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.
VICI Properties Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$29.43|
|52 Week High||US$22.13|
|52 Week Low||US$33.35|
|1 Month Change||0.44%|
|3 Month Change||-7.74%|
|1 Year Change||27.90%|
|3 Year Change||38.36%|
|5 Year Change||n/a|
|Change since IPO||59.08%|
Recent News & Updates
Is VICI Properties A Good Long-Term Investment? MGM Growth Acquisition Adds Value And A Discount Opportunity
Acquisition of MGP provides tenant diversification and growth. Rent escalators in leases provide guaranteed organic growth for decades. MGP trades at a small discount to as-converted price, providing a bit of extra return for those who can hold LLCs.
VICI Properties: A Compelling Buy In An Overvalued Market
With the market reaching new heights, opportunities to invest in undervalued or even fairly valued businesses are getting scarce. VICI represents one such opportunity, where the risk-reward balance is favorably skewed. With a rapidly growing business revenue, anti-inflation measures, and a nice dividend, VICI stands out as a business calling to be paid attention to at this price.
VICI Properties: The House Always Wins
VICI has an iconic portfolio of properties and has seen no rent collection issues. The net leases protect the REIT from downturns, and management has demonstrated their aptitude for diversifying away from Caesars. I also highlight the dividend, balance sheet, valuation, and other points worth considering.
|VICI||US REITs||US Market|
Return vs Industry: VICI underperformed the US REITs industry which returned 36.1% over the past year.
Return vs Market: VICI underperformed the US Market which returned 33% over the past year.
Stable Share Price: VICI is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: VICI's weekly volatility (3%) has been stable over the past year.
About the Company
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. VICI Properties’ national, geographically diverse portfolio consists of 29 gaming facilities comprising over 48 million square feet and features approximately 19,200 hotel rooms and more than 200 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos Inc., Hard Rock International, JACK Entertainment and Penn National Gaming, Inc. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip.
Is VICI Properties undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: VICI ($29.43) is trading below our estimate of fair value ($70.5)
Significantly Below Fair Value: 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 (14.7x) compared to the US REITs industry average (49.7x).
PE vs Market: VICI is good value based on its PE Ratio (14.7x) compared to the US market (17.5x).
Price to Earnings Growth Ratio
PEG Ratio: VICI is poor value based on its PEG Ratio (1.6x)
Price to Book Ratio
PB vs Industry: VICI's PB Ratio (1.9x) is in line with the US REITs industry average.
How is VICI Properties forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: VICI's forecast earnings growth (9.4% per year) is above the savings rate (2%).
Earnings vs Market: VICI's earnings (9.4% per year) are forecast to grow slower than the US market (14.9% per year).
High Growth Earnings: VICI's earnings are forecast to grow, but not significantly.
Revenue vs Market: VICI's revenue (11.3% per year) is forecast to grow faster than the US market (9.8% per year).
High Growth Revenue: VICI's revenue (11.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: VICI's Return on Equity is forecast to be low in 3 years time (10.9%).
How has VICI Properties performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: VICI has a large one-off gain of $333.4M impacting its June 30 2021 financial results.
Growing Profit Margin: VICI's current net profit margins (85.9%) are higher than last year (46.1%).
Past Earnings Growth Analysis
Earnings Trend: VICI's earnings have grown significantly by 54.9% per year over the past 5 years.
Accelerating Growth: VICI's earnings growth over the past year (180.2%) exceeds its 5-year average (54.9% per year).
Earnings vs Industry: VICI earnings growth over the past year (180.2%) exceeded the REITs industry 3.9%.
Return on Equity
High ROE: VICI's Return on Equity (13%) is considered low.
How is VICI Properties's financial position?
Financial Position Analysis
Short Term Liabilities: VICI's short term assets ($16.4B) exceed its short term liabilities ($275.8M).
Long Term Liabilities: VICI's short term assets ($16.4B) exceed its long term liabilities ($7.2B).
Debt to Equity History and Analysis
Debt Level: VICI's debt to equity ratio (70.3%) is considered high.
Reducing Debt: VICI's debt to equity ratio has increased from 0.05% to 70.3% over the past 5 years.
Debt Coverage: VICI's debt is not well covered by operating cash flow (14.3%).
Interest Coverage: VICI's interest payments on its debt are well covered by EBIT (4x coverage).
What is VICI Properties's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: VICI's dividend (4.89%) is higher than the bottom 25% of dividend payers in the US market (1.35%).
High Dividend: VICI's dividend (4.89%) is in the top 25% of dividend payers in the US market (3.65%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, VICI has been paying a dividend for less than 10 years.
Growing Dividend: VICI's dividend payments have increased, but the company has only paid a dividend for 3 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (55%), VICI's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: VICI's dividends in 3 years are forecast to be covered by earnings (72.4% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Ed Pitoniak (65 yo)
Mr. Edward Baltazar Pitoniak, also known as Ed, has been the Chief Executive Officer and a Director of VICI Properties Inc. since October 6, 2017. Mr. Pitoniak served as Vice Chairman of Realterm, a privat...
CEO Compensation Analysis
Compensation vs Market: Ed's total compensation ($USD6.97M) is below average for companies of similar size in the US market ($USD11.33M).
Compensation vs Earnings: Ed's compensation has increased by more than 20% in the past year.
Experienced Management: VICI's management team is considered experienced (3.5 years average tenure).
Experienced Board: VICI's board of directors are considered experienced (3.9 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 17.9%.
VICI Properties Inc.'s employee growth, exchange listings and data sources
- Name: VICI Properties Inc.
- Ticker: VICI
- Exchange: NYSE
- Founded: 2016
- Industry: Specialized REITs
- Sector: Real Estate
- Market Cap: US$18.598b
- Shares outstanding: 628.94m
- Website: https://www.viciproperties.com
Number of Employees
- VICI Properties Inc.
- 535 Madison Avenue
- 20th Floor
- New York
- New York
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/09/20 22:40|
|End of Day Share Price||2021/09/20 00:00|
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.