Vicinity was created after the merger of Federation Centres and Novion in June 2015, creating one of Australia's largest retail REITs. Its directly and indirectly owned assets have a book value of about AUD 14 billion. The assets are skewed to large, high-end shopping centers, with about half in major regional malls, a fifth in subregional, 15% in CBD locations, 13% in outlet centers, and 1% in neighborhood malls.

Financial Strength

4/10

Name	Current	Vs Industry
Cash-To-Debt	0.08
Equity-to-Asset	0.69
Debt-to-Equity	0.42
Debt-to-EBITDA	9.01
Interest Coverage	4.27
Piotroski F-Score	6/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	1.34	Distress Grey Safe
Beneish M-Score	-2.48	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

3/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	-4.3
	3-Year FCF Growth Rate	7.5
	3-Year Book Growth Rate	0.1
	Future 3-5Y Total Revenue Growth Rate	-3.09

Momentum Rank

8/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	32.2
	9-Day RSI	33.73
	14-Day RSI	35.56
	6-1 Month Momentum %	22.45
	12-1 Month Momentum %	1.94

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	0.94
	Quick Ratio	0.94
	Cash Ratio	0.61
	Days Sales Outstanding	25.98
	Days Payable	162.01

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	6.42
	Dividend Payout Ratio	1.73
	3-Year Dividend Growth Rate	14.3
	Forward Dividend Yield %	6.21
	5-Year Yield-on-Cost %	2.99
	3-Year Average Share Buyback Ratio	-0.2
	Shareholder Yield %	3.57

Profitability Rank

7/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	71.73
	Operating Margin %	60.4
	Net Margin %	24.55
	FCF Margin %	51.74
	ROE %	2.99
	ROA %	2.05
	ROIC %	5.32
	ROC (Joel Greenblatt) %	1677.59
	ROCE %	3.24
	Years of Profitability over Past 10-Year	8

GF Value Rank

3/10

	Name	Current	Vs Industry		Vs History
	Price-to-FFO	26.55
	PE Ratio	26.92
	Forward PE Ratio	14.33
	PE Ratio without NRI	26.92
	Shiller PE Ratio	11.3
	Price-to-Owner-Earnings	31.75
	PS Ratio	6.6
	PB Ratio	0.82
	Price-to-Tangible-Book	0.82
	Price-to-Free-Cash-Flow	12.82
	Price-to-Operating-Cash-Flow	12.73
	EV-to-EBIT	25.97
	EV-to-Forward-EBIT	17.98
	EV-to-EBITDA	25.73
	EV-to-Forward-EBITDA	17.98
	EV-to-Revenue	9.73
	EV-to-Forward-Revenue	17.11
	EV-to-FCF	18.95
	Price-to-Projected-FCF	0.59
	Price-to-Median-PS-Value	0.88
	Price-to-Graham-Number	0.99
	Earnings Yield (Greenblatt) %	3.85
	FCF Yield %	7.82
	Forward Rate of Return (Yacktman) %	-1.56

GF Value: A$1.73

ASX:VCX

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