Scentre Group

SCG: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$6.80	Kfdcx	Mqkkmjwj

Weathering the Turbulence, but Clouds on the Horizon; No Change to Scentre Group FVE

Johannes Faul

Aug 23, 2019

Narrow-moat-rated Scentre Group’s half-year result was in line with our expectations. We make no change to our fair value estimate of AUD 3.85, and the security screens as fairly priced. The result shows Scentre has weathered the threat of online competition and an indebted consumer. However, the race is a marathon not a sprint, and there are signs Scentre Group is tiring.

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