Vicinity Centres

VCX: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$1.17	Pzzz	Hdbnkzk

Tough Conditions in Retail, But Mostly Priced in; Vicinity Centres Close to Fair Value.

Johannes Faul

Aug 15, 2019

Narrow-moat-rated Vicinity Centres reported a lacklustre fiscal 2019 result. Vicinity’s bifurcated retail property portfolio saw its high-quality assets perform well, but was hampered by weaker performing properties that are either lower-quality, or in economically sluggish regions such as Western Australia. That dynamic is likely to persist. The result has no impact on our investment thesis with much of the bad news for retail property already priced in. The stock trades close to our unchanged AUD 2.60 fair value estimate.

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