10.1%

Earnings growth rate

9.54%

EPS growth rate

REITs earnings growth	6.3%
Revenue growth rate	-40.8%
Future return on equity	5.79%
Analyst coverage	Good
Last updated	22 Jul 2026

Recent future growth updates

Recent updates

Analysis Article • Jun 18

Mirvac Group (ASX:MGR) Shares Could Be 25% Undervalued After Interim Dividend Declaration

Mirvac Group (ASX:MGR) has declared an unfranked interim dividend of A$0.048 per share for the six months ended June 30, 2026. This is a key development for investors focused on income from the stock. See our latest analysis for Mirvac Group. Mirvac Group’s A$1.755 share price reflects a mixed picture, with the 30 day share price return up 4.15% while the year to date share price return is down 13.97% and the 1 year total shareholder return down 18.54%. This suggests momentum has softened...

Narrative Update • Nov 23

MGR: Operating Earnings Per Security Outlook Will Drive Positive Momentum Into 2026

Analysts have maintained their price target for Mirvac Group at $2.47, citing only marginal shifts in discount rate and profit margin assumptions in their updated assessment. What's in the News Mirvac Group has reaffirmed its earnings guidance for the year 2026, and is maintaining a forecast of operating earnings per security between 12.8 and 13.0 cents for FY26 (Key Developments).

Narrative Update • Nov 06

MGR: Operating Earnings Forecast Will Support Stable Outlook Into Fiscal 2026

Analysts have raised their price target for Mirvac Group slightly, from $2.45 to $2.47. They cite small improvements in fair value estimates and a marginally lower discount rate, despite subdued revenue growth projections.

Narrative Update • Oct 22

Analysts Raise Mirvac Group Price Target as Valuation Edges Higher on Earnings Outlook

Analysts have increased their price target for Mirvac Group from $2.41 to $2.45. This reflects slight improvements in fair value assessments and projected profit margins.

New Narrative • Aug 17

Urban Growth And Sustainable Development Will Shape Future Success

Key Takeaways Expansion into build-to-rent, land lease, and industrial segments diversifies income, reduces office and retail exposure, and supports smoother, recurring revenue growth. Strong residential pipeline, urban land holdings, and focus on sustainability position Mirvac to benefit from population growth, housing demand, and premium leasing trends.

Analysis Article • Feb 28

What Type Of Returns Would Mirvac Group's(ASX:MGR) Shareholders Have Earned If They Purchased Their SharesYear Ago?

Passive investing in an index fund is a good way to ensure your own returns roughly match the overall market. When you...

Analysis Article • Jan 31

How Much Is Mirvac Group's (ASX:MGR) CEO Getting Paid?

Susan Lloyd-Hurwitz has been the CEO of Mirvac Group ( ASX:MGR ) since 2012, and this article will examine the...

Analysis Article • Jan 03

How Many Mirvac Group (ASX:MGR) Shares Do Institutions Own?

The big shareholder groups in Mirvac Group ( ASX:MGR ) have power over the company. Generally speaking, as a company...

Analysis Article • Dec 07

Mirvac Group's (ASX:MGR) Stock Going Strong But Fundamentals Look Weak: What Implications Could This Have On The Stock?

Mirvac Group's (ASX:MGR) stock is up by a considerable 25% over the past three months. We, however wanted to have a...

