Scentre Group
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Scentre Group (ASX Code: SCG) is the owner and operator of Westfield in Australia and New Zealand with interests in 41 centres, encompassing approximately 11,500 outlets and total assets under management of $54.2 billion. The last earnings update was 89 days ago. More info.
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SCG Share Price and Events
7 Day Returns
1 Year Returns
SCG Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Scentre Group (SCG) | 3.2% | -1% | -3.8% | -6.3% | -17.6% | - |
| AU REITs | 2.8% | 2.8% | 4% | 17.4% | 15.7% | 66% |
| AU Market | 1.1% | 1.6% | 4.4% | 2.6% | 17.9% | 7.7% |
1 Year Return vs Industry and Market
- SCG underperformed the REITs industry which returned 17.4% over the past year.
- SCG underperformed the Market in Australia which returned 2.6% over the past year.
Price Volatility
Related Companies
SCG Value
Is Scentre Group undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Scentre Group
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Scentre Group.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 8 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.5% |
| Perpetual Growth Rate | 10-Year AU Government Bond Rate | 2.3% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year AU Govt Bond Rate | 2.3% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.52 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.523 (1 + (1- 30%) (77%)) |
0.869 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.87 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.869 * 5.96%) |
7.49% |
Discounted Cash Flow Calculation for ASX:SCG using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Scentre Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Scentre Group is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (AUD, Millions) | Source |
Present Value Discounted (@ 7.49%) |
|
|---|---|---|---|
| 2019 | 1,283.00 | Analyst x2 | 1,193.60 |
| 2020 | 1,322.80 | Analyst x2 | 1,144.87 |
| 2021 | 1,361.45 | Analyst x2 | 1,096.21 |
| 2022 | 1,399.40 | Est @ 2.79% | 1,048.25 |
| 2023 | 1,436.41 | Est @ 2.64% | 1,000.99 |
| 2024 | 1,472.96 | Est @ 2.54% | 954.94 |
| 2025 | 1,509.42 | Est @ 2.48% | 910.38 |
| 2026 | 1,546.04 | Est @ 2.43% | 867.49 |
| 2027 | 1,583.02 | Est @ 2.39% | 826.35 |
| 2028 | 1,620.50 | Est @ 2.37% | 786.97 |
| Present value of next 10 years cash flows | A$9,830.05 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= A$1,620.50 × (1 + 2.31%) ÷ (7.49% – 2.31%) |
A$32,017.62 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= A$32,017.62 ÷ (1 + 7.49%)10 |
A$15,548.77 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= A$9,830.05 + A$15,548.77 |
A$25,378.82 |
| Equity Value per Share (AUD) |
= Total value / Shares Outstanding
= A$25,378.82 / 5,304.30 |
A$4.78 |
| Calculation | Result | |
|---|---|---|
| Value per share (AUD) | From above. | A$4.78 |
| Current discount | Discount to share price of
A$3.84
= -1 x (A$3.84 - A$4.78) / A$4.78 |
19.7% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Scentre Group's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- Scentre Group's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Scentre Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Scentre Group's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in AUD | A$0.43 |
| ASX:SCG Share Price ** | ASX (2019-05-17) in AUD | A$3.84 |
| Australia REITs Industry PE Ratio | Median Figure of 38 Publicly-Listed REITs Companies | 11.08x |
| Australia Market PE Ratio | Median Figure of 542 Publicly-Listed Companies | 15.99x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Scentre Group.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = ASX:SCG Share Price ÷ EPS (both in AUD) = 3.84 ÷ 0.43 |
8.91x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Scentre Group is good value based on earnings compared to the AU REITs industry average.
- Scentre Group is good value based on earnings compared to the Australia market.
