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 Analysis

Undervalued with reasonable growth potential 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

Stable Share Price: VICI has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.1%

VICI

-0.07%

US REITs

-1.0%

US Market


1 Year Return

31.1%

VICI

16.0%

US REITs

18.0%

US Market

Return vs Industry: VICI exceeded the US REITs industry which returned 16% over the past year.

Return vs Market: VICI exceeded the US Market which returned 18% over the past year.


Shareholder returns

VICIIndustryMarket
7 Day0.1%-0.07%-1.0%
30 Day5.8%3.3%0.6%
90 Day15.7%8.1%7.9%
1 Year38.0%31.1%20.7%16.0%20.4%18.0%
3 Yearn/a37.9%20.6%48.0%38.5%
5 Yearn/a60.3%27.3%72.2%53.3%

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

Below Fair Value: VICI ($28.15) is trading below our estimate of fair value ($66.41)

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 (22.4x) compared to the REITs industry average (37.2x).

PE vs Market: VICI is poor value based on its PE Ratio (22.4x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

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 (1.6x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

How is VICI Properties forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

26.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VICI's forecast earnings growth (26.5% per year) is above the savings rate (1.7%).

Earnings vs Market: VICI's earnings (26.5% per year) are forecast to grow faster than the US market (14.2% per year).

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

Revenue vs Market: VICI's revenue (17.9% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: VICI's revenue (17.9% 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 (9.8%).


Next Steps

Past Performance

How has VICI Properties performed over the past 5 years?

63.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VICI has high quality earnings.

Growing Profit Margin: VICI's current net profit margins (61%) are higher than last year (58.3%).


Past Earnings Growth Analysis

Earnings Trend: VICI's earnings have grown significantly by 63.9% per year over the past 5 years.

Accelerating Growth: VICI's earnings growth over the past year (4.3%) is below its 5-year average (63.9% per year).

Earnings vs Industry: VICI earnings growth over the past year (4.3%) underperformed the REITs industry 9.3%.


Return on Equity

High ROE: VICI's Return on Equity (6.9%) is considered low.


Return on Assets


Return on Capital Employed


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 2.5x 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?

4.23%

Current Dividend Yield


Dividend Yield vs Market

company4.2%marketbottom25%1.4%markettop25%3.7%industryaverage3.5%forecastin3Years4.6%

Current dividend yield vs market & industry

Notable Dividend: VICI's dividend (4.23%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: VICI's dividend (4.23%) is in the top 25% of dividend payers in the US market (3.73%)


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 2 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (85.4%), 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 (0.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.9yrs

Average management tenure


CEO

Ed Pitoniak (63yo)

2.3yrs

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: Ed's total compensation ($USD3.57M) is below average for companies of similar size in the US market ($USD10.79M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Edward Pitoniak
CEO & Director2.3yrsUS$3.57m0.052% $6.8m
John W. Payne
President & COO2.3yrsUS$3.57m0.015% $2.0m
David Kieske
Executive VP & CFO2.1yrsUS$2.22m0.019% $2.5m
Samantha Gallagher
Executive VP1.7yrsUS$1.61m0.0074% $973.3k
Gabriel Wasserman
Chief Accounting Officer1.7yrsno data0.00098% $129.2k
Jacques Cornet
Investor Relations of ICR Inc.0yrsno datano data
Daniel Valoy
Vice President of Finance1.1yrsno datano data

1.9yrs

Average Tenure

49yo

Average Age

Experienced Management: VICI's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Edward Pitoniak
CEO & Director2.3yrsUS$3.57m0.052% $6.8m
Michael Rumbolz
Independent Director2.3yrsUS$252.15k0.0096% $1.3m
Craig Macnab
Independent Director2.3yrsUS$260.90k0.0062% $816.3k
James Abrahamson
Chair of the Board3.1yrsUS$308.40k0.011% $1.5m
Diana Cantor
Independent Director1.8yrsUS$150.92k0.0029% $379.8k
Elizabeth Holland
Independent Director2.1yrsUS$257.63k0.0037% $488.0k
Monica Douglas
Independent Director0yrsno datano data

2.3yrs

Average Tenure

63yo

Average Age

Experienced Board: VICI's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 18.5%.


Top Shareholders

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$13.188b
  • Shares outstanding: 468.49m
  • 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 Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 24 gaming facilities comprising over 40 million square feet and features approximately 15,200 hotel rooms and more than 150 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment Corporation, Penn National Gaming, Inc. and Hard Rock International. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/22 03:29
End of Day Share Price2020/02/21 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.