Financials VICI Properties, Inc.

Equities

VICI

US9256521090

Specialized REITs

Market Closed - Nyse Other stock markets 04:00:02 2024-05-07 pm EDT			5-day change	1st Jan Change
29.55 ^USD	+1.72%		+3.50%	-7.31%

May. 06	Wedbush Adjusts Price Target on VICI Properties to $31 From $32	MT
May. 06	Macquarie Adjusts Price Target on VICI Properties to $37 From $38, Keeps Outperform Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,779	13,685	18,938	31,204	32,981	30,826	-	-
Enterprise Value (EV) ¹	15,468	20,135	22,892	44,518	49,182	47,137	47,026	47,422
P/E ratio	20.6 x	14.6 x	17.1 x	25.5 x	12.9 x	11.4 x	10.7 x	10.5 x
Yield	4.58%	4.92%	4.58%	4.63%	5.05%	5.71%	5.92%	6.08%
Capitalization / Revenue	13.2 x	11.2 x	12.5 x	12 x	9.13 x	8.03 x	7.84 x	7.53 x
EV / Revenue	17.3 x	16.4 x	15.2 x	17.1 x	13.6 x	12.3 x	12 x	11.6 x
EV / EBITDA	18.3 x	18 x	17.5 x	20.1 x	16.9 x	15 x	14.4 x	13.7 x
EV / FCF	24.4 x	23.6 x	25.6 x	22.9 x	-	17.4 x	15.7 x	-
FCF Yield	4.11%	4.24%	3.9%	4.36%	-	5.75%	6.38%	-
Price to Book	1.4 x	1.37 x	1.56 x	1.42 x	1.32 x	1.18 x	1.13 x	1.11 x
Nbr of stocks (in thousands)	461,007	536,670	628,946	963,098	1,034,532	1,043,182	-	-
Reference price ²	25.55	25.50	30.11	32.40	31.88	29.55	29.55	29.55
Announcement Date	2/20/20	2/18/21	2/23/22	2/23/23	2/22/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	894.8	1,226	1,510	2,601	3,612	3,837	3,930	4,094
EBITDA ¹	846.6	1,119	1,307	2,215	2,910	3,136	3,262	3,472
EBIT ¹	842.5	904.6	1,444	1,610	3,225	3,551	3,751	3,893
Operating Margin	94.16%	73.81%	95.68%	61.9%	89.27%	92.55%	95.43%	95.11%
Earnings before Tax (EBT) ¹	556	897	1,026	1,139	2,548	2,702	2,902	3,013
Net income ¹	546	891.7	1,014	1,118	2,514	2,636	2,861	2,989
Net margin	61.02%	72.76%	67.16%	42.97%	69.59%	68.7%	72.79%	73.01%
EPS ²	1.240	1.750	1.760	1.270	2.470	2.592	2.771	2.818
Free Cash Flow ¹	635.1	853.9	893.8	1,942	-	2,712	2,999	-
FCF margin	70.98%	69.67%	59.21%	74.65%	-	70.68%	76.32%	-
FCF Conversion (EBITDA)	75.02%	76.34%	68.39%	87.67%	-	86.47%	91.94%	-
FCF Conversion (Net income)	116.33%	95.76%	88.16%	173.72%	-	102.88%	104.85%	-
Dividend per Share ²	1.170	1.255	1.380	1.500	1.610	1.687	1.749	1.796
Announcement Date	2/20/20	2/18/21	2/23/22	2/23/23	2/22/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	383.2	416.6	662.6	751.5	769.9	877.6	898.2	904.3	931.9	951.5	954.9	957.9	971.4	963.7	976.6
EBITDA ¹	329.3	358	564.5	638.6	653.6	710.3	723.4	726.4	749.6	765.2	775.1	777.8	785	797.3	803.9
EBIT ¹	355.7	311.1	60.1	480.9	757.7	727	897.8	764.8	918.4	801.1	910.1	911.8	920.1	915.2	921.2
Operating Margin	92.82%	74.68%	9.07%	63.99%	98.41%	82.84%	99.96%	84.57%	98.55%	84.2%	95.31%	95.18%	94.73%	94.97%	94.33%
Earnings before Tax (EBT) ¹	284.6	243.1	-57.11	337.3	615.9	528.9	703.5	566.1	750	601.4	693.6	695.4	703.3	715.9	721.4
Net income ¹	281.5	240.4	-57.71	330.9	604.1	518.7	690.7	556.3	747.8	590	690.5	693.2	701.1	714.2	724.2
Net margin	73.46%	57.7%	-8.71%	44.03%	78.46%	59.11%	76.9%	61.52%	80.24%	62.01%	72.31%	72.36%	72.18%	74.12%	74.16%
EPS ²	0.4400	0.3500	-0.0600	0.3400	0.6300	0.5200	0.6900	0.5500	0.7200	0.5700	0.6683	0.6710	0.6776	0.6798	0.6843
Dividend per Share ²	0.3600	0.3600	0.3600	0.3900	0.3900	-	0.3900	-	0.4150	-	0.4180	0.4271	0.4298	0.4352	0.4352
Announcement Date	2/23/22	5/4/22	7/27/22	10/27/22	2/23/23	5/1/23	7/26/23	10/25/23	2/22/24	5/1/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,690	6,450	3,955	13,313	16,202	16,311	16,200	16,596
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.358 x	5.766 x	3.026 x	6.011 x	5.568 x	5.202 x	4.966 x	4.78 x
Free Cash Flow ¹	635	854	894	1,942	-	2,712	2,999	-
ROE (net income / shareholders' equity)	7.39%	10.3%	9.42%	6.57%	10.7%	10.5%	10.7%	10.8%
ROA (Net income/ Total Assets)	4.44%	5.88%	5.85%	4.05%	6.16%	7.13%	7.04%	7.3%
Assets ¹	12,300	15,165	17,330	27,587	40,818	36,941	40,646	40,936
Book Value Per Share ²	18.30	18.60	19.30	22.80	24.20	25.10	26.10	26.60
Cash Flow per Share ²	1.550	1.730	1.550	2.210	-	2.380	2.490	2.830
Capex ¹	2.72	2.77	2.51	1.88	-	1.93	2	-
Capex / Sales	0.3%	0.23%	0.17%	0.07%	-	0.05%	0.05%	-
Announcement Date	2/20/20	2/18/21	2/23/22	2/23/23	2/22/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for VICI Properties, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

29.55 USD

Average target price

35.12 USD

Spread / Average Target

+18.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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