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

$1.95

18 May
2022

0.060

OPEN

$1.90

3.17%

HIGH

$1.95

13,800,312

LOW

$1.90

TARGET
$1.932 -0.9% downside
Franking for last dividend paid out: 0%
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FNARENA'S MARKET CONSENSUS FORECASTS
VCX: 1
Title FY20
Actual
FY21
Actual
FY22
Forecast
FY23
Forecast
EPS (cps) xxx - 5.7 11.7 xxx
DPS (cps) xxx 10.0 9.3 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx 29.9% - 7.2% xxx
PE Ratio xxx N/A 16.3 xxx
Dividend Yield xxx N/A 4.9% xxx
Div Pay Ratio(%) xxx N/A 79.5% xxx

Dividend yield today if purchased 3 years ago: 3.86%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

5.26

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: 21/02 - ex-div 4.7c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2022 FactSet UK Limited. All rights reserved
Title 201620172018201920202021
EPS Basic xxxxxxxxxxxxxxx-5.7
DPS All xxxxxxxxxxxxxxx10.0
Sales/Revenue xxxxxxxxxxxxxxx1,169.2 M
Book Value Per Share xxxxxxxxxxxxxxx217.1
Net Operating Cash Flow xxxxxxxxxxxxxxx646.8 M
Net Profit Margin xxxxxxxxxxxxxxx-22.07 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201620172018201920202021
Return on Capital Employed xxxxxxxxxxxxxxx-2.52 %
Return on Invested Capital xxxxxxxxxxxxxxx-1.83 %
Return on Assets xxxxxxxxxxxxxxx-1.75 %
Return on Equity xxxxxxxxxxxxxxx-2.52 %
Return on Total Capital xxxxxxxxxxxxxxx3.59 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx490.8 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
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Sentiment Indicator

-0.2

No. Of Recommendations

5
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%

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Citi

17/02/2022

3

Neutral

$1.90

-2.56%

Vicinity Centre's interim report revealed funds from operations well above forecasts at Citi, as well as market consensus. FFO guidance for FY22 was yet again above forecasts, by some 9%.

The surprise, Citi explains, stems from reversal of prior waivers and provisions. Citi had not expected any of the shopping mall owners to provide guidance, hence more positive news!

The broker notes the development pipeline is progressing nicely, with Officeworks ((WES)) and Hub Australia ((HUB)) committing to 12k sqm of office space. Target lifts to $1.90 from $1.74. Neutral.

FORECAST
Citi forecasts a full year FY22 dividend of 9.40 cents and EPS of 12.20 cents.
Citi forecasts a full year FY23 dividend of 10.00 cents and EPS of 12.70 cents.

Credit Suisse

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

0

xxxxxxxxx xx xxxxxxxx

xx.xx%

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