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MIRVAC INDUSTRIAL TRUST (MIX)

MIRVAC INDUSTRIAL TRUST (MIX)

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General Information
Company Name: Mirvac Industrial Trust
Stock Code: MIX
Website: www.mirvac.com/mix
GICS Sub-Industry: Industrial Real Estate Investment Trusts
Market Cap ($M): 40
Equiv. Shares (M): 362

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.110 $ 0.110 $ 0.110 $ 0.110 $ 0.115 14,835 $ -0.005  -4.348 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 26th Aug 2010
12 Month Target Price (average): $0.03
Brokers Surveyed: 1

Company Overview

Business Description:
Mirvac Industrial Trust (MIX) is involved in property investment, managed by Mirvac Funds Management Limited. The Trust operates in industrial property and investment industry in United States.

Strategy Analysis:
The Trust's strategy is to provide investors the opportunity to invest in industrial real estate, located initially in or about Chicago and the surrounding regions and, in the future, in or adjacent to other US industrial markets. Mirvac also aims to minimize vacancy and short-term expiry to underpin future earnings. It has a continuing rationalisation program of non-core assets in non-core markets where net proceeds from any asset sales will be used towards paying down debt.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2011  A 30.8 8.5 -- 0.4 0.0 0.0 --
2010  A -30.9 -8.5 -- 0.0 0.0 0.0 --
2009  A -216.1 -59.6 -- 0.0 2.5 18.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F
Mirvac Industrial (MIX) $42 M -- -- -- 1.3514 -- -- 0.0000 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
MIX 1.42 1.29 0.56 --
Market 1.12 11.1 0.96 2.31
Sector 1.27 12.1 0.79 2.39

Directors
Name Position Start Date
Mr Andrew Butler Executive Director 13 December 2010
Mr Paul Francis Barker Non-Executive Chairman 01 April 2007
Josephine Miller Non-Executive Director 26 August 2011
Mr Matthew David Hardy Non-Executive Director 04 September 2009

Management
Name Position
Margaret Mezrani Company Secretary

Substantial Shareholders
Holding Name
50,742,790 (13.87%) Mirvac Ltd and Associates
22,585,178 (6.23%) Melic Pty Ltd ATF The Melic Trust
40,567,085 (11.19%) Orbis Group

Calendar of Events
Date Event
19 February 2013 Report (Interim)
21 August 2012 Report (Prelim)
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