VICINITY CENTRES (VCX)
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VCX

VCX - VICINITY CENTRES

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 5.56
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

$2.18

24 Mar
2025

0.000

OPEN

$2.17

0.000

HIGH

$2.19

11,773,300

LOW

$2.16

TARGET
$2.286 4.9% upside
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 . URW . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
VCX: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 12.0 14.9 xxx
DPS (cps) xxx 11.8 12.1 xxx
EPS Growth xxx 100.0% 23.5% xxx
DPS Growth xxx - 2.1% 2.6% xxx
PE Ratio xxx N/A 14.7 xxx
Dividend Yield xxx N/A 5.5% xxx
Div Pay Ratio(%) xxx 97.8% 81.1% xxx

Dividend yield today if purchased 3 years ago: 6.25%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.39

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx12.0
DPS All xxxxxxxxxxxxxxx11.8
Sales/Revenue xxxxxxxxxxxxxxx1,326.3 M
Book Value Per Share xxxxxxxxxxxxxxx233.7
Net Operating Cash Flow xxxxxxxxxxxxxxx690.1 M
Net Profit Margin xxxxxxxxxxxxxxx41.25 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx5.14 %
Return on Invested Capital xxxxxxxxxxxxxxx3.70 %
Return on Assets xxxxxxxxxxxxxxx3.49 %
Return on Equity xxxxxxxxxxxxxxx5.14 %
Return on Total Capital xxxxxxxxxxxxxxx5.44 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-197.7 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx494 M
Long Term Debt xxxxxxxxxxxxxxx4,129 M
Total Debt xxxxxxxxxxxxxxx4,622 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx50 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 201920202021202220232024
Capex xxxxxxxxxxxxxxx337.0 M
Capex % of Sales xxxxxxxxxxxxxxx25.41 %
Cost of Goods Sold xxxxxxxxxxxxxxx382 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx118 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx15,024 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

-0.1

No. Of Recommendations

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

20/02/2025

3

Neutral

$2.40

10.09%

Post-initial inspection, Citi sees Vicinity Centres maintaining strong momentum, with occupancy at 99.4% and a comparable rise in leasing spreads of 3.5%, alongside 4.2% growth in net property income. Valuations have also improved.

Management continues shifting towards the premium end of the market with long-term growth objectives.

Neutral rated with a $2.40 target price, offering a 5.6% yield and a -3% discount to NTA.

***

Citi 's first take on today's 1H results by Vicinity Centres highlights a "strong" outcome with leasing spreads of 3.5%, and growth in both funds from operations (FFO) and net tangible assets (NTA).

The 5.95cpu distribution was in line with the broker's expectation.

Management reaffirmed FY25 FFO and AFFO guidance, while comparable net property income (NPI) guidance was raised to 3.5-4.0% from 3.0-3.5%. The FY25 distribution payout is guided to be at the lower end of management's prior range.

FORECAST
Citi forecasts a full year FY25 dividend of 11.90 cents and EPS of 14.80 cents.
Citi forecasts a full year FY26 dividend of 12.60 cents and EPS of 15.00 cents.

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$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

25/02/2025

2

Overweight

$2.60

19.27%

Jarden notes Vicinity Centres' 1H25 result was in line with expectations and showed ongoing strength in the leasing market. The broker sees the outlook stabilising as lost rent peaks in FY25 and administration-related backfill is re-leased.

Due to the stronger portfolio metrics, management upgraded the net operating income growth forecast for FY25 to 3.5-4.0% from 3.0-3.5%.  

The broker believes Vicinity's earnings growth remains appealing across the passive REIT sector, with asset recycling, development deliveries, ongoing cost discipline and solid lease momentum, underpinned by a resilient consumer.

Target rises to $2.6 from $2.5, Overweight rating maintained.

FORECAST
Jarden forecasts a full year FY25 dividend of 12.00 cents and EPS of 14.70 cents.
Jarden forecasts a full year FY26 dividend of 12.40 cents and EPS of 15.20 cents.
Access Extra Coverage Research History >

VCX STOCK CHART

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