DDM Analysis: VCX.AX

Valuation Snapshot

Stable Growth	$3.18 - $4.90	$3.98
Multi-Stage	$5.12 - $5.61	$5.36
Blended Fair Value	$4.67
Current Price	$2.47
Upside	89.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-2.61%	5.77%	0.11	0.12	0.11	0.11	0.03	0.13	0.14	0.14	0.15	0.15
YoY Growth	-	-	-6.30%	5.66%	1.36%	232.24%	-73.73%	-5.29%	-4.88%	-6.13%	1.72%	132.48%
Dividend Yield	-	-	4.58%	6.42%	6.17%	6.12%	2.19%	9.03%	5.47%	5.53%	5.94%	4.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,551.70
(-) Cash Dividends Paid (M)	819.40
(=) Cash Retained (M)	732.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	310.34	193.96	116.38
Cash Retained (M)	732.30	732.30	732.30
(-) Cash Required (M)	-310.34	-193.96	-116.38
(=) Excess Retained (M)	421.96	538.34	615.92
(/) Shares Outstanding (M)	4,565.36	4,565.36	4,565.36
(=) Excess Retained per Share	0.09	0.12	0.13
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.09	0.12	0.13
(=) Adjusted Dividend	0.27	0.30	0.31
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	-0.32%	0.68%	1.68%
Fair Value	$3.18	$3.98	$4.90
Upside / Downside	28.72%	61.10%	98.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,551.70	1,562.24	1,572.85	1,583.53	1,594.28	1,605.11	1,653.26
Payout Ratio	52.81%	60.25%	67.68%	75.12%	82.56%	90.00%	92.50%
Projected Dividends (M)	819.40	941.17	1,064.56	1,189.59	1,316.26	1,444.60	1,529.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	-0.32%	0.68%	1.68%
Year 1 PV (M)	861.18	869.81	878.45
Year 2 PV (M)	891.28	909.25	927.41
Year 3 PV (M)	911.30	939.00	967.26
Year 4 PV (M)	922.63	960.22	998.94
Year 5 PV (M)	926.52	973.94	1,023.28
PV of Terminal Value (M)	18,847.65	19,812.23	20,815.90
Equity Value (M)	23,360.56	24,464.45	25,611.23
Shares Outstanding (M)	4,565.36	4,565.36	4,565.36
Fair Value	$5.12	$5.36	$5.61
Upside / Downside	107.16%	116.95%	127.12%

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600191.SS	Baotou Huazi Industry Co., Ltd	0.06%	$0.01	9.61%
600288.SS	Daheng New Epoch Technology Inc.	0.06%	$0.01	8.37%
600486.SS	Jiangsu Yangnong Chemical Co., Ltd.	0.06%	$0.04	1.25%
600490.SS	Pengxin International Mining Co.,Ltd	0.06%	$0.00	4.03%
600615.SS	Chongqing Fenghwa Group Co., Ltd.	0.06%	$0.01	15.34%
600654.SS	China Security Co., Ltd.	0.06%	$0.00	3.19%
603068.SS	Beken Corporation	0.06%	$0.02	19.57%
603328.SS	Guangdong Ellington Electronics Technology Co.,Ltd	0.06%	$0.01	1.50%
605080.SS	Zhejiang Natural Outdoor Goods Inc.	0.06%	$0.01	0.98%
688017.SS	Leader Harmonious Drive Systems Co., Ltd.	0.06%	$0.12	25.12%
688585.SS	Swancor Advanced Materials Co., Ltd.	0.06%	$0.07	34.27%
688696.SS	Chengdu Xgimi Technology Co.,Ltd.	0.06%	$0.07	1.87%
AAIF.L	abrdn Asian Income Fund Limited	0.06%	$0.16	36.85%
AKSGY.IS	Akis Gayrimenkul Yatirim Ortakligi A.S.	0.06%	$0.00	0.27%
ALTF.TA	Altshuler Shaham Finance Ltd	0.06%	$0.42	73.06%
BAKK.L	Bakkavor Group plc	0.06%	$0.15	87.07%
BLV.L	Belvoir Group PLC	0.06%	$0.17	44.51%
BNZL.L	Bunzl plc	0.06%	$1.26	47.00%
BRIG.L	BlackRock Income and Growth Investment Trust plc	0.06%	$0.14	68.68%
BWY.L	Bellway p.l.c.	0.06%	$1.69	70.03%
CAPD.L	Capital Limited	0.06%	$0.07	24.60%
CASP.L	Caspian Sunrise plc	0.06%	$0.00	25.15%
CSSG.L	Croma Security Solutions Group plc	0.06%	$0.04	46.50%
DNET.JK	PT Indoritel Makmur Internasional Tbk.	0.06%	$5.00	6.08%
DWHA.L	Dewhurst Group Plc	0.06%	$0.36	25.82%
ELSPC.TA	Elspec Engineering Ltd	0.06%	$0.25	80.53%
EPWN.L	Epwin Group Plc	0.06%	$0.07	37.55%
ETGA.TA	ETGA Group Ltd	0.06%	$1.55	89.99%
FIBIH.TA	F.I.B.I. Holdings Ltd	0.06%	$16.92	41.38%
HSL.L	The Henderson Smaller Companies Investment Trust plc	0.06%	$0.50	70.94%
HSX.L	Hiscox Ltd	0.06%	$0.77	20.38%
HVO.L	hVIVO plc	0.06%	$0.00	12.02%
IBT.L	International Biotechnology Trust plc	0.06%	$0.61	57.78%
IDIN.TA	I.D.I. Insurance Company Ltd.	0.06%	$14.75	68.21%
IGG.L	IG Group Holdings plc	0.06%	$0.81	31.08%
IHP.L	IntegraFin Holdings plc	0.06%	$0.21	67.29%
ITRK.L	Intertek Group plc	0.06%	$2.66	64.13%
IVPU.L	Invesco Perpetual Select Trust plc - UK Equity Share Portfolio	0.06%	$0.12	35.31%
JMI.L	JPMorgan UK Smaller Companies Investment Trust Plc	0.06%	$0.16	23.47%
JUGI.L	JPMorgan UK Small Cap Growth & Income Plc	0.06%	$0.20	53.22%
LAAC	Lithium Americas (Argentina) Corp.	0.06%	$0.00	0.02%
LWDB.L	The Law Debenture Corporation p.l.c.	0.06%	$0.66	28.04%
MGRO.JK	PT Mahkota Group Tbk	0.06%	$0.43	7.88%
MTVW.L	Mountview Estates PLC	0.06%	$5.25	42.08%
NAWI.TA	Nawi Brothers Group Ltd	0.06%	$3.28	46.36%
NTN.L	Northern 3 VCT PLC	0.06%	$0.05	76.12%
PSON.L	Pearson plc	0.06%	$0.63	53.29%
RCDO.L	Ricardo plc	0.06%	$0.24	49.35%
RMKE.JK	PT RMK Energy Tbk	0.06%	$3.50	6.74%
SALM.OL	SalMar ASA	0.06%	$0.36	4.26%

Financial Statements

Fundamentals

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Sector

Vicinity Centres (VCX.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener