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
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

$2.01

05 Dec
2022

0.015

OPEN

$2.00

0.75%

HIGH

$2.02

7,190,647

LOW

$1.99

TARGET
$1.933 -3.8% downside
Franking for last dividend paid out: 0%
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FNARENA'S MARKET CONSENSUS FORECASTS
VCX: 1
Title FY21
Actual
FY22
Actual
FY23
Forecast
FY24
Forecast
EPS (cps) xxx 26.7 13.6 xxx
DPS (cps) xxx 10.4 10.7 xxx
EPS Growth xxx N/A - 49.0% xxx
DPS Growth xxx 4.0% 2.7% xxx
PE Ratio xxx N/A 14.8 xxx
Dividend Yield xxx N/A 5.3% xxx
Div Pay Ratio(%) xxx 39.0% 78.4% xxx

Dividend yield today if purchased 3 years ago: 3.95%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

5.21

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: 22/08 - ex-div 5.7c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2022 FactSet UK Limited. All rights reserved
Title 201720182019202020212022
EPS Basic xxxxxxxxxxxxxxx26.7
DPS All xxxxxxxxxxxxxxx10.4
Sales/Revenue xxxxxxxxxxxxxxx1,182.4 M
Book Value Per Share xxxxxxxxxxxxxxx239.1
Net Operating Cash Flow xxxxxxxxxxxxxxx589.5 M
Net Profit Margin xxxxxxxxxxxxxxx102.77 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201720182019202020212022
Return on Capital Employed xxxxxxxxxxxxxxx11.70 %
Return on Invested Capital xxxxxxxxxxxxxxx8.53 %
Return on Assets xxxxxxxxxxxxxxx8.14 %
Return on Equity xxxxxxxxxxxxxxx11.70 %
Return on Total Capital xxxxxxxxxxxxxxx5.46 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-179.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

This is work in progress. Bear with us. It'll be amazing.

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.2

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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Credit Suisse

19/08/2022

3

Neutral

$2.07

2.99%

Vicinity Centres' FY22 result was better than Credit Suisse expected, largely due to provision reversals related to the prior period, but the broker is not complaining. A 7% increase in funds from operations beat forecasts. FY23 guidance is in line.

The broker sees improving trends in retail sales and the portfolio, but it looks like FY24 will be the first year of normalised operations. With relatively stable debt hedging, the broker does not expect debt costs to rise materially over the next two to three years.

Target rises to $2.07 from $1.97, Neutral retained.

FORECAST
Credit Suisse forecasts a full year FY23 dividend of 11.00 cents and EPS of 13.00 cents.
Credit Suisse forecasts a full year FY24 dividend of 11.00 cents and EPS of 14.00 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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