Vicinity Centres (VCX) AI Stock Analysis

• Market Cap: $11.86B
• Dividend Yield: 4.62%
• Average Volume (3M): 7.07M
• Price to Earnings (P/E): 11.8
• Beta (1Y): 0.86
• Revenue Growth: 0.29%
• EPS Growth: 83.44%
• Country: AU
• Employees: 1,257
• Sector: Real Estate
• Sector Strength: 51
• Industry: REIT - Retail
• EPS (TTM): 0.07
• Shares Outstanding: 4,562,878,400
• 10 Day Avg. Volume: 8,047,097
• 30 Day Avg. Volume: 7,071,760
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.35
• Enterprise Value/Revenue: 11.79
• Enterprise Value/Gross Profit: 32.55
• Enterprise Value/Ebitda: 18.64
• 1Y Price Target: $2.52
• Price Target Upside: -3.13% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 7

• Rating: 72 Outperform
• Price Target: AU$2.50 ▼(-3.85% Downside)

Vicinity Centres scores well due to its attractive valuation and positive technical indicators. However, mixed financial performance with declining revenue and free cash flow growth rates, along with increasing debt levels, tempers the overall score.

Vicinity Centres Business Overview & Revenue Model

Company Description

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 is listed on the Australian Securities Exchange (ASX) under the code VCX and has over 28,000 securityholders. Vicinity also has European medium term notes listed on the ASX under the code VCD.

How the Company Makes Money

Vicinity Centres generates revenue primarily through leasing retail space within its shopping centers to a variety of tenants, including international and local retailers, dining establishments, and service providers. The company earns income from base rent, which is typically fixed and outlined in lease agreements, as well as from percentage rent, which is a variable component tied to tenant sales performance. Additionally, Vicinity Centres benefits from ancillary revenue streams such as parking fees, advertising within its properties, and fees from property management services provided to co-owned centers. Strategic partnerships and joint ventures with other property developers and investment funds also contribute to its financial performance, allowing Vicinity Centres to expand its portfolio and enhance asset value.

Vicinity Centres Financial Statement Overview

Summary

Vicinity Centres shows a mixed financial performance. Strong gross profit margins and a stable balance sheet are offset by declining revenue and free cash flow growth rates. Increasing debt levels also pose potential risks.

Income Statement

Vicinity Centres shows a mixed performance in its income statement. The company has a strong gross profit margin, indicating efficient cost management. However, the net profit margin has been volatile, with a significant drop in the latest year due to a decline in revenue. The EBIT and EBITDA margins are healthy, but the negative revenue growth rate is a concern, suggesting challenges in maintaining sales momentum.

Balance Sheet

The balance sheet of Vicinity Centres is relatively stable. The debt-to-equity ratio is moderate, indicating a balanced approach to leveraging. Return on equity has been inconsistent, reflecting fluctuations in profitability. The equity ratio is strong, suggesting a solid capital structure. However, the increase in total debt over the years could pose a risk if not managed carefully.

Cash Flow

Cash flow analysis reveals some challenges for Vicinity Centres. The operating cash flow to net income ratio is strong, indicating good cash generation relative to earnings. However, the free cash flow growth rate is negative, which could impact future investments and financial flexibility. The free cash flow to net income ratio is healthy, but the declining trend in free cash flow is a concern.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.36B	1.32B	1.31B	1.23B	1.18B	1.11B
Gross Profit	493.70M	945.00M	916.50M	880.80M	851.50M	758.20M
EBITDA	861.90M	1.21B	736.00M	745.10M	785.70M	514.90M
Net Income	1.00B	1.00B	547.10M	271.50M	1.22B	-256.80M
Balance Sheet
Total Assets	16.34B	16.34B	15.73B	15.58B	15.55B	14.34B
Cash, Cash Equivalents and Short-Term Investments	80.70M	80.70M	49.60M	192.90M	55.60M	36.20M
Total Debt	4.85B	4.85B	4.62B	4.46B	4.14B	3.63B
Total Liabilities	5.21B	5.21B	5.09B	4.95B	4.67B	4.33B
Stockholders Equity	11.13B	11.13B	10.64B	10.64B	10.89B	10.01B
Cash Flow
Free Cash Flow	430.20M	644.60M	353.10M	367.50M	334.90M	598.70M
Operating Cash Flow	651.00M	651.00M	690.10M	702.20M	589.50M	599.90M
Investing Cash Flow	-176.80M	-176.80M	-435.70M	-203.20M	-512.30M	-126.50M
Financing Cash Flow	-443.10M	-443.10M	-397.70M	-361.70M	-68.80M	-655.30M

