Scentre

SCG.AX

REIT - Retail · Real Estate

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Good

Stability

Good

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Scentre Group owns and operates Westfield-branded shopping centres across Australia and New Zealand. It manages 42 large retail destinations that house thousands of stores, including major department stores, supermarkets, fashion retailers, and food outlets. Scentre is one of the largest retail property owners in the Asia-Pacific region by asset value.

The company makes money by collecting rent from the retailers and businesses that lease space inside its centres, with some additional income from parking and advertising. It operates entirely in Australia and New Zealand, giving it a focused but geographically concentrated portfolio. Scentre's main competitive advantage is the strong Westfield brand and the dominant locations of its centres in major urban areas. The key risk the business faces is the ongoing shift toward online shopping, which puts pressure on physical retailers and could reduce demand for store space over time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+58.3% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$34.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Scentre is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

70.5%

Premium pricing power — 70.5% gross margin

Profit after running costs

Operating Margin

66.9%

Excellent — 66.9% operating margin

Return on the money invested

ROCE

5.4%

Weak — 5.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+1.8%

Nearly flat sales (+1.8% YoY)

Profit growth

EPS YoY

+71.8%

Earnings growing fast (+71.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

58%

Weak — only 58% of profit becomes cash

Spare cash per sale

FCF Margin

37.6%

Converts sales into free cash efficiently (37.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.80

Moderate — manageable debt (0.80)

Covers its interest

Interest Cover

2.16x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.8x

no trend

Attractive valuation — P/E 10.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-4.5

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

4.45%

no trend

Healthy income — 4.45% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+7.9%

no trend

Dividend growing modestly (7.9% YoY)

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