VICINITY CENTRES (VCX)
Share Price Analysis and Chart

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VCX - VICINITY CENTRES

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 5.17
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Vicinity Centres is an Australian Real Estate Investment Trust specialising in ownership and management of Australian shopping centres. With $24bn in retail assets under management across 63 shopping centres, the company is the second largest listed manager of Australian retail property on the ASX.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.965

22 Jul
2024

-0.015

OPEN

$1.96

-0.76%

HIGH

$2.00

5,178,146

LOW

$1.96

TARGET
$2.04

-0.01 change from previous day

 3.8% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DXC . DXI . DXS . ECF . GDF . GDI . HCW . HDN . NSR . PLG . REP . RFF . RGN . SCG . TGP . URW . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
VCX: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 6.0 14.5 xxx
DPS (cps) xxx 12.0 11.8 xxx
EPS Growth xxx - 77.7% 100.0% xxx
DPS Growth xxx 15.4% - 2.1% xxx
PE Ratio xxx N/A 13.7 xxx
Dividend Yield xxx N/A 5.9% xxx
Div Pay Ratio(%) xxx 201.3% 81.1% xxx

Dividend yield today if purchased 3 years ago: 7.89%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.03

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 20/02 - ex-div 5.85c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx6.0
DPS All xxxxxxxxxxxxxxx12.0
Sales/Revenue xxxxxxxxxxxxxxx1,281.4 M
Book Value Per Share xxxxxxxxxxxxxxx233.7
Net Operating Cash Flow xxxxxxxxxxxxxxx702.2 M
Net Profit Margin xxxxxxxxxxxxxxx21.19 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx2.52 %
Return on Invested Capital xxxxxxxxxxxxxxx1.83 %
Return on Assets xxxxxxxxxxxxxxx1.74 %
Return on Equity xxxxxxxxxxxxxxx2.52 %
Return on Total Capital xxxxxxxxxxxxxxx5.70 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-153.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx328 M
Long Term Debt xxxxxxxxxxxxxxx4,133 M
Total Debt xxxxxxxxxxxxxxx4,461 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx193 M
Price To Book Value xxxxxxxxxxxxxxx0.79

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx334.7 M
Capex % of Sales xxxxxxxxxxxxxxx26.12 %
Cost of Goods Sold xxxxxxxxxxxxxxx355 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx68 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx14,555 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.0

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

05/07/2024

3

Upgrade to Neutral from Sell

$1.86

-5.34%

Through a broad sector update on A-REITs, UBS analysts argue the sector is now less likely to find support from RBA rate cuts (as many REITs are growth challenged and funds management benefits are harder to achieve) and valuations for the winners in the sector are seen as "stretched" in the here and now.

Developers are faced with tougher conditions, with asset sales on the menu (and a must for some). Performance fees for fund managers will be much harder to achieve.

UBS has reduced forecasts across the board, placing the broker's numbers below consensus in most cases.

The broker's rating for Vicinity Centres  has been upgraded to Neutral from Sell. The price target remains unchanged at $1.86.

FORECAST
UBS forecasts a full year FY24 dividend of 12.00 cents and EPS of 15.00 cents.
UBS forecasts a full year FY25 dividend of 12.00 cents and EPS of 14.00 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Login above or Get a Free Trial

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

21/06/2024

2

Overweight

$2.35

19.59%

Within Jarden's coverage of the Australian REIT sector, weighted-average funds from operations (FFO) growth forecasts are starting to improve for FY25 and FY26 to 3.6% and 7.9%, respectively, from -2.2% in FY24.

The broker believes downside risk to asset values is well reflected in current valuations, and REITs are increasingly moving to offence from defence.

Excluding Goodman Group (which remains the best quality stock in the sector), the analysts see around 18% upside to 12-month target prices.

The broker's target for Vicinity Centres falls to $2.35 from $2.40 and the Overweight rating is retained partly due to a strong tenant mix, along with a conservative balance sheet and hedge book.
Access Stockbroker Research History >

VCX STOCK CHART

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