Following Maas Group's investor day, Morgans continues to see organic upside potential in the Residential Real Estate business over FY23/24. The Commercial Property pipeline is also expected to generate meaningful value.
While the analyst's forecasts are unchanged, the Commercial Property opportunity outweighs the effect of a reduction in peer multiples and leads to a rise in target price to $5.85 from $5.65. The Add rating is unchanged.
Sector: Materials.
Target price is $5.85.Current Price is $5.30. Difference: $0.55 - (brackets indicate current price is over target). If MGH meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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