VICINITY CENTRES (VCX)
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VCX

VCX - VICINITY CENTRES

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 4.94
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

$2.60

25 Jun
2026

0.020

OPEN

$2.57

0.78%

HIGH

$2.63

9,137,841

LOW

$2.56

TARGET
$2.53 -2.7% downside
OTHER COMPANIES IN THE SAME SECTOR
ABG . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . DXS . GDF . GDI . HCW . HDN . PLG . REP . RFF . RGN . SCG . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
VCX: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 30.2 15.5 xxx
DPS (cps) xxx 12.4 13.6 xxx
EPS Growth xxx 37.0% - 48.9% xxx
DPS Growth xxx 3.3% 9.7% xxx
PE Ratio xxx N/A 15.2 xxx
Dividend Yield xxx N/A 5.8% xxx
Div Pay Ratio(%) xxx 41.0% 88.0% xxx

Dividend yield today if purchased 3 years ago: 6.89%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.28

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: 25/08 - (franking ex-div 6.20c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx30.2
DPS All xxxxxxxxxxxxxxx12.4
Sales/Revenue xxxxxxxxxxxxxxx1,365.3 M
Book Value Per Share xxxxxxxxxxxxxxx261.7
Net Operating Cash Flow xxxxxxxxxxxxxxx672.0 M
Net Profit Margin xxxxxxxxxxxxxxx101.90 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx11.96 %
Return on Invested Capital xxxxxxxxxxxxxxx8.75 %
Return on Assets xxxxxxxxxxxxxxx8.23 %
Return on Equity xxxxxxxxxxxxxxx11.96 %
Return on Total Capital xxxxxxxxxxxxxxx4.33 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-127.5 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx208 M
Long Term Debt xxxxxxxxxxxxxxx4,746 M
Total Debt xxxxxxxxxxxxxxx4,954 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx80 M
Price To Book Value xxxxxxxxxxxxxxx0.99

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx431.7 M
Capex % of Sales xxxxxxxxxxxxxxx31.62 %
Cost of Goods Sold xxxxxxxxxxxxxxx396 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx253 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx16,477 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.0

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

06/05/2026

3

Neutral

$2.17

-16.54%

Vicinity Centres has used the Macquarie conference to re-affirm FY26 guidance and report a strong quarterly performance.

Macquarie reports the REIT is seeing consumers starting to shop down, shifting to mid-price categories. If there is an impact for Vicinity Centres, it won't be seen for 6-9 months, the broker adds, because 90% of the portfolio is driven by fixed rent.

The REIT still sees plenty of interest for assets and expects to sell (and buy) some. Macquarie adds Vicinity Centres acquired one asset every 18 months, with high hurdles required for acquisitions.

Neutral. Target $2.17

FORECAST
Macquarie forecasts a full year FY26 dividend of 12.60 cents and EPS of 13.60 cents.
Macquarie forecasts a full year FY27 dividend of 13.40 cents and EPS of 14.30 cents.

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

07/05/2026

4

Underweight

$2.65

1.92%

Jarden maintains an Underweight rating and $2.65 target price for Vicinity Centres following a "constructive" third-quarter update that showed robust operational metrics despite a deteriorating consumer backdrop.

The broker notes the REIT re-affirmed its FY26 earnings guidance at the upper end of the range, with FFO of 15.0c to 15.2c, supported by elevated occupancy of 99.6% and leasing spreads increasing to 5.1%.

While specialty sales productivity ticked up to $13,500/sqm, some categories like jewelry and leisure saw declines from previously elevated levels.

Active capital management has extended the weighted average debt maturity to 4.6 years, but Jarden remains cautious as the stock currently trades at a meaningful premium to its 10-year average PE.

The report highlights development returns at Chatswood Chase appear modest at 6%, leaving limited margin for error compared to sector peers.

FORECAST
Jarden forecasts a full year FY26 dividend of 13.00 cents and EPS of 15.20 cents.
Jarden forecasts a full year FY27 EPS of 15.80 cents.
Access Extra Coverage Research History >

VCX STOCK CHART

FNArena News on VCX

Latest REITs News

1
Australian Listed Real Estate Tables – 06-06-2022

Jun 06 2022 - Weekly Reports
2
Australian Listed Real Estate Tables – 30-05-2022

May 30 2022 - Weekly Reports
3
Australian Listed Real Estate Tables – 23-05-2022

May 23 2022 - Weekly Reports
4
Australian Listed Real Estate Tables – 16-05-2022

May 16 2022 - Weekly Reports
5
Australian Listed Real Estate Tables – 09-05-2022

May 09 2022 - Weekly Reports
6
Australian Listed Real Estate Tables – 03-05-2022

May 03 2022 - Weekly Reports
7
Australian Listed Real Estate Tables – 26-04-2022

Apr 26 2022 - Weekly Reports
8
Australian Listed Real Estate Tables – 19-04-2022

Apr 19 2022 - Weekly Reports
9
Australian Listed Real Estate Tables – 11-04-2022

Apr 11 2022 - Weekly Reports
10
Australian Listed Real Estate Tables – 04-04-2022

Apr 04 2022 - Weekly Reports