VICINITY CENTRES (VCX)
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VCX

VCX - VICINITY CENTRES

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 4.94
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

$2.49

17 Sep
2025

-0.090

OPEN

$2.56

-3.49%

HIGH

$2.57

10,854,035

LOW

$2.49

TARGET
$2.426 -2.6% downside
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . DXS . ECF . GDF . GDI . HCW . HDN . NSR . PLG . REP . RFF . RGN . SCG . TGP . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
VCX: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 22.1 15.2 xxx
DPS (cps) xxx 12.0 12.8 xxx
EPS Growth xxx 83.4% - 31.2% xxx
DPS Growth xxx 2.1% 6.7% xxx
PE Ratio xxx N/A 16.5 xxx
Dividend Yield xxx N/A 5.1% xxx
Div Pay Ratio(%) xxx 54.4% 84.4% xxx

Dividend yield today if purchased 3 years ago: 6.52%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.78

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: 23/08 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx22.1
DPS All xxxxxxxxxxxxxxx12.0
Sales/Revenue xxxxxxxxxxxxxxx1,330.1 M
Book Value Per Share xxxxxxxxxxxxxxx243.9
Net Operating Cash Flow xxxxxxxxxxxxxxx651.0 M
Net Profit Margin xxxxxxxxxxxxxxx75.53 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx9.23 %
Return on Invested Capital xxxxxxxxxxxxxxx6.77 %
Return on Assets xxxxxxxxxxxxxxx6.27 %
Return on Equity xxxxxxxxxxxxxxx9.23 %
Return on Total Capital xxxxxxxxxxxxxxx6.27 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-300.2 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx1,082 M
Long Term Debt xxxxxxxxxxxxxxx3,771 M
Total Debt xxxxxxxxxxxxxxx4,854 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx81 M
Price To Book Value xxxxxxxxxxxxxxx1.01

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx440.1 M
Capex % of Sales xxxxxxxxxxxxxxx33.09 %
Cost of Goods Sold xxxxxxxxxxxxxxx381 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx-30 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx15,339 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

-0.5

No. Of Recommendations

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

UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

21/08/2025

5

Underperform

$2.18

-12.45%

Vicinity Centres' FY25 funds from operations and adjusted FFO were in line with consensus, and FY26 guidance is also in line.

Vicinity entered FY25 anticipating a softer first half, Macquarie notes, but saw a successful Black Friday period and strong Christmas trade.

Discretionary led the rebound, including leisure, jewellery and homewares. July was said to be even more positive than May and June, hence three months of solid positive trends highlights a turning point, the broker suggests.

The report states Vicinity offers defensive cash flows along with prudent capital management. However, Macquarie sees limited valuation upside, trading at a 9% premium to NTA (ten-year average -9% discount). Target rises to $2.18 from $2.04, Underperform retained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 12.40 cents and EPS of 15.20 cents.
Macquarie forecasts a full year FY27 dividend of 13.10 cents and EPS of 16.00 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
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

10/09/2025

2

Overweight

$2.92

17.27%

Jarden notes REIT stocks outperformed in August, up 6.2%, with the performance supported by the sector exceeding elevated expectations during the result season.

Macro tailwinds like rate cuts, cap rate compression and limited supply support rental/price growth and asset values. Balance sheets are healthy, enabling capital deployment and potential consolidation-driven upside.

Among key risks in the broker's view are elevated rates vs past cycles, regulatory headwinds, and a wide gap between underlying and cash-backed earnings.

In the case of Vicinity Centres, the broker notes the balance sheet provides scope to pursue further growth initiatives.

Overweight. Target rises to $2.92 from $2.85.

FORECAST
Jarden forecasts a full year FY26 dividend of 12.60 cents and EPS of 15.20 cents.
Jarden forecasts a full year FY27 dividend of 13.50 cents and EPS of 16.20 cents.
Access Extra Coverage Research History >

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