Vicinity Centres

ASX:VCX Stock Report

Market Cap: AU$9.5b

Vicinity Centres Valuation

Is VCX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of VCX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
AU$2.83
Fair Value
25.8% undervalued intrinsic discount
10
Number of Analysts

Below Fair Value: VCX (A$2.1) is trading below our estimate of fair value (A$2.83)

Significantly Below Fair Value: VCX is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VCX?

Key metric: As VCX is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for VCX. This is calculated by dividing VCX's market cap by their current earnings.
What is VCX's PE Ratio?
PE Ratio11.7x
EarningsAU$816.20m
Market CapAU$9.51b

Price to Earnings Ratio vs Peers

How does VCX's PE Ratio compare to its peers?

The above table shows the PE ratio for VCX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.5x
SCG Scentre Group
16.2x5.6%AU$17.0b
RGN Region Group
17.8x12.4%AU$2.4b
BWP BWP Trust
8.5x-12.5%AU$2.4b
HDN HomeCo Daily Needs REIT
11.6x7.1%AU$2.4b
VCX Vicinity Centres
11.7x-0.4%AU$9.5b

Price-To-Earnings vs Peers: VCX is good value based on its Price-To-Earnings Ratio (11.7x) compared to the peer average (13.5x).

Price to Earnings Ratio vs Industry

How does VCX's PE Ratio compare vs other companies in the Global Retail REITs Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
VCX 11.7xIndustry Avg. 16.4xNo. of Companies13PE01020304050+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: VCX is good value based on its Price-To-Earnings Ratio (11.7x) compared to the Global Retail REITs industry average (16.4x).

Price to Earnings Ratio vs Fair Ratio

What is VCX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VCX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.7x
Fair PE Ratio17.4x

Price-To-Earnings vs Fair Ratio: VCX is good value based on its Price-To-Earnings Ratio (11.7x) compared to the estimated Fair Price-To-Earnings Ratio (17.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst VCX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$2.10
AU$2.36
+12.4%
6.3%AU$2.60AU$2.11n/a10
Mar ’26AU$2.18
AU$2.36
+8.3%
6.3%AU$2.60AU$2.11n/a10
Feb ’26AU$2.21
AU$2.29
+3.4%
6.3%AU$2.50AU$2.00n/a10
Jan ’26AU$2.10
AU$2.28
+8.6%
5.4%AU$2.50AU$2.04n/a10
Dec ’25AU$2.16
AU$2.28
+5.6%
5.4%AU$2.50AU$2.04n/a10
Nov ’25AU$2.15
AU$2.28
+6.1%
5.4%AU$2.50AU$2.04n/a10
Oct ’25AU$2.25
AU$2.26
+0.3%
5.4%AU$2.50AU$2.04n/a10
Sep ’25AU$2.22
AU$2.18
-2.0%
7.7%AU$2.45AU$1.86n/a12
Aug ’25AU$2.11
AU$2.09
-0.9%
6.9%AU$2.35AU$1.86n/a12
Jul ’25AU$1.88
AU$2.09
+10.9%
6.6%AU$2.35AU$1.86n/a13
Jun ’25AU$1.95
AU$2.09
+7.1%
7.0%AU$2.40AU$1.86n/a13
May ’25AU$1.88
AU$2.10
+11.5%
6.6%AU$2.40AU$1.86n/a14
Apr ’25AU$2.13
AU$2.08
-2.2%
6.6%AU$2.40AU$1.86n/a14
Mar ’25AU$1.97
AU$2.08
+5.8%
6.4%AU$2.40AU$1.86AU$2.1814
Feb ’25AU$2.00
AU$2.00
-0.2%
7.2%AU$2.40AU$1.79AU$2.2113
Jan ’25AU$2.04
AU$1.94
-5.1%
8.0%AU$2.25AU$1.62AU$2.1013
Dec ’24AU$1.86
AU$1.94
+4.5%
8.0%AU$2.25AU$1.62AU$2.1613
Nov ’24AU$1.73
AU$1.94
+12.3%
8.0%AU$2.25AU$1.62AU$2.1513
Oct ’24AU$1.70
AU$2.03
+19.6%
5.5%AU$2.25AU$1.82AU$2.2513
Sep ’24AU$1.86
AU$2.03
+9.6%
5.4%AU$2.25AU$1.82AU$2.2214
Aug ’24AU$1.98
AU$2.02
+2.4%
6.4%AU$2.26AU$1.78AU$2.1114
Jul ’24AU$1.85
AU$2.05
+11.2%
6.3%AU$2.30AU$1.78AU$1.8814
Jun ’24AU$1.88
AU$2.06
+10.0%
5.5%AU$2.30AU$1.88AU$1.9514
May ’24AU$2.09
AU$2.07
-1.1%
5.6%AU$2.30AU$1.88AU$1.8813
Apr ’24AU$1.95
AU$2.07
+6.3%
5.6%AU$2.30AU$1.88AU$2.1313
Mar ’24AU$2.03
AU$2.06
+1.6%
5.7%AU$2.30AU$1.88AU$1.9714
Analyst Price Target
Consensus Narrative from 10 Analysts
AU$2.36
Fair Value
11.1% undervalued intrinsic discount
10
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/03/18 09:22
End of Day Share Price 2025/03/18 00:00
Earnings2024/12/31
Annual Earnings2024/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Vicinity Centres is covered by 21 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Benjamin BrayshawBarrenjoey Markets Pty Limited
Nicholas McGarrigleBarrenjoey Markets Pty Limited
Simon GaringBell Potter