Price based on expected Growth
Does
Scentre Group's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 8.91x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts |
-11.8%per year |
| Australia REITs Industry PEG Ratio | Median Figure of 33 Publicly-Listed REITs Companies | 1.04x |
| Australia Market PEG Ratio | Median Figure of 360 Publicly-Listed Companies | 1.42x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 8.91x ÷ -11.8% |
-0.76x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Scentre Group earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Scentre Group's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in AUD | A$4.46 |
| ASX:SCG Share Price * | ASX (2019-05-17) in AUD | A$3.84 |
| Australia REITs Industry PB Ratio | Median Figure of 42 Publicly-Listed REITs Companies | 1.12x |
| Australia Market PB Ratio | Median Figure of 1,676 Publicly-Listed Companies | 1.65x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ASX:SCG Share Price ÷ Book Value per Share (both in AUD) = 3.84 ÷ 4.46 |
0.86x |
* Primary Listing of Scentre Group.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Scentre Group is good value based on assets compared to the AU REITs industry average.
Value checks
We assess Scentre Group's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Scentre Group has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
SCG Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Scentre Group's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
- Scentre Group's earnings are expected to decrease over the next 1-3 years, this is below the Australia market average.
- Scentre Group's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| ASX:SCG Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts | -11.8% |
| ASX:SCG Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts | 5.9% |
| Australia REITs Industry Earnings Growth Rate | Market Cap Weighted Average | -3.2% |
| Australia REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 0.3% |
| Australia Market Earnings Growth Rate | Market Cap Weighted Average | 6.9% |
| Australia Market Revenue Growth Rate | Market Cap Weighted Average | 3.2% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 8 Analyst Estimates (S&P Global) | See Below |
| Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 3,199 | 1,435 | 1,450 | 4 |
| 2020-12-31 | 3,110 | 1,397 | 1,467 | 5 |
| 2019-12-31 | 3,022 | 1,360 | 1,423 | 5 |
| Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 2,635 | 1,299 | 2,287 |
| 2018-09-30 | 2,592 | 1,299 | 3,278 |
| 2018-06-30 | 2,548 | 1,298 | 4,268 |
| 2018-03-31 | 2,509 | 1,262 | 4,243 |
| 2017-12-31 | 2,470 | 1,225 | 4,218 |
| 2017-09-30 | 2,459 | 1,164 | 3,733 |
| 2017-06-30 | 2,449 | 1,102 | 3,249 |
| 2017-03-31 | 2,485 | 1,110 | 3,120 |
| 2016-12-31 | 2,521 | 1,117 | 2,991 |
| 2016-09-30 | 2,660 | 1,151 | 2,885 |
| 2016-06-30 | 2,798 | 1,184 | 2,779 |
| 2016-03-31 | 2,833 | 1,187 | 2,744 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 8 Analyst Estimates (S&P Global) | See Below |
All data from Scentre Group Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in AUD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 0.27 | 0.30 | 0.26 | 5.00 |
| 2020-12-31 | 0.28 | 0.32 | 0.25 | 6.00 |
| 2019-12-31 | 0.27 | 0.31 | 0.25 | 6.00 |
| Date (Data in AUD Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.43 |
| 2018-09-30 | 0.62 |
| 2018-06-30 | 0.80 |
| 2018-03-31 | 0.80 |
| 2017-12-31 | 0.79 |
| 2017-09-30 | 0.70 |
| 2017-06-30 | 0.61 |
| 2017-03-31 | 0.59 |
| 2016-12-31 | 0.56 |
| 2016-09-30 | 0.54 |
| 2016-06-30 | 0.52 |
| 2016-03-31 | 0.52 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Scentre Group's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Scentre Group has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
SCG Past Performance
How has Scentre Group performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Scentre Group has delivered over 20% year on year earnings growth in the past 5 years.
- Scentre Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Scentre Group's 1-year earnings growth is negative, it can't be compared to the AU REITs industry average.
Earnings and Revenue History
All data from Scentre Group Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in AUD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 2,635.10 | 2,287.20 | 85.90 | |
| 2018-09-30 | 2,591.60 | 3,277.80 | 87.30 | |
| 2018-06-30 | 2,548.10 | 4,268.40 | 88.70 | |
| 2018-03-31 | 2,508.85 | 4,243.15 | 88.65 | |
| 2017-12-31 | 2,469.60 | 4,217.90 | 88.60 | |
| 2017-09-30 | 2,459.15 | 3,733.25 | 87.65 | |
| 2017-06-30 | 2,448.70 | 3,248.60 | 86.70 | |
| 2017-03-31 | 2,484.70 | 3,119.55 | 86.55 | |
| 2016-12-31 | 2,520.70 | 2,990.50 | 86.40 | |
| 2016-09-30 | 2,659.50 | 2,884.85 | 87.45 | |
| 2016-06-30 | 2,798.30 | 2,779.20 | 88.50 | |
| 2016-03-31 | 2,833.05 | 2,743.50 | 89.75 | |
| 2015-12-31 | 2,867.80 | 2,707.80 | 91.00 | |
| 2015-09-30 | 2,797.75 | 2,535.80 | 92.10 | |
| 2015-06-30 | 2,727.70 | 2,363.80 | 93.20 | |
| 2015-03-31 | 2,446.10 | 1,903.85 | 87.30 | |
| 2014-12-31 | 2,164.50 | 1,443.90 | 81.40 | |
| 2014-09-30 | 1,206.60 | 916.10 | 53.20 | |
| 2014-06-30 | 648.80 | 463.00 | 37.60 | |
| 2014-03-31 | 591.55 | 620.05 | 36.85 | |
| 2013-12-31 | 534.30 | 777.10 | 36.10 | |
| 2013-09-30 | 932.75 | 871.25 | 49.05 | |
| 2013-06-30 | 931.10 | 890.70 | 49.40 | |
| 2013-03-31 | 722.85 | 860.75 | 43.25 | |
| 2012-12-31 | 514.60 | 830.80 | 37.10 | |
| 2012-06-30 | 425.67 | 680.03 | 31.93 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Scentre Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Scentre Group used its assets less efficiently than the AU REITs industry average last year based on Return on Assets.
- Scentre Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Scentre Group's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Scentre Group has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
SCG Health
How is Scentre Group's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Scentre Group's finances.
The net worth of a company is the difference between its assets and liabilities.
- Scentre Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Scentre Group's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Scentre Group Company Filings, last reported 4 months ago.
| Date (Data in AUD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 23,865.80 | 15,683.30 | 207.40 |
| 2018-09-30 | 23,865.80 | 15,683.30 | 207.40 |
| 2018-06-30 | 23,617.60 | 13,742.50 | 200.80 |
| 2018-03-31 | 23,617.60 | 13,742.50 | 200.80 |
| 2017-12-31 | 22,781.30 | 13,258.90 | 174.00 |
| 2017-09-30 | 22,781.30 | 13,258.90 | 174.00 |
| 2017-06-30 | 20,598.00 | 12,676.80 | 172.00 |
| 2017-03-31 | 20,598.00 | 12,676.80 | 172.00 |
| 2016-12-31 | 19,754.40 | 12,858.30 | 159.00 |
| 2016-09-30 | 19,754.40 | 12,858.30 | 159.00 |
| 2016-06-30 | 18,523.80 | 12,901.50 | 208.70 |
| 2016-03-31 | 18,523.80 | 12,901.50 | 208.70 |
| 2015-12-31 | 17,906.20 | 12,522.10 | 142.70 |
| 2015-09-30 | 17,906.20 | 12,522.10 | 142.70 |
| 2015-06-30 | 16,807.80 | 12,887.70 | 191.40 |
| 2015-03-31 | 16,807.80 | 12,887.70 | 191.40 |
| 2014-12-31 | 16,428.80 | 13,486.60 | 189.30 |
| 2014-09-30 | 16,428.80 | 13,486.60 | 189.30 |
| 2014-06-30 | 15,103.90 | 13,077.40 | 418.80 |
| 2014-03-31 | 15,103.90 | 13,077.40 | 418.80 |
| 2013-12-31 | 10,475.30 | 3,181.20 | 21.40 |
| 2013-09-30 | 10,475.30 | 3,181.20 | 21.40 |
| 2013-06-30 | 10,407.30 | 3,045.90 | 23.20 |
| 2013-03-31 | 10,407.30 | 3,045.90 | 23.20 |
| 2012-12-31 | 10,405.20 | 2,820.50 | 17.10 |
| 2012-06-30 | 10,292.50 | 2,948.20 | 12.00 |
- Scentre Group's level of debt (65.7%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (31.3% vs 65.7% today).
