Scentre Group

SCG: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$9.70	Xwmt	Qkdkpmxgk

Scentre Group May Need Capital; FVE Reduced but Still Looks Undervalued

Johannes Faul

Mar 26, 2020

We reduce our fair value estimate for narrow-moat Scentre Group by 23% to AUD 2.95 from AUD 3.85, as we foresee aversion to public places and discretionary spending until the virus crisis (health and financial) is under control. Moreover, online habits formed during shutdowns will likely cement loss of market share to e-commerce.

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