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	1.31	Distress Grey Safe
Beneish M-Score	-2.48	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

2/10

	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	-3.57

Momentum Rank

7/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	51.93
	9-Day RSI	49.37
	14-Day RSI	48.29
	6-1 Month Momentum %	-9.46
	12-1 Month Momentum %	2.1

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 %	6.63
	Dividend Payout Ratio	1.72
	3-Year Dividend Growth Rate	14.3
	Forward Dividend Yield %	6.44
	5-Year Yield-on-Cost %	3.17
	3-Year Average Share Buyback Ratio	-0.2
	Shareholder Yield %	3.68

Profitability Rank

7/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	71.73
	Operating Margin %	60.4
	Net Margin %	24.55
	FCF Margin %	51.76
	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	26.06
	PE Ratio	26.43
	Forward PE Ratio	13.37
	PE Ratio without NRI	26.43
	Shiller PE Ratio	10.97
	Price-to-Owner-Earnings	30.83
	PS Ratio	6.49
	PB Ratio	0.8
	Price-to-Tangible-Book	0.82
	Price-to-Free-Cash-Flow	12.59
	Price-to-Operating-Cash-Flow	12.5
	EV-to-EBIT	25.96
	EV-to-Forward-EBIT	17.56
	EV-to-EBITDA	25.71
	EV-to-Forward-EBITDA	17.56
	EV-to-Revenue	9.73
	EV-to-Forward-Revenue	16.71
	EV-to-FCF	18.58
	Price-to-Projected-FCF	0.58
	Price-to-Median-PS-Value	0.88
	Price-to-Graham-Number	0.99
	Earnings Yield (Greenblatt) %	3.85
	FCF Yield %	7.83
	Forward Rate of Return (Yacktman) %	-1.28

GF Value: €0.96

FRA:C98

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