Vicinity Centres Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.60
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:VCX, the sentiment is Positive. The current price of 2.6 is above the 20-day moving average (MA) of 2.57, above the 50-day MA of 2.49, and above the 200-day MA of 2.26, indicating a bullish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 61.63 is Neutral, neither overbought nor oversold. The STOCH value of 80.05 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:VCX.

Vicinity Centres Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VCX	72 Outperform	$11.86B	11.79	9.03%	4.62%	0.29%	83.44%
Sector *	63 Neutral	$7.09B	12.97	-0.31%	6.85%	4.02%	-23.53%
DEXSF	―	$5.29B	59.21	1.32%	4.84%	―	―
GPTGF	―	$7.03B	28.70	3.56%	4.51%	―	―
MRVGF	―	$6.22B	131.70	0.71%	3.34%	―	―
STGPF	―	$14.57B	15.05	7.71%	4.46%	―	―
STKAF	―	$10.31B	19.00	7.99%	3.73%	―	―

Vicinity Centres Corporate Events

AustralianSuper Increases Stake in Vicinity Centres

AustralianSuper Pty Ltd has increased its stake in Vicinity Centres, raising its voting power from 7.36% to 8.52% as of June 23, 2025. This change in substantial holding indicates a growing interest and confidence in Vicinity Centres by one of Australia’s largest superannuation funds, potentially impacting the company’s market influence and stakeholder dynamics.

The most recent analyst rating on (AU:VCX) stock is a Hold with a A$2.30 price target. To see the full list of analyst forecasts on Vicinity Centres stock, see the AU:VCX Stock Forecast page.

UniSuper Boosts Stake in Vicinity Centres

UniSuper Limited, acting as trustee for UniSuper and UniSuper Management Pty Limited, has increased its voting power in Vicinity Centres from 8.10% to 9.60%. This change in substantial holding reflects a strategic move by UniSuper to strengthen its influence within the company, potentially impacting Vicinity Centres’ decision-making processes and stakeholder dynamics.

The most recent analyst rating on (AU:VCX) stock is a Sell with a A$2.35 price target. To see the full list of analyst forecasts on Vicinity Centres stock, see the AU:VCX Stock Forecast page.

AustralianSuper Increases Stake in Vicinity Centres

AustralianSuper Pty Ltd has increased its voting power in Vicinity Centres from 6.04% to 7.36%, as indicated in a recent change of interests notice. This increase in voting power reflects AustralianSuper’s growing influence within Vicinity Centres, potentially impacting the company’s strategic decisions and signaling confidence in its market position.

The most recent analyst rating on (AU:VCX) stock is a Sell with a A$2.35 price target. To see the full list of analyst forecasts on Vicinity Centres stock, see the AU:VCX Stock Forecast page.

Vicinity Centres Reports Strong 3Q FY25 Performance Amid Strategic Growth

Vicinity Centres reported a robust third quarter for FY25, driven by strong retailer and shopper confidence. The company highlighted the successful opening of ‘The Market Pavilion’ at Chadstone, stable occupancy rates, and increased retail sales, particularly in specialties and mini majors. Vicinity continues to focus on strategic investments and divestments, maintaining a low proforma gearing of 27.5%, which supports its growth agenda. The company expects its FY25 FFO and AFFO per security to be at the top end of its guidance range, reflecting the strength of its portfolio metrics.