DDM Analysis: VCX.AX

Valuation Snapshot

Stable Growth	$3.80 - $6.23	$4.89
Multi-Stage	$7.05 - $7.74	$7.39
Blended Fair Value	$6.14
Current Price	$2.47
Upside	148.49%
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	6.81%	6.81%	6.81%
Growth Rate	-0.32%	0.68%	1.68%
Fair Value	$3.80	$4.89	$6.23
Upside / Downside	53.93%	97.80%	152.36%

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	6.81%	6.81%	6.81%
Growth Rate	-0.32%	0.68%	1.68%
Year 1 PV (M)	872.43	881.19	889.94
Year 2 PV (M)	914.74	933.19	951.82
Year 3 PV (M)	947.51	976.32	1,005.70
Year 4 PV (M)	971.84	1,011.43	1,052.21
Year 5 PV (M)	988.69	1,039.29	1,091.94
PV of Terminal Value (M)	27,488.67	28,895.47	30,359.29
Equity Value (M)	32,183.88	33,736.87	35,350.89
Shares Outstanding (M)	4,565.36	4,565.36	4,565.36
Fair Value	$7.05	$7.39	$7.74
Upside / Downside	185.41%	199.18%	213.49%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
112610.KS	CS Wind Corporation	2.43%	$982.89	21.73%
300452.SZ	Anhui Sunhere Pharmaceutical Excipients Co.,Ltd.	2.43%	$0.33	58.46%
603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
SCANFL.HE	Scanfil Oyj	2.39%	$0.24	42.33%

Financial Statements

Fundamentals

Valuations

Miscellaneous

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Ticker

Industry

Sector

Vicinity Centres (VCX.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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