| Snowflake Score | |
|---|---|
| Valuation | 3/6 |
| Future Growth | 3/6 |
| Past Performance | 0/6 |
| Financial Health | 3/6 |
| Dividends | 4/6 |
VCX Stock Overview
Vicinity Centres (Vicinity or the Group) is one of Australia’s leading retail property groups.
Vicinity Centres Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | AU$1.68 |
| 52 Week High | AU$1.83 |
| 52 Week Low | AU$1.46 |
| Beta | 1.64 |
| 1 Month Change | -2.04% |
| 3 Month Change | -6.15% |
| 1 Year Change | 4.67% |
| 3 Year Change | -35.63% |
| 5 Year Change | -41.87% |
| Change since IPO | -44.55% |
Recent News & Updates
Shareholder Returns
| VCX | AU REITs | AU Market | |
|---|---|---|---|
| 7D | -2.0% | -3.8% | -0.5% |
| 1Y | 4.7% | 19.5% | 10.4% |
Return vs Industry: VCX underperformed the Australian REITs industry which returned 19.5% over the past year.
Return vs Market: VCX underperformed the Australian Market which returned 10.4% over the past year.
Price Volatility
| VCX volatility | |
|---|---|
| VCX Average Weekly Movement | 3.5% |
| REITs Industry Average Movement | 3.2% |
| Market Average Movement | 8.4% |
| 10% most volatile stocks in AU Market | 15.2% |
| 10% least volatile stocks in AU Market | 3.6% |
Stable Share Price: VCX is less volatile than 75% of Australian stocks over the past 3 months, typically moving +/- 4% a week.
Volatility Over Time: VCX's weekly volatility (4%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| n/a | 1,200 | Grant Lewis Kelley | https://www.vicinity.com.au |
Vicinity Centres (Vicinity or the Group) is one of Australia’s leading retail property groups. With a fully integrated asset management platform, and $24 billion in retail assets under management across 63 shopping centres, it is the second largest listed manager of Australian retail property. Vicinity has a Direct Portfolio with interests in 60 shopping centres (including the DFO Brisbane business) and manages 31 assets on behalf of Strategic Partners, 28 of which are co-owned by the Group.
Vicinity Centres Fundamentals Summary
| VCX fundamental statistics | |
|---|---|
| Market Cap | AU$7.65b |
| Earnings (TTM) | -AU$258.00m |
| Revenue (TTM) | AU$1.14b |
6.7x
P/S Ratio-29.6x
P/E RatioIs VCX overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| VCX income statement (TTM) | |
|---|---|
| Revenue | AU$1.14b |
| Cost of Revenue | AU$299.00m |
| Gross Profit | AU$836.00m |
| Expenses | AU$1.09b |
| Earnings | -AU$258.00m |
Last Reported Earnings
Jun 30, 2021
Next Earnings Date
Feb 16, 2022
| Earnings per share (EPS) | -0.057 |
| Gross Margin | 73.66% |
| Net Profit Margin | -22.73% |
| Debt/Equity Ratio | 35.0% |
How did VCX perform over the long term?
See historical performance and comparisonDividends
7.9%
Current Dividend Yield28%
Payout RatioValuation
Is Vicinity Centres undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: VCX (A$1.68) is trading below our estimate of fair value (A$3.92)
Significantly Below Fair Value: VCX is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: VCX is unprofitable, so we can't compare its PE Ratio to the Australian REITs industry average.
PE vs Market: VCX is unprofitable, so we can't compare its PE Ratio to the Australian market.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate VCX's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: VCX is good value based on its PB Ratio (0.8x) compared to the AU REITs industry average (1.2x).
Future Growth
How is Vicinity Centres forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?
31.8%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: VCX is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).
Earnings vs Market: VCX is forecast to become profitable over the next 3 years, which is considered above average market growth.
High Growth Earnings: VCX's is expected to become profitable in the next 3 years.
Revenue vs Market: VCX's revenue is expected to decline over the next 3 years (-3.1% per year).
High Growth Revenue: VCX's revenue is forecast to decline over the next 3 years (-3.1% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: VCX's Return on Equity is forecast to be low in 3 years time (5.9%).
Past Performance
How has Vicinity Centres performed over the past 5 years?
-60.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: VCX is currently unprofitable.
Growing Profit Margin: VCX is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: VCX is unprofitable, and losses have increased over the past 5 years at a rate of 60% per year.
Accelerating Growth: Unable to compare VCX's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: VCX is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (106.4%).
Return on Equity
High ROE: VCX has a negative Return on Equity (-2.61%), as it is currently unprofitable.
Financial Health
How is Vicinity Centres's financial position?
Financial Position Analysis
Short Term Liabilities: VCX's short term assets (A$156.6M) do not cover its short term liabilities (A$562.5M).
Long Term Liabilities: VCX's short term assets (A$156.6M) do not cover its long term liabilities (A$3.9B).
Debt to Equity History and Analysis
Debt Level: VCX's net debt to equity ratio (34.5%) is considered satisfactory.
Reducing Debt: VCX's debt to equity ratio has reduced from 37.9% to 35% over the past 5 years.
Debt Coverage: VCX's debt is not well covered by operating cash flow (18.7%).
Interest Coverage: VCX's interest payments on its debt are well covered by EBIT (3.6x coverage).
Balance Sheet
Dividend
What is Vicinity Centres's current dividend yield, its reliability and sustainability?
7.86%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: VCX's dividend (7.86%) is higher than the bottom 25% of dividend payers in the Australian market (2.18%).
High Dividend: VCX's dividend (7.86%) is in the top 25% of dividend payers in the Australian market (5.39%)
Stability and Growth of Payments
Stable Dividend: VCX has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: VCX has only been paying a dividend for 6 years, and since then payments have fallen.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (27.7%), VCX's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: VCX's dividends in 3 years are forecast to be covered by earnings (78.1% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
2.8yrs
Average management tenure
CEO
Grant Lewis Kelley (56 yo)
4yrs
Tenure
AU$2,781,458
Compensation
Mr. Grant Lewis Kelley has been the Chief Executive Officer, Managing Director and Director of Vicinity Centres since January 01, 2018. Mr. Kelley had been the Chief Executive Officer at City Developments...
CEO Compensation Analysis
Compensation vs Market: Grant Lewis's total compensation ($USD2.01M) is about average for companies of similar size in the Australian market ($USD2.36M).
Compensation vs Earnings: Grant Lewis's compensation has increased whilst the company is unprofitable.
Leadership Team
Experienced Management: VCX's management team is considered experienced (2.8 years average tenure).
Board Members
Experienced Board: VCX's board of directors are considered experienced (6.6 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Vicinity Centres's employee growth, exchange listings and data sources
Key Information
- Name: Vicinity Centres
- Ticker: VCX
- Exchange: ASX
- Founded: NaN
- Industry: Retail REITs
- Sector: Real Estate
- Implied Market Cap: AU$7.648b
- Shares outstanding: 4.55b
- Website: https://www.vicinity.com.au
Number of Employees
Location
- Vicinity Centres
- Chadstone Tower One
- Level 4
- Chadstone
- Victoria
- 3148
- Australia
Listings
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2022/01/17 16:17 |
| End of Day Share Price | 2022/01/17 00:00 |
| Earnings | 2021/06/30 |
| Annual Earnings | 2021/06/30 |
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.