- Debt is not well covered by operating cash flow (8.3%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 3.2x coverage).
Financial health checks
We assess Scentre Group's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Scentre Group has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
SCG Dividends
What is Scentre Group's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
A$2,000 of
Scentre Group
shares you are expected to receive
A$115
in your first year as a dividend.
Dividend Amount
- Scentre Group's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.65%).
- Scentre Group's dividend is below the markets top 25% of dividend payers in Australia (5.83%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 8 Analyst Estimates (S&P Global) | See Below |
| Australia REITs Industry Average Dividend Yield | Market Cap Weighted Average of 40 Stocks | 4.6% |
| Australia Market Average Dividend Yield | Market Cap Weighted Average of 415 Stocks | 4.3% |
| Australia Minimum Threshold Dividend Yield | 10th Percentile | 1.5% |
| Australia Bottom 25% Dividend Yield | 25th Percentile | 2.6% |
| Australia Top 25% Dividend Yield | 75th Percentile | 5.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in A$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 0.24 | 9.00 |
| 2020-12-31 | 0.23 | 11.00 |
| 2019-12-31 | 0.23 | 11.00 |
| Date (Data in A$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-08 | 0.222 | 5.644 |
| 2018-08-08 | 0.222 | 5.508 |
| 2018-02-07 | 0.217 | 5.323 |
| 2017-08-08 | 0.217 | 5.343 |
| 2017-02-08 | 0.213 | 5.008 |
| 2016-08-08 | 0.213 | 4.725 |
| 2016-02-05 | 0.209 | 4.480 |
| 2015-02-23 | 0.257 | 6.520 |
| 2015-02-05 | 0.102 | 2.649 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, Scentre Group has been paying a dividend for less than 10 years.
- Dividend payments have increased, but Scentre Group only paid a dividend in the past 4 years.
Income/ dividend checks
We assess Scentre Group's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.5%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Scentre Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Scentre Group has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
SCG Management
CEO
| COMPENSATION | A$7,736,343 |
| AGE | 56 |
| TENURE AS CEO | 5.3 years |
CEO Bio
Mr. Peter Kenneth Allen has been the Chief Executive Officer and Executive Director of Scentre Group since 2010 and May 25, 2011 respectively. Mr. Allen has been Chief Executive Officer and Executive Director of Scentre Management Limited (formerly, Westfield Management Limited), the responsible entity of Scentre Group Trust 1 and Carindale Property Trust since June 30, 2014 and May 25, 2011 respectively. He served as Group Chief Financial Officer at Westfield Corporation Limited. He served as Managing Director of Australia & Newzealand Operations at Westfield America Trust. Prior to the establishment of Scentre Group, Mr. Allen served as the Group Chief Financial Officer for Westfield Group from 2004 to 2014. He served as the Director of Finance and Chief Executive Officer of UK/Europe of Westfield Corp. from 1998 to 2004. He worked for Citibank in Melbourne, New York and London before joining the Westfield Group in 1996 as Director for Business Development. He has more than 20 years of global experience in senior financial, property and commercial roles. He served as Group Chief Financial Officer at Scentre Management Limited. He serves as a Director of Scentre Trust (NZ) Limited. He serves as a Director of Scentre Design And Construction Pty Limited and Scentre Shopping Centre Management Pty Ltd. He served as an Executive Director of Westfield Group since May 25, 2011. He served as an Executive Director of Westfield Corp. since May 25, 2011. He served as Director of Westfield UK & Europe Finance Plc. He served as a Director of Scentre Capital Corporation Pty Limited. He served as Director of Scentre Finance (NZ) Limited (formerly Westfield Finance (NZ) Limited) since June 25, 2004. He served as a Director of Westfield Capital Corporation Ltd, Westfield Trust (N.Z.) Ltd., Westfield Europe Finance Plc and SCG1 Finance (Aust) Pty Limited (formerly, WT Finance (Aust) Pty. Ltd.). Mr. Allen was a Non-Executive Director of Westfield Retail Trust and an Executive Director of Westfield Holdings Limited. He served as a Director of Westfield America Management Ltd from May 2011 to June 30, 2014. He serves as the Chairman of the Shopping Centre Council of Australia. He serves as a Director of the Victor Chang Cardiac Research Institute and sits on the Board of the Kolling Foundation. He has been Director of RE1 Limited and RE2 Limited since December 21, 2010. He is a member of the President’s Council of the Art Gallery of NSW. Mr. Allen is also an Associate Member of the Australian Property Institute (AAPI).
