Australian homebuilder Mirvac's annual result was better than Jefferies expected. Mirvac pointed to FY27 operating EPS growth of 2.3-3.9%. That would be a solid outcome against a tough backdrop for residential property development, analyst Andrew Dodds says. Mirvac also signaled it would settle 2,800-3,100 residential lots in FY27. That is materially ahead of consensus hopes for 2,347 settlements, Jefferies says. "Gross margins of 23.9% (ex-impaired) are back above the 18-22% target, up from 17.5% in FY25, with all impaired projects now settled," Jefferies adds. It had a hold call and A$1.80/share price target on Mirvac ahead of today's result. Mirvac ended Tuesday at A$1.74.