Morningstar

Scentre Group SCG

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Stock XASX Rating as of
A$3.67 −0.04 (1.08%)
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As of Delayed Price Closed

Company Report

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Scentre Group Earnings: Solid Results Underpinned by High-Quality Retail Portfolio

Jon Mills

In line with our expectations and on track for full-year guidance, Scentre Group delivered funds from operations of AUD 10.95 cents per security and distributions of AUD 8.60 cents per security in the first half of 2024. Our FFO forecast of AUD 21.85 cents per security is a 4% increase on last year and at the lower end of management’s reaffirmed AUD 21.75-22.25 cents guided range. We forecast distributions of AUD 17.20 cents per security, up 4% from last year.

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Price vs Fair Value

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SCG is trading at a 643% premium.
Price
A$3.67
Fair Value
A$5.30
Uncertainty
Medium
1-Star Price
A$2.29
5-Star Price
A$6.34
Economic Moat
Rzfq
Capital Allocation
Yjwtwbz

Bulls Say, Bears Say

Bulls

Australian shopping centers are in better shape than their counterparts in the United States, due to lower retail space per person, and greater exposure to non-discretionary spending.

Bears

Rents are much higher than for convenience focused centers, and high end consumer goods are at risk from online competition.

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News

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Trading Information

Previous Close Price
A$3.71
Day Range
A$3.65–3.71
52-Week Range
A$2.37–3.88
Bid/Ask
A$3.66 / A$3.68
Market Cap
A$19.09 Bil
Volume/Avg
12.3 Mil / 11.9 Mil

Key Statistics

Price/Earnings (Normalized)
44.47
Price/Sales
7.54
Dividend Yield (Trailing)
4.62%
Dividend Yield (Forward)
4.62%
Total Yield
4.62%

Company Profile

Scentre Group owns the largest portfolio of premium Australian and New Zealand shopping malls, owning seven of the top 10 Australian and four of the top five New Zealand malls. About half its rent comes from anchor tenants and half from specialty tenants at end-June 2024. While about one third of floor space is allocated to department stores at that date, we expect tenants to return a reasonable portion of that space over the next decade, or alternatively, department store rent to be renegotiated to lower levels. Almost every Scentre mall is anchored by at least one supermarket but these tenants accounts for less than 10% of gross lettable area due to the large size of Scentre’s assets.
Sector
Real Estate
Industry
REIT - Retail
Stock Style Box
Large Value
Total Number of Employees
3,129
Website
https://www.scentregroup.com

Competitors

Valuation

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Metric
SCG
SPG
VCX
Price/Earnings (Normalized)
 44.4729.8418.44
Price/Book Value
 1.0718.830.97
Price/Sales
 7.549.377.86
Price/Cash Flow
 18.1914.8915.01
Price/Earnings
SCG
SPG
VCX

Financial Strength

Metric
SCG
SPG
VCX
Quick Ratio
 0.160.990.14
Current Ratio
 0.290.990.47
Interest Coverage
 0.614.472.47
Quick Ratio
SCG
SPG
VCX

Profitability

Metric
SCG
SPG
VCX
Return on Assets (Normalized)
 1.20%6.71%3.55%
Return on Equity (Normalized)
 2.41%76.37%5.20%
Return on Invested Capital (Normalized)
 1.17%10.49%3.61%
Return on Assets
SCG
SPG
VCX

REIT - Retail Industry Comparables

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1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Simon Property Group Inc
SPG
VqsqwqcfMmq$54.7 Bil
 Realty Income Corp
O
WxqggjyzdCkjn$54.6 Bil
 Kimco Realty Corp
KIM
JbzgkvtSbnd$15.5 Bil
 Link Real Estate Investment Trust
LKREF
—Xtzt$13.2 Bil
 Scentre Group
STGPF
—Zrxnh$13.2 Bil
 Regency Centers Corp
REG
NxwzkhpcHwqg$13.0 Bil
 Unibail-Rodamco-Westfield Act. SIIC ET STES FONC.EUROP.
UNBLF
—Qwd$12.3 Bil
 Unibail-Rodamco-Westfield ADR
UNIRF
—Dywg$12.3 Bil
 Federal Realty Investment Trust
FRT
QcztzjnmhbQfyvn$9.6 Bil
 Macerich Co
MAC
DswqfgnvBdhv$3.9 Bil

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