VICI Properties Inc.

VICI

29.45 (0.00%) 0.00

31.05(B)

Real Estate

Specialized REITs

VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming hospitality and entertainment destinations including Caesars Palace Las Vegas MGM Grand and the Venetian Resort Las Vegas three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60300 hotel rooms and over 500 restaurants bars nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming leisure and hospitality operators under long-term triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors including Bowlero Cabot Canyon Ranch Chelsea Piers Great Wolf Resorts Homefield and Kalahari Resorts. VICI Properties also owns four championship golf courses and 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to own the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators.

Holdings:

Cost basis:

VICI Properties Inc. (VICI) price target and intrinsic value estimate

VICI's fair price estimate is $25.8

This valuation is based on a fair P/E of 10.1 and EPS estimates of $2.55

The median analyst price target for VICI is $35.0.

Analyst price targets range from $32.0 to $43.0

Is VICI overvalued or undervalued?

VICI is currently trading at $29.45

VICI is overvalued by 14% using the pevaluation method.

VICI is undervalued by 16% compared to median analyst price targets.

Do you agree with this valuation?

Valuation

PEvaluation

Low $19.4

Median $25.8

High $32.3

Fair P/E

Margin of safety

Analyst valuation

Low $32.0

Median $35.0

High $43.0

Strong Buy7

Buy14

Hold3

Sell0

Strong Sell0

Discounted cash-flow

TTM FCFFCF est.Growth FCFTerminal FCF

Discount rate:

10%

Terminal rate:

Growth phase length:

Growth phase rate:

10%

Economic moat: None/narrow

Overview

Market data

Market cap:$31.05(B)

Enterprise value:$48.75(B)

Total Equity:$26.52(B)

Shares outstanding:1.05(B)

Div. yield:5.70%

P/S:8.07

P/E:10.91

P/FCF:13.33

P/B:1.18

EPS:$2.7

FCF per share:$2.2

Dividend per share:$1.7

Income (TTM)

Revenue$3.81(B)

Gross profit$3.77(B)

EBITDA$3.66(B)

Net income$2.81(B)

Gross margin99.1%

Net margin73.9%

Balance sheet

Total assets$44.92(B)

Total liabilities$18.40(B)

Cash & Short-term inv.$356.41(M)

Long-term debt$14.70(B)

Debt issued$1.12(B)

Debt repaid$-1.14(B)

Cash flow (TTM)

FCF$2.31(B)

CapEx$0

Dividends paid$-1.72(B)

Stock issued$922.80(M)

Stock repurchased$-5.34(M)

Stock-based comp.$16.99(M)

Future Growth

Revenue

CAGR: 6.0%

FY+1$3.84(B)

FY+2$3.96(B)

FY+3$4.09(B)

FY+4$4.57(B)

Net Income

CAGR: 3.0%

FY+1$2.79(B)

FY+2$2.91(B)

FY+3$2.96(B)

EPS

CAGR: 2.6%

FY+1$2.68

FY+2$2.75

FCF per share

CAGR: 2.4%

FY+1$2.42

FY+2$2.48

FY+3$2.54

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Historical Financials

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YearlyQuarterly

Income

RevenueNet IncomeCOGSGross ProfitTotal OpEx.R&DSG&AOperating IncomeInterest ExpenseInterest IncomePre-tax incomeIncome tax

Cash flow

FCFCFONet IncomeD&AStock-based Comp.CFFStock IssuedStock RepurchasedDebt IssuedDebt RepaidDividend PaidCFIAcquisitionsDivestituresCapital Expenditures

Balance sheet

Total AssetsTotal LiabilitiesCurrent assetsCash and EquivalentsShort-term investmentsInventoriesReceivablesNon-current assetsNet PP&EGoodwillCurrent liabilitiesAccounts payableNon-current liabilitiesLong-Term DebtTotal Equity

Shares outstanding

Shares (Basic)Shares (Diluted)

Per share data

EPS (Basic)EPS (Diluted)FCF/ShareDividend/ShareBook value/Share

Ratios

P/EP/FCFP/BP/SEV/EarningsEV/FCFDebt/EquityPayout ratio

Margins

Net Income MarginOperating MarginGross MarginEBITDA MarginFCF Margin

Returns

ROICROAROCEROE

Market Cap.