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 retail property group specialising in ownership and management of shopping centres. Avoid fixed AUM/centre-count figures unless updated regularly.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.66

30 Jul
2026

-0.040

OPEN

$2.68

-1.48%

HIGH

$2.69

4,002,858

LOW

$2.64

TARGET
$2.556 -3.9% downside
OTHER COMPANIES IN THE SAME SECTOR
ABG . ARF . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . DXS . FDC . GDF . GDI . HCW . HDN . PLG . REP . RFF . RGN . SCG . 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% - 31.3% xxx
DPS Growth xxx 2.1% 6.4% xxx
PE Ratio xxx N/A 17.7 xxx
Dividend Yield xxx N/A 4.8% xxx
Div Pay Ratio(%) xxx 54.4% 84.3% xxx

Dividend yield today if purchased 3 years ago: 6.22%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.48

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: 25/08 - (franking ex-div 6.1c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 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

0.0

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

01/07/2026

3

Neutral

$2.70

1.50%

Post two years of development costs weighing on earnings, Citi points out Vicinity Centres is moving to a recovery in earning period. 

After visiting the shopping mall operator's and discoursed with retailers, the analyst believes earnings guidance is achievable. Chadstone has stablised with an estimated 5.5% yield and Chatswood Chase with an estimated 5% yield.

The broker is expecting funds from operations to grow "meaningfully" to 16.9c in FY28 from 15.2c in FY26. Notably, retail has remained resilient, the analyst states with luxury and the travel market more impacted which is seen as cyclical and not structural.

The stock is Neutral rated with a $2.70 target.

FORECAST
Citi forecasts a full year FY26 dividend of 13.20 cents and EPS of 15.20 cents.
Citi forecasts a full year FY27 EPS of 16.10 cents.

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$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

07/05/2026

4

Underweight

$2.65

-0.38%

Jarden maintains an Underweight rating and $2.65 target price for Vicinity Centres following a "constructive" third-quarter update that showed robust operational metrics despite a deteriorating consumer backdrop.

The broker notes the REIT re-affirmed its FY26 earnings guidance at the upper end of the range, with FFO of 15.0c to 15.2c, supported by elevated occupancy of 99.6% and leasing spreads increasing to 5.1%.

While specialty sales productivity ticked up to $13,500/sqm, some categories like jewelry and leisure saw declines from previously elevated levels.

Active capital management has extended the weighted average debt maturity to 4.6 years, but Jarden remains cautious as the stock currently trades at a meaningful premium to its 10-year average PE.

The report highlights development returns at Chatswood Chase appear modest at 6%, leaving limited margin for error compared to sector peers.

FORECAST
Jarden forecasts a full year FY26 dividend of 13.00 cents and EPS of 15.20 cents.
Jarden forecasts a full year FY27 EPS of 15.80 cents.
Access Extra Coverage Research History >

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