DCF Tool


VICI Properties Inc – Lessors of Nonresidential Buildings (except Miniwarehouses)
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Analysis Results
Intrinsic Value $2,343.75
Latest Price $27.94
Relative Value 99% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 74.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 74.1%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2024 16.9 15.8
2025 29.4 25.8
2026 51.2 42.0
2027 89.2 68.4
2028 155 111
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 3250 billion. This corresponds to a present value of 2180 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 263 billion. Adding in the terminal value gives a total present value of 2440 billion.

There are presently 1.04 billion outstanding shares, so the intrinsic value per share is 2343.75.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 24,722,744,000
Current Cash 522,574,000
Current Liabilities 684,221,