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: 5.56
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

$2.07

20 Dec
2024

0.020

OPEN

$2.03

0.98%

HIGH

$2.09

28,741,206

LOW

$2.03

TARGET
$2.228 7.6% upside
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 FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 12.0 14.4 xxx
DPS (cps) xxx 11.8 12.0 xxx
EPS Growth xxx 100.0% 19.5% xxx
DPS Growth xxx - 2.1% 2.3% xxx
PE Ratio xxx N/A 14.4 xxx
Dividend Yield xxx N/A 5.8% xxx
Div Pay Ratio(%) xxx 97.8% 83.7% xxx

Dividend yield today if purchased 3 years ago: 6.91%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.68

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 © 2024 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

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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Citi

30/10/2024

3

Neutral

$2.20

6.28%

Citi highlights a "strong" trading update from Vicinity Centres stressing the "surprisingly high" leasing spreads in the context of where the economic cycle currently is. 

Portfolio sales were flat for 1Q25, the broker notes, with strength in CBD sales and outlet stores. Speciality stores continued to report soft results with like-for-like sales down -1.4% year-on-year.

The recently acquired Lakeside Joondalup was integrated at a FY24 investment yield of 6.9%. Asset divestments remain in focus to realise the $250m in the sales strategy. Roselands is a potential centre up for sales, Citi explains.

Management reiterated FY25 guidance. Target price at $2.20 and Neutral rating unchanged.

FORECAST
Citi forecasts a full year FY25 dividend of 12.10 cents and EPS of 14.60 cents.
Citi forecasts a full year FY26 dividend of 12.60 cents and EPS of 15.20 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx xx xxxxxxx xxxx xxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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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

01/10/2024

2

Downgrade to Overweight from Buy

$2.50

20.77%

While Jarden is not negative on prospects for mall REITs, after strong outperformances the broker's ratings are downgraded for Vicinity Centres, Scentre Group and GPT Group.

In fact, REIT's should continue to see 3-4% comparable net operating income (NOI) growth and a 4-6% funds from operations (FFO) compound annual growth rate (CAGR) over the next few years, predict the analysts.

However, based upon transactional evidence of development returns, the broker believes a further increase in valuation premiums is not really justified.

Jarden's target for Vicinity Centres rises to $2.50 from $2.45 and the rating is downgraded to Overweight from Buy.
Access Extra Coverage Research History >

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