NYSE:VICI

Stock Analysis Report

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Market Cap

US$16.6b

Last Updated

2021/07/30 01:31 UTC

Data Sources

Company Financials +

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. More Details


Snowflake Analysis

Undervalued with proven track record.


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 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.


Market Performance


7 Day Return

-1.9%

VICI

0.9%

US REITs

0.8%

US Market


1 Year Return

43.1%

VICI

30.1%

US REITs

37.5%

US Market

Return vs Industry: VICI exceeded the US REITs industry which returned 29.5% over the past year.

Return vs Market: VICI exceeded the US Market which returned 36.5% over the past year.


Shareholder returns

VICIIndustryMarket
7 Day-1.9%0.9%0.8%
30 Day-0.2%3.5%1.0%
90 Day-2.2%7.2%3.8%
1 Year50.3%43.1%34.4%30.1%39.7%37.5%
3 Year85.7%57.7%46.1%29.7%64.4%54.1%
5 Yearn/a52.7%23.2%124.9%100.0%

Long-Term 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 ($30.99) is trading below our estimate of fair value ($62.46)

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 (13.2x) compared to the US REITs industry average (49.3x).

PE vs Market: VICI is good value based on its PE Ratio (13.2x) compared to the US market (18.3x).


Price to Earnings Growth Ratio

PEG Ratio: VICI is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: VICI is good value based on its PB Ratio (1.7x) compared to the US REITs industry average (1.9x).


Future Growth

How is VICI Properties forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

11.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VICI's forecast earnings growth (11.2% per year) is above the savings rate (2%).

Earnings vs Market: VICI's earnings (11.2% per year) are forecast to grow slower than the US market (15% per year).

High Growth Earnings: VICI's earnings are forecast to grow, but not significantly.

Revenue vs Market: VICI's revenue (9.9% per year) is forecast to grow faster than the US market (9.2% per year).

High Growth Revenue: VICI's revenue (9.9% 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 (11%).


Past Performance

How has VICI Properties performed over the past 5 years?

54.9%

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 -8.8%.


Return on Equity

High ROE: VICI's Return on Equity (13%) is considered low.


Financial Health

How is VICI Properties's financial position?


Financial Position Analysis

Short Term Liabilities: VICI's short term assets ($16.2B) exceed its short term liabilities ($223.0M).

Long Term Liabilities: VICI's short term assets ($16.2B) exceed its long term liabilities ($7.3B).


Debt to Equity History and Analysis

Debt Level: VICI's debt to equity ratio (66.5%) is considered high.

Reducing Debt: VICI's debt to equity ratio has increased from 0.05% to 66.5% over the past 5 years.

Debt Coverage: VICI's debt is not well covered by operating cash flow (15.1%).

Interest Coverage: VICI's interest payments on its debt are well covered by EBIT (3.9x coverage).


Balance Sheet


Dividend

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

4.26%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: VICI's dividend (4.26%) is higher than the bottom 25% of dividend payers in the US market (1.31%).

High Dividend: VICI's dividend (4.26%) is in the top 25% of dividend payers in the US market (3.52%)


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 high payout ratio (100.7%), VICI's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VICI's dividends in 3 years are forecast to be covered by earnings (70.2% payout ratio).


Next Steps

Management

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

3.3yrs

Average management tenure


CEO

Ed Pitoniak (65 yo)

3.75yrs

Tenure

US$6,968,658

Compensation

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 ($USD6.97M) is below average for companies of similar size in the US market ($USD11.27M).

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


Leadership Team

Experienced Management: VICI's management team is considered experienced (3.3 years average tenure).


Board Members

Experienced Board: VICI's board of directors are considered experienced (3.8 years average tenure).


Ownership

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

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


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$16.643b
  • Shares outstanding: 537.04m
  • Website: https://www.viciproperties.com

Number of Employees


Location

  • VICI Properties Inc.
  • 535 Madison Avenue
  • 20th Floor
  • New York
  • New York
  • 10022
  • United States

Listings


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 Analysis2021/07/30 01:31
End of Day Share Price2021/07/29 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.