Earnings and Revenue Growth Forecasts

ASX:MGR - Analysts future estimates and past financials data (AUD Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
6/30/2028	1,059	667	318	691	3
6/30/2027	968	598	51	581	4
6/30/2026	950	601	473	656	4
12/31/2025	2,931	386	648	649	N/A
9/30/2025	2,801	227	598	600	N/A
6/30/2025	2,670	68	548	550	N/A
3/31/2025	2,830	-267	679	681	N/A
12/31/2024	2,989	-603	810	812	N/A
9/30/2024	3,012	-704	675	677	N/A
6/30/2024	3,035	-805	540	542	N/A
3/31/2024	2,699	-693	353	356	N/A
12/31/2023	2,362	-581	166	169	N/A
9/30/2023	2,151	-373	52	56	N/A
6/30/2023	1,940	-165	-62	-57	N/A
3/31/2023	1,933	196	106	113	N/A
12/31/2022	1,925	556	274	283	N/A
9/30/2022	2,170	731	581	589	N/A
6/30/2022	2,415	906	887	895	N/A
3/31/2022	2,313	990	745	750	N/A
12/31/2021	2,211	1,074	602	605	N/A
9/30/2021	2,064	988	616	620	N/A
6/30/2021	1,917	901	630	635	N/A
3/31/2021	1,932	619	583	587	N/A
12/31/2020	1,946	337	535	539	N/A
9/30/2020	2,097	448	491	495	N/A
6/30/2020	2,247	558	446	450	N/A
3/31/2020	2,328	771	571	578	N/A
12/31/2019	2,408	984	695	705	N/A
9/30/2019	2,332	1,002	N/A	612	N/A
6/30/2019	2,255	1,019	N/A	518	N/A
3/31/2019	2,489	1,146	N/A	684	N/A
12/31/2018	2,722	1,272	N/A	850	N/A
9/30/2018	2,512	1,181	N/A	757	N/A
6/30/2018	2,302	1,089	N/A	663	N/A
3/31/2018	2,209	1,105	N/A	624	N/A
12/31/2017	2,116	1,121	N/A	584	N/A
9/30/2017	2,269	1,143	N/A	549	N/A
6/30/2017	2,422	1,164	N/A	513	N/A
3/31/2017	2,554	1,116	N/A	579	N/A
12/31/2016	2,685	1,068	N/A	644	N/A
9/30/2016	2,561	1,051	N/A	577	N/A
6/30/2016	2,436	1,033	N/A	509	N/A
3/31/2016	1,966	919	N/A	210	N/A
12/31/2015	1,496	804	N/A	-88	N/A
9/30/2015	1,629	707	N/A	162	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MGR's forecast earnings growth (10.1% per year) is above the savings rate (3.6%).

Earnings vs Market: MGR's earnings (10.1% per year) are forecast to grow slower than the Australian market (11.3% per year).

High Growth Earnings: MGR's earnings are forecast to grow, but not significantly.

Revenue vs Market: MGR's revenue is expected to decline over the next 3 years (-40.8% per year).

High Growth Revenue: MGR's revenue is forecast to decline over the next 3 years (-40.8% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MGR's Return on Equity is forecast to be low in 3 years time (5.8%).

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/07/26 22:02
End of Day Share Price	2026/07/24 00:00
Earnings	2025/12/31
Annual Earnings	2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Mirvac Group is covered by 27 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Benjamin Brayshaw	Barrenjoey Markets Pty Limited
Nicholas McGarrigle	Barrenjoey Markets Pty Limited
Simon Garing	Bell Potter

Mirvac Group Future Growth

Future criteria checks 1/6

Key information

Recent future growth updates

Mirvac Group Reaffirms Earnings Guidance for the Year 2025

Consensus EPS estimates increase by 34%

Consensus EPS estimates fall by 20%, revenue upgraded

Consensus forecasts updated

Consensus forecasts updated

Consensus forecasts updated

Recent updates

First half dividend increased to AU$0.048

Mirvac Group (ASX:MGR) Shares Could Be 25% Undervalued After Interim Dividend Declaration

Mirvac Group Announces Unfranked Estimated Interim Dividend for the Six Months Ended June 30, 2026, Payable on August 31, 2026

Mirvac Group to Report Q3, 2026 Results on Apr 23, 2026

First half 2026 earnings released: EPS: AU$0.081 (vs AU$0 in 1H 2025)

Final dividend of AU$0.047 announced

MGR: Operating Earnings Per Security Outlook Will Drive Positive Momentum Into 2026

MGR: Operating Earnings Forecast Will Support Stable Outlook Into Fiscal 2026

Analysts Raise Mirvac Group Price Target as Valuation Edges Higher on Earnings Outlook

Mirvac Group Reaffirms Distribution Guidance for the Year 2026

Mirvac Group, Annual General Meeting, Nov 20, 2025

Urban Growth And Sustainable Development Will Shape Future Success

Full year 2025 earnings released: EPS: AU$0.017 (vs AU$0.20 loss in FY 2024)

First half dividend of AU$0.045 announced

Mirvac Group Announces Distribution for the Six Months Ended June 30, 2025, Payable on August 28, 2025

Now 21% undervalued

Mirvac Group Appoints Rosemary Hartnett to Audit, Risk and Compliance Committee and the Human Resources Committee, Effective 1 March 2025

