Stock VCX VICINITY CENTRES
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Financials Vicinity Centres

Equities

VCX

AU000000VCX7

Commercial REITs

Market Closed - Australian S.E.
Other stock markets
 11:40:43 26/04/2024 am IST 		5-day change 1st Jan Change
1.885 AUD -2.58% Intraday chart for Vicinity Centres -1.05% -7.60%
17/04 Realside Asset Management Pty Ltd agreed to acquire Maddington Central from Vicinity Centres. CI
15/02 Transcript : Vicinity Centres, H1 2024 Earnings Call, Feb 15, 2024

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,241 6,477 7,033 8,353 8,399 8,581 - -
Enterprise Value (EV) 1 13,642 10,180 10,268 12,050 12,280 12,893 13,254 13,490
P/E ratio 27.2 x -3.02 x -27.2 x 6.89 x 33.4 x 13.9 x 12.9 x 12 x
Yield 6.49% 5.38% 6.47% 5.67% 6.5% 6.24% 6.32% 6.67%
Capitalization / Revenue 9.72 x 8.77 x 8.91 x 9.77 x 8.74 x 9.2 x 9.04 x 8.46 x
EV / Revenue 14.4 x 13.8 x 13 x 14.1 x 12.8 x 13.8 x 14 x 13.3 x
EV / EBITDA 15.4 x 14.5 x 14.6 x 15.8 x 14.2 x 15.2 x 15.3 x 14.8 x
EV / FCF 54.8 x 21.6 x 21.2 x 36 x 33.4 x 30.4 x 39.5 x 30.7 x
FCF Yield 1.83% 4.62% 4.73% 2.78% 2.99% 3.29% 2.53% 3.26%
Price to Book 0.8 x 0.61 x 0.71 x 0.77 x 0.79 x 0.82 x 0.81 x 0.78 x
Nbr of stocks (in thousands) 37,71,831 45,29,643 45,52,275 45,52,275 45,52,275 45,52,275 - -
Reference price 2 2.450 1.430 1.545 1.835 1.845 1.885 1.885 1.885
Announcement Date 13/08/19 18/08/20 17/08/21 16/08/22 15/08/23 - - -
1AUD in Million2AUD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 950.6 738.4 789.1 855.3 960.7 932.5 949.4 1,014
EBITDA 1 886 702.3 702.7 760.6 864 849.2 864.6 912.4
EBIT 1 882.3 696.2 702.7 760.6 864 837.2 855.3 911.2
Operating Margin 92.82% 94.28% 89.05% 88.93% 89.93% 89.78% 90.08% 89.84%
Earnings before Tax (EBT) 1 346.1 -1,789 -247.1 1,208 252.3 624.1 647.5 696.7
Net income 1 346.1 -1,801 -258 1,215 252.3 631.4 661.8 707.8
Net margin 36.41% -243.91% -32.7% 142.08% 26.26% 67.71% 69.71% 69.79%
EPS 2 0.0902 -0.4730 -0.0567 0.2664 0.0553 0.1351 0.1463 0.1566
Free Cash Flow 1 249.1 470.8 485.2 334.9 367.5 424.5 335.2 439.9
FCF margin 26.2% 63.76% 61.49% 39.16% 38.25% 45.52% 35.31% 43.37%
FCF Conversion (EBITDA) 28.12% 67.04% 69.05% 44.03% 42.53% 49.99% 38.77% 48.22%
FCF Conversion (Net income) 71.97% - - 27.56% 145.66% 67.23% 50.65% 62.15%
Dividend per Share 2 0.1590 0.0770 0.1000 0.1040 0.1200 0.1176 0.1191 0.1257
Announcement Date 13/08/19 18/08/20 17/08/21 16/08/22 15/08/23 - - -
1AUD in Million2AUD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1
Net sales 470.6 267.8 365.7 423.4 409.1 446.2 491.2 469.5 484.1 - -
EBITDA - - - - - - - - - - -
EBIT - 260.2 327.5 375.2 368.5 392.1 444.3 419.7 - - -
Operating Margin - 97.16% 89.55% 88.62% 90.08% 87.88% 90.45% 89.39% - - -
Earnings before Tax (EBT) - -2,032 -380.5 - - - - - - - -
Net income 242.8 -2,044 -394.1 - 650.2 - - - - - -
Net margin 51.59% -763.18% -107.77% - 158.93% - - - - - -
EPS 0.0644 - - - 0.1426 - - - - - -
Dividend per Share 1 0.0770 - 0.0340 0.0660 0.0470 0.0570 0.0575 0.0625 - 0.0600 0.0600
Announcement Date 18/02/20 18/08/20 16/02/21 17/08/21 15/02/22 16/08/22 14/02/23 15/08/23 14/02/24 - -
1AUD
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 4,401 3,702 3,235 3,697 3,881 4,312 4,673 4,909
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.967 x 5.272 x 4.603 x 4.861 x 4.491 x 5.078 x 5.404 x 5.38 x
Free Cash Flow 1 249 471 485 335 368 425 335 440
ROE (net income / shareholders' equity) 2.92% 4.71% 5.47% 5.76% 4.18% 5.92% 6.14% 6.46%
ROA (Net income/ Total Assets) 2.01% 3.25% 3.78% 4.01% 2.89% 4.45% 4.49% 4.57%
Assets 1 17,238 -55,450 -6,819 30,314 8,729 14,176 14,737 15,484
Book Value Per Share 2 3.070 2.330 2.170 2.390 2.340 2.310 2.340 2.410
Cash Flow per Share 2 0.1700 0.1200 0.1400 0.1300 0.1500 0.1400 0.1400 0.1500
Capex 1 415 333 162 255 335 432 463 402
Capex / Sales 43.6% 45.14% 20.48% 29.77% 34.84% 46.34% 48.74% 39.63%
Announcement Date 13/08/19 18/08/20 17/08/21 16/08/22 15/08/23 - - -
1AUD in Million2AUD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Vicinity Centres

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
14
Last Close Price
1.885 AUD
Average target price
2.094 AUD
Spread / Average Target
+11.06%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Retail REITs

1st Jan change Capi.
VICINITY CENTRES Stock Vicinity Centres
-7.60% 5.6B
SIMON PROPERTY GROUP, INC. Stock Simon Property Group, Inc.
-0.20% 46.38B
KIMCO REALTY CORPORATION Stock Kimco Realty Corporation
-13.75% 12.39B
THE LINK REAL ESTATE INVESTMENT TRUST Stock The Link Real Estate Investment Trust
-22.69% 11.06B
REGENCY CENTERS CORPORATION Stock Regency Centers Corporation
-13.01% 10.74B
NNN REIT, INC. Stock NNN REIT, Inc.
-5.43% 7.45B
BRIXMOR PROPERTY GROUP INC. Stock Brixmor Property Group Inc.
-6.66% 6.54B
AGREE REALTY CORPORATION Stock Agree Realty Corporation
-8.23% 5.8B
KITE REALTY GROUP TRUST Stock Kite Realty Group Trust
-7.00% 4.67B
PHILLIPS EDISON & COMPANY, INC. Stock Phillips Edison & Company, Inc.
-10.61% 3.99B
Retail REITs
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