Mirvac Group

DB:MJB Stock Report

Market Cap: €5.3b

Mirvac Group Valuation

Is MJB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MJB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MJB (€1.32) is trading below our estimate of fair value (€2.2)

Significantly Below Fair Value: MJB is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MJB?

Key metric: As MJB is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for MJB. This is calculated by dividing MJB's market cap by their current revenue.
What is MJB's PS Ratio?
PS Ratio2.8x
SalesAU$3.04b
Market CapAU$8.64b

Price to Sales Ratio vs Peers

How does MJB's PS Ratio compare to its peers?

The above table shows the PS ratio for MJB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.7x
FVI Fair Value REIT-AG
2.3xn/a€54.7m
AOX alstria office REIT-AG
5.1x-1.5%€1.2b
LAND Land Securities Group
5.8x-0.7%UK£4.6b
GPT GPT Group
9.5x1.9%AU$9.1b
MJB Mirvac Group
2.8x-44.9%€8.6b

Price-To-Sales vs Peers: MJB is good value based on its Price-To-Sales Ratio (2.8x) compared to the peer average (5.7x).

Price to Sales Ratio vs Industry

How does MJB's PS Ratio compare vs other companies in the European REITs Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
MJB 2.8xIndustry Avg. 8.2xNo. of Companies10PS0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: MJB is good value based on its Price-To-Sales Ratio (2.8x) compared to the European REITs industry average (8.2x).

Price to Sales Ratio vs Fair Ratio

What is MJB's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MJB PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.8x
Fair PS Ratio2.8x

Price-To-Sales vs Fair Ratio: MJB is expensive based on its Price-To-Sales Ratio (2.8x) compared to the estimated Fair Price-To-Sales Ratio (2.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MJB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.32
€1.43
+8.3%
4.8%€1.54€1.35n/a10
Nov ’25€1.26
€1.43
+13.9%
4.8%€1.54€1.35n/a10
Oct ’25€1.31
€1.36
+3.3%
6.7%€1.54€1.26n/a10
Sep ’25€1.21
€1.29
+7.0%
5.7%€1.51€1.23n/a11
Aug ’25€1.26
€1.34
+6.1%
7.0%€1.57€1.22n/a11
Jul ’25€1.11
€1.38
+24.5%
7.2%€1.61€1.25n/a11
Jun ’25€1.16
€1.41
+21.1%
12.0%€1.89€1.23n/a11
May ’25€1.21
€1.43
+17.8%
10.9%€1.89€1.23n/a12
Apr ’25€1.38
€1.42
+2.3%
10.9%€1.87€1.21n/a12
Mar ’25€1.26
€1.42
+12.7%
10.9%€1.88€1.22n/a12
Feb ’25€1.26
€1.38
+9.5%
13.1%€1.87€1.11n/a11
Jan ’25€1.27
€1.42
+11.9%
13.3%€1.91€1.13n/a11
Dec ’24€1.21
€1.41
+17.0%
13.5%€1.87€1.10n/a11
Nov ’24€1.08
€1.39
+28.6%
14.2%€1.85€1.09€1.2610
Oct ’24€1.29
€1.50
+16.4%
11.3%€1.87€1.28€1.3110
Sep ’24€1.41
€1.48
+4.7%
10.4%€1.85€1.26€1.2112
Aug ’24€1.40
€1.48
+5.6%
9.7%€1.88€1.34€1.2611
Jul ’24€1.36
€1.55
+14.4%
9.7%€1.95€1.38€1.1111
Jun ’24€1.39
€1.52
+9.5%
9.5%€1.91€1.36€1.1611
May ’24€1.42
€1.49
+4.9%
9.4%€1.87€1.33€1.2111
Apr ’24€1.25
€1.48
+18.7%
9.9%€1.91€1.29€1.3812
Mar ’24€1.39
€1.57
+12.9%
9.8%€2.00€1.36€1.2613
Feb ’24€1.47
€1.58
+7.6%
9.3%€2.02€1.40€1.2613
Jan ’24€1.34
€1.56
+16.6%
10.3%€2.01€1.33€1.2714
Dec ’23€1.46
€1.56
+7.2%
10.3%€2.01€1.33€1.2114
Nov ’23€1.34
€1.56
+16.7%
10.4%€2.00€1.36€1.0814

Analyst Forecast: Target price is less than 20% higher than the current share price.

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