Now 21% undervalued

First half 2025 earnings released: EPS: AU$0 (vs AU$0.051 loss in 1H 2024)

Mirvac Group Reaffirms Earnings Guidance for the Year 2025

Mirvac Group to Report First Half, 2025 Results on Feb 14, 2025

Final dividend of AU$0.045 announced

Buyout or Equity Raising Reportedly Likely for Lifestyle Communities

Mirvac Group Appoints Rosemary Hartnett as Non-Executive Director, Effective December 2, 2024

Mirvac Group, Annual General Meeting, Nov 15, 2024

Full year 2024 earnings released: AU$0.20 loss per share (vs AU$0.042 loss in FY 2023)

Mirvac Group to Report Fiscal Year 2024 Results on Aug 08, 2024

First half dividend of AU$0.06 announced

Keppel REIT (Australia) Sub-Trust 8 acquired 50% stake in 255 George Street, a freehold Grade A office building in Sydney, Australia from Mirvac Wholesale Office Fund I which is managed by Mirvac Group (ASX:MGR).

Keppel REIT (Australia) Sub-Trust 8 agreed to acquire 50% stake in 255 George Street, a freehold Grade A office building in Sydney, Australia from Mirvac Wholesale Office Fund I which is managed by Mirvac Group (ASX:MGR) for AUD 363.8 million.

First half 2024 earnings released: AU$0.051 loss per share (vs AU$0.055 profit in 1H 2023)

Upcoming dividend of AU$0.045 per share at 5.1% yield

Mirvac Group to Report First Half, 2024 Results on Feb 08, 2024

Mirvac Group Declares Dividend for the Six Months Ending December 31, 2023, Payable on February 29, 2024

Now 21% undervalued after recent price drop

Mirvac Group Announces Management Changes

Mirvac Group (ASX:MGR) and Pacific Equity Partners Secure Assets Fund, L.P. managed by Pacific Equity Partners and Tasman Capital Partners entered into binding agreement to acquire Serenitas Management.

New major risk - Financial position

Full year 2023 earnings released: AU$0.042 loss per share (vs AU$0.23 profit in FY 2022)

Mirvac Group to Report Q1, 2024 Results on Oct 25, 2023

Now 20% undervalued after recent price drop

Upcoming dividend of AU$0.053 per share at 4.5% yield

Mirvac Group Announces Fully Paid Distribution for the Six Months Ended June 30, 2023, Payable on August 31, 2023

Mirvac Group, Annual General Meeting, Nov 16, 2023

Consensus EPS estimates increase by 34%

Independent Non-Executive Chair recently bought AU$66k worth of stock

Independent Non-Executive Director recently bought AU$73k worth of stock

First half 2023 earnings released: EPS: AU$0.055 (vs AU$0.14 in 1H 2022)

Consensus EPS estimates fall by 20%, revenue upgraded

Upcoming dividend of AU$0.052 per share

Independent Non-Executive Director recently bought AU$91k worth of stock

Mirvac Group Declares Dividend for the Six Months Ending December 31, 2022, Payable on February 28, 2023

Independent Non-Executive Director exercised options to buy AU$64k worth of stock.

Mirvac Group Announces CEO Changes

Mirvac Group Announces Retirement Plan of Susan Lloyd-Hurwitz as Chief Executive Officer from June 30, 2023

CEO, MD & Executive Director exercised options to buy AU$192k worth of stock.

Mirvac Group, Annual General Meeting, Nov 18, 2022

CEO, MD & Executive Director exercised options to buy AU$678k worth of stock.

Full year 2022 earnings: EPS and revenues miss analyst expectations

Consensus forecasts updated

Consensus forecasts updated

Upcoming dividend of AU$0.051 per share

Mirvac Group Announces Fully Paid Distribution for the Six Months Ended June 30, 2022, Payable on August 31, 2022

Consensus forecasts updated

Revelop completed the acquisition of Tramsheds in Sydney from Mirvac Group (ASX:MGR).

Consensus EPS estimates increase by 36%

An unknown buyer agreed to acquire Tramsheds and Quay West Carpark in Sydney from Mirvac Group (ASX:MGR).

First half 2022 earnings: EPS exceeds analyst expectations while revenues lag behind

Mirvac Group Announces Fully Paid Distribution for the Six Months Ended December 31, 2021, Payable on February 28, 2022