VICINITY CENTRES (VCX)
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VCX

VCX - VICINITY CENTRES

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 6.88
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

$2.39

10 Sep
2026

-0.020

OPEN

$2.41

-0.83%

HIGH

$2.41

13,978,024

LOW

$2.35

TARGET
$2.594 8.5% upside
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 . SKG . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
VCX: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 30.2 15.5 xxx
DPS (cps) xxx 12.4 13.6 xxx
EPS Growth xxx 37.0% - 48.9% xxx
DPS Growth xxx 3.3% 9.7% xxx
PE Ratio xxx N/A 15.3 xxx
Dividend Yield xxx N/A 5.7% xxx
Div Pay Ratio(%) xxx 41.0% 88.0% xxx

Dividend yield today if purchased 3 years ago: 6.81%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.23

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 6.20c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx30.2
DPS All xxxxxxxxxxxxxxx12.4
Sales/Revenue xxxxxxxxxxxxxxx1,365.3 M
Book Value Per Share xxxxxxxxxxxxxxx261.7
Net Operating Cash Flow xxxxxxxxxxxxxxx672.0 M
Net Profit Margin xxxxxxxxxxxxxxx101.90 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx11.96 %
Return on Invested Capital xxxxxxxxxxxxxxx8.75 %
Return on Assets xxxxxxxxxxxxxxx8.23 %
Return on Equity xxxxxxxxxxxxxxx11.96 %
Return on Total Capital xxxxxxxxxxxxxxx4.33 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-127.5 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx208 M
Long Term Debt xxxxxxxxxxxxxxx4,746 M
Total Debt xxxxxxxxxxxxxxx4,954 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx80 M
Price To Book Value xxxxxxxxxxxxxxx0.99

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx431.7 M
Capex % of Sales xxxxxxxxxxxxxxx31.62 %
Cost of Goods Sold xxxxxxxxxxxxxxx396 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx253 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx16,477 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

-0.2

No. Of Recommendations

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

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

02/09/2026

3

Neutral

$2.70

12.97%

UBS's post-August sector review has kept the Neutral rating for Vicinity Centres unchanged, as well as the $2.70 price target.

The broker has become more cautious on Vicinity Centres, given a more challenging consumption backdrop and strong YTD outperformance.

For the sector overall, the broker observes A-REITs are trading on a 15.8x FY27 P/E, 3.7% FY27 distribution yield, a -15.1% discount to NAV and 61.8% premium to NTA.

Excluding the fund managers Goodman Group ((GMG)), Charter Hall ((CHC)) and Centuria Capital ((CNI)), A-REITs are trading on a 13.0x P/E, 5.8% distribution yield, -13.9% discount to NAV and -14.7% discount to NTA.

Forecasts for Vicinity Centres have been slightly upgraded.

FORECAST
UBS forecasts a full year FY27 dividend of 13.50 cents and EPS of 15.20 cents.
UBS forecasts a full year FY28 dividend of 14.30 cents and EPS of 16.10 cents.

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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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

24/08/2026

4

Underweight

$2.70

12.97%

Jarden maintains its Underweight recommendation for Vicinity Centres with its target price increased to $2.70 from $2.67, highlighting high-quality assets performing well, low leverage, strong interest rate hedging, and a high-calibre management team.

Despite these operational strengths, the Underweight rating reflects the stock trading on an FY27 price-to-earnings multiple of 15.9x for a three-year funds from operations compound annual growth rate of 5.4%.

Key risks to this view include a higher-than-expected interest rate trajectory or a defensive market rotation, though commentary concludes Vicinity Centres remains best placed amongst large-cap passive real estate investment trusts due to its low leverage and extensive hedging.

FORECAST
Jarden forecasts a full year FY27 dividend of 14.20 cents and EPS of 16.50 cents.
Jarden forecasts a full year FY28 dividend of 15.00 cents and EPS of 17.40 cents.
Access Extra Coverage Research History >

VCX STOCK CHART

FNArena News on VCX

1
Australian Broker Call *Extra* Edition – Aug 24, 2026

Aug 24 2026 - Daily Market Reports
2
Weekly Ratings, Targets, Forecast Changes – 21-08-26

Aug 24 2026 - Weekly Reports
3
FNArena Corporate Results Monitor – 20-08-2026

Aug 20 2026 - Australia
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Rudi’s View: A-REITs, Banks & Miners

Jul 08 2026 - Rudi's View
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Latest REITs News

1
Australian Listed Real Estate Tables – 07-09-2026

Sep 07 2026 - Weekly Reports
2
Australian Listed Real Estate Tables – 31-08-2026

Aug 31 2026 - Weekly Reports
3
Business As Usual For Charter Hall

Aug 26 2026 - Australia
4
Australian Listed Real Estate Tables – 24-08-2026

Aug 24 2026 - Weekly Reports
5
Australian Listed Real Estate Tables – 17-08-2026

Aug 17 2026 - Weekly Reports
6
Australian Listed Real Estate Tables – 10-08-2026

Aug 10 2026 - Weekly Reports
7
Australian Listed Real Estate Tables – 03-08-2026

Aug 03 2026 - Weekly Reports
8
Australian Listed Real Estate Tables – 27-07-2026

Jul 27 2026 - Weekly Reports
9
Australian Listed Real Estate Tables – 20-07-2026

Jul 20 2026 - Weekly Reports
10
Australian Listed Real Estate Tables – 13-07-2026

Jul 13 2026 - Weekly Reports