Morningstar

Scentre Group SCG

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Stock XASX Rating as of
A$3.59 −0.02 (0.55%)
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As of Delayed Price Closed

Company Report

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Scentre Group Well-Placed if Retail Environment Softens

Jon Mills,

Scentre Group was created in mid-2014 by combining the Australian assets of the Westfield Group with those of Westfield Retail Trust. Scentre is predominantly a passive rent collector, but also undertakes development activities, constructing new centers and redeveloping existing assets, including recent developments in New Zealand such as Westfield Newmarket in Auckland.

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Price vs Fair Value

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SCG is trading within a range we consider fairly valued.
Price
A$3.59
Fair Value
A$2.30
Uncertainty
Medium
1-Star Price
A$2.79
5-Star Price
A$1.45
Economic Moat
Tnwfs
Capital Allocation
Yzbmzhyws

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$3.61
Day Range
A$3.55–3.62
52-Week Range
A$2.37–3.88
Bid/Ask
A$3.59 / A$3.63
Market Cap
A$18.67 Bil
Volume/Avg
11.2 Mil / 11.9 Mil

Key Statistics

Price/Earnings (Normalized)
43.50
Price/Sales
7.38
Dividend Yield (Trailing)
4.72%
Dividend Yield (Forward)
4.72%
Total Yield
4.72%

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)
 43.5029.9518.44
Price/Book Value
 1.0518.900.97
Price/Sales
 7.389.417.86
Price/Cash Flow
 17.8014.9515.01
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

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Simon Property Group Inc
SPG
QnyymnhqmVvwk$54.9 Bil
 Realty Income Corp
O
KnbzvjtdhTlfq$54.3 Bil
 Kimco Realty Corp
KIM
BdjzsycbQmwtm$15.4 Bil
 Link Real Estate Investment Trust
LKREF
—Wjmz$13.0 Bil
 Scentre Group
STGPF
—Xfwc$12.9 Bil
 Regency Centers Corp
REG
QbxfvphxYwzj$12.9 Bil
 CapitaLand Integrated Commercial Trust
CPAMF
—Wnzsb$12.0 Bil
 Unibail-Rodamco-Westfield ADR
UNIRF
—Mlqnc$11.6 Bil
 Federal Realty Investment Trust
FRT
DspsnvzldVyxz$9.3 Bil
 Macerich Co
MAC
FqxxrxtDckp$3.8 Bil

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