Vicinity Centres

VCX: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$6.49	Bqs	Tqhnvkdh

Moat Rating Lowered to None and FVE Reduced for Vicinity Centres; Securities Still Look Undervalued

Alexander Prineas

Aug 26, 2020

We reduce our fair value estimate for Vicinity Centres by 23% to AUD 1.55 and no longer attribute a moat rating to the group. Our high uncertainty and Standard stewardship ratings are unchanged. Despite our lower fair value, the recent rights issue and current pricing still understate the value.

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