NYSE:VICI

Stock Analysis Report

Executive Summary

VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace.

Snowflake

Fundamentals

Very undervalued with solid track record and pays a dividend.


Similar Companies

Share Price & News

How has VICI Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-0.3%

VICI

-0.2%

US REITs

1.3%

US Market


1 Year Return

9.0%

VICI

19.9%

US REITs

5.9%

US Market

Return vs Industry: VICI underperformed the US REITs industry which returned 19.9% over the past year.

Return vs Market: VICI exceeded the US Market which returned 5.9% over the past year.


Shareholder returns

VICIIndustryMarket
7 Day-0.3%-0.2%1.3%
30 Day5.7%2.0%-1.9%
90 Day5.0%4.2%-1.8%
1 Year15.2%9.0%25.3%19.9%8.3%5.9%
3 Yearn/a34.1%17.0%45.6%36.2%
5 Yearn/a64.2%29.5%66.1%47.9%

Price Volatility Vs. Market

How volatile is VICI Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is VICI Properties undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: VICI ($22.99) is trading below our estimate of fair value ($55.24)

Significantly Undervalued: VICI is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: VICI is good value based on its PE Ratio (15.7x) compared to the REITs industry average (35.3x).

PE vs Market: VICI is good value based on its PE Ratio (15.7x) compared to the US market (17.5x).


Price to Earnings Growth Ratio

Low PEG Ratio: VICI is good value based on its PEG Ratio (0.8x)


Price to Book Ratio

PB vs Industry: VICI is good value based on its PB Ratio (1.3x) compared to the US REITs industry average (2x).


Next Steps

Future Growth

How is VICI Properties forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

20.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VICI's forecast earnings growth (20.1% per year) is above the savings rate (2.7%).

Earnings vs Market: VICI's earnings (20.1% per year) are forecast to grow faster than the US market (14.4% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: VICI's revenue (16.4% per year) is forecast to grow faster than the US market (7.3% per year).

High Growth Revenue: VICI's revenue (16.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: VICI's Return on Equity is forecast to be low in 3 years time (8.9%).


Next Steps

Past Performance

How has VICI Properties performed over the past 5 years?

76.1%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: VICI's earnings have grown significantly by 76.1% per year over the past 5 years.

Accelerating Growth: VICI's earnings growth over the past year (95.8%) exceeds its 5-year average (76.1% per year).

Earnings vs Industry: VICI earnings growth over the past year (95.8%) exceeded the REITs industry 17%.


Return on Equity

High ROE: VICI's Return on Equity (7.2%) is considered low.


Return on Assets

ROA vs Industry: VICI has a higher Return on Assets than the REITs industry average last year.


Return on Capital Employed

ROCE Improving: VICI has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is VICI Properties's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: VICI has a low level of unsold assets or inventory.

Debt Coverage by Assets: VICI's debt is covered by short term assets (assets are 2.654250x debt).


Financial Institutions Analysis

Asset Level: VICI's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if VICI has a sufficient allowance for bad loans.

Low Risk Liabilities: VICI reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if VICI has an acceptable proportion of non-loan assets held.

Low Risk Deposits: VICI has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if VICI has an appropriate level of bad loans.


Next Steps

Dividend

What is VICI Properties's current dividend yield, its reliability and sustainability?

5.18%

Current Dividend Yield


Dividend Yield vs Market

company5.2%marketbottom25%1.5%markettop25%3.8%industryaverage3.7%forecastin3Years5.4%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: VICI's dividend (5.18%) is higher than the bottom 25% of dividend payers in the US market (1.47%).

High Dividend: VICI's dividend (5.18%) is in the top 25% of dividend payers in the US market (3.77%)

Stable Dividend: Too early to tell whether VICI's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if VICI's dividend payments are increasing as they only just started paying a dividend.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (76.1%), VICI's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VICI's dividends in 3 years are forecast to be thoroughly covered by earnings (0.2% payout ratio).


Next Steps

Management

What is the CEO of VICI Properties's salary, the management and board of directors tenure and is there insider trading?

1.5yrs

Average management tenure


CEO

Ed Pitoniak (63yo)

2yrs

Tenure

US$3,566,161

Compensation

Mr. Edward Baltazar Pitoniak, also known as Ed, serves as the Chief Executive Officer and a Director of VICI Properties Inc. since October 6, 2017. Mr. Pitoniak served as Vice Chairman of Realterm, a priva ...


CEO Compensation Analysis

Compensation vs. Market: Insufficient data to establish whether Ed's total compensation is reasonable compared to companies of similar size in the US market.

Compensation vs Earnings: Ed's compensation has increased by more than 20% in the past year.


Management Age and Tenure

1.5yrs

Average Tenure

48yo

Average Age

Experienced Management: VICI's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.


Board Age and Tenure

2.0yrs

Average Tenure

63yo

Average Age

Experienced Board: VICI's board of directors are not considered experienced ( 2 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: VICI insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$323,60813 Aug 19
Edward Pitoniak
EntityIndividual
Role
Chief Executive Officer
CEO & Director
Shares15,200
Max PriceUS$21.29
BuyUS$225,24909 Aug 19
John W. Payne
EntityIndividual
Role
President
President & COO
Shares10,635
Max PriceUS$21.18

Ownership Breakdown


Management Team

  • Ed Pitoniak (63yo)

    CEO & Director

    • Tenure: 2yrs
    • Compensation: US$3.57m
  • John W. Payne (51yo)

    President & COO

    • Tenure: 2yrs
    • Compensation: US$3.57m
  • Jacques Cornet

    Investor Relations of ICR Inc.

    • Tenure: 0yrs
  • Samantha Gallagher (42yo)

    Executive VP

    • Tenure: 1.3yrs
    • Compensation: US$1.61m
  • Danny Valoy

    Vice President of Finance

    • Tenure: 0.8yrs
  • David Kieske (48yo)

    Chief Financial Officer

    • Tenure: 1.8yrs
    • Compensation: US$2.22m
  • Gabe Wasserman (36yo)

    Chief Accounting Officer

    • Tenure: 1.3yrs

Board Members

  • Mike Rumbolz (65yo)

    Director

    • Tenure: 2yrs
    • Compensation: US$252.15k
  • Craig Macnab (63yo)

    Director

    • Tenure: 2yrs
    • Compensation: US$260.90k
  • Jim Abrahamson (64yo)

    Chair of the Board

    • Tenure: 2.8yrs
    • Compensation: US$308.40k
  • Diana Cantor (61yo)

    Director

    • Tenure: 1.4yrs
    • Compensation: US$150.92k
  • Ed Pitoniak (63yo)

    CEO & Director

    • Tenure: 2yrs
    • Compensation: US$3.57m
  • Eric Hausler (49yo)

    Director

    • Tenure: 2yrs
    • Compensation: US$268.40k
  • Liz Holland (53yo)

    Director

    • Tenure: 1.8yrs
    • Compensation: US$257.63k

Company Information

VICI Properties Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: VICI Properties Inc.
  • Ticker: VICI
  • Exchange: NYSE
  • Founded: 2016
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Market Cap: US$10.599b
  • Shares outstanding: 461.01m
  • Website: https://www.viciproperties.com

Number of Employees


Location

  • VICI Properties Inc.
  • 430 Park Avenue
  • 8th Floor
  • New York
  • New York
  • 10022
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VICINYSE (New York Stock Exchange)YesCommon StockUSUSDOct 2017
1KNDB (Deutsche Boerse AG)YesCommon StockDEEUROct 2017

Biography

VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Ca ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/15 00:45
End of Day Share Price2019/10/14 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.