CEO Compensation
- Peter's compensation has been consistent with company performance over the past year.
- Peter's remuneration is higher than average for companies of similar size in Australia.
Management Team Tenure
Average tenure and age of the Scentre Group management team in years:
- The tenure for the Scentre Group management team is about average.
Management Team
Peter Allen
CEO & Executive Director
A$8M
56
5.3 yrs
Greg Miles
Chief Operating Officer
A$5M
54
3.5 yrs
Elliott Rusanow
Chief Financial Officer
44
0.1 yrs
Richard Webby
Director of Technology
1.3 yrs
Andrew Clarke
Director Finance & Investor Relations
2.3 yrs
Maureen McGrath
General Counsel of Compliance & Secretariat and Secretary
4.9 yrs
Paul Giugni
General Counsel & Secretary
4.9 yrs
Janine Frew
Director of Human Resources
4.9 yrs
Dudley Heywood
Head of Tax
4.9 yrs
Cynthia Whelan
Chief Strategy & Business Development Officer
48
0.3 yrs
Board of Directors Tenure
Average tenure and age of the Scentre Group board of directors in years:
- The tenure for the Scentre Group board of directors is about average.
Board of Directors
Brian Schwartz
Independent Non-Executive Chairman
A$718K
65
3 yrs
Peter Allen
CEO & Executive Director
A$8M
56
8 yrs
Andrew Harmos
Independent Non-Executive Director
A$280K
58
4.9 yrs
Mike Ihlein
Independent Non-Executive Director
A$280K
62
4.9 yrs
Aliza Knox
Independent Non-Executive Director
A$240K
56
4 yrs
Sarah Carolyn Kay
Independent Non-Executive Director
A$250K
57
3.3 yrs
Margie Seale
Independent Non-Executive Director
A$280K
57
3.3 yrs
Steven Leigh
Non-Executive Director
0.1 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by Scentre Group insiders in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (A$) | Value (A$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 06. May 19 | Sell | The Vanguard Group, Inc. | Company | 15. May 17 | 01. May 19 | -80,904,351 | A$4.48 | A$-362,451,484 | ||
| 06. May 19 | Buy | The Vanguard Group, Inc. | Company | 12. May 17 | 01. May 19 | 133,623,270 | A$4.48 | A$597,793,684 | ||
| 15. Mar 19 | Buy | Michael Ihlein | Individual | 13. Mar 19 | 13. Mar 19 | 15,000 | A$3.94 | A$59,025 | ||
| 12. Feb 19 | Sell | State Street Global Advisors, Inc. | Company | 28. Mar 17 | 05. Feb 19 | -60,321,973 | A$4.45 | A$-57,895 | ||
| 12. Feb 19 | Buy | State Street Global Advisors, Inc. | Company | 24. Mar 17 | 08. Feb 19 | 122,546,055 | A$4.57 | A$29,311 | ||
| 18. Oct 18 | Buy | Andrew Harmos | Individual | 16. Oct 18 | 16. Oct 18 | 10,000 | A$3.80 | A$38,000 | ||
| 17. Oct 18 | Buy | Sarah Carolyn Kay | Individual | 17. Oct 18 | 17. Oct 18 | 30,000 | A$3.87 | A$116,100 | ||
| 16. Oct 18 | Buy | Brian Schwartz | Individual | 16. Oct 18 | 16. Oct 18 | 6,560 | A$3.81 | A$24,994 | ||
Management checks
We assess Scentre Group's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Scentre Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
SCG News
Simply Wall St News
How Should Investors React To Scentre Group's (ASX:SCG) CEO Pay?
According to our data, Scentre Group has a market capitalization of AU$20b, and pays its CEO total annual compensation worth AU$7.7m. … When we examined a group of companies with market caps over AU$11b, we found that their median CEO total compensation was AU$5.6m. … It would therefore appear that Scentre Group pays Peter Allen more than the median CEO remuneration at large companies, in the same market.
Simply Wall St - – Full articleWhat Kind Of Shareholder Appears On The Scentre Group's (ASX:SCG) Shareholder Register?
The big shareholder groups in Scentre Group (ASX:SCG) have power over the company. … Scentre Group has a market capitalization of AU$21b, so it's too big to fly under the radar. … Check out our latest analysis for Scentre Group
Simply Wall St - – Full articleIs Scentre Group's (ASX:SCG) 9.6% ROE Strong Compared To Its Industry?
To keep the lesson grounded in practicality, we'll use ROE to better understand Scentre Group (ASX:SCG). … That means that for every A$1 worth of shareholders' equity, it generated A$0.096 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleInvesting In Property Through Scentre Group (ASX:SCG)
real estate investment trust (REIT) based in Sydney, Australia. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent
Simply Wall St - – Full articleHow Many Insiders Bought Scentre Group (ASX:SCG) Shares?
So we'll take a look at whether insiders have been buying or selling shares in Scentre Group (ASX:SCG). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … That means that an insider was happy to buy shares at around the current price
Simply Wall St - – Full articleDo You Know Scentre Group’s (ASX:SCG) Cash Situation?
Scentre Group (ASX:SCG) shareholders, and potential investors, need to understand how much cash the business makes from its core operational activities, as well as how much is invested back into the business. … I’ve analysed below, the health and outlook of Scentre Group’s cash flow, which will help you understand the stock from a cash standpoint. … Scentre Group generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating
Simply Wall St - – Full articleShould You Worry About Scentre Group's (ASX:SCG) CEO Pay?
Peter Allen has been the CEO of Scentre Group (ASX:SCG) since 2014. … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … How Does Peter Allen's Compensation Compare With Similar Sized Companies?
Simply Wall St - – Full articleWhat Type Of Shareholder Owns Scentre Group's (ASX:SCG)?
The big shareholder groups in Scentre Group (ASX:SCG) have power over the company. … Generally speaking, as a company grows, institutions will increase their ownership. … With a market capitalization of AU$21b, Scentre Group is rather large.
Simply Wall St - – Full articleWhy Scentre Group (ASX:SCG) Looks Like A Quality Company
Our data shows Scentre Group has a return on equity of 18% for the last year. … One way to conceptualize this, is that for each A$1 of shareholders' equity it has, the company made A$0.18 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleInvesting In Property Through Scentre Group (ASX:SCG)
real estate investment trust (REIT) based in Sydney, Australia. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.
Simply Wall St - – Full articleSCG Company Info
Description
Scentre Group (ASX Code: SCG) is the owner and operator of Westfield in Australia and New Zealand with interests in 41 centres, encompassing approximately 11,500 outlets and total assets under management of $54.2 billion.
Details
| Name: | Scentre Group |
| SCG | |
| Exchange: | ASX |
| Founded: | |
| A$20,368,495,752 | |
| 5,304,295,769 | |
| Website: | http://www.scentregroup.com |
| Address: |
Scentre Group 85 Castlereagh Street, Level 30, Sydney, New South Wales, 2000, Australia |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| ASX | SCG | SCG Stapled Units | Australian Securities Exchange | AU | AUD | 25. Jun 2014 | |
| OTCPK | STGP.F | SCG Stapled Units | Pink Sheets LLC | US | USD | 25. Jun 2014 | |
| CHIA | SCG | SCG Stapled Units | Chi-X Australia | AU | AUD | 25. Jun 2014 |
Number of employees
Current staff
Industry
| Retail REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/19 10:35 |
| End of day share price update: | 2019/05/17 00:00 |
| Last estimates confirmation: | 2019/05/15 |
| Last earnings filing: | 2019/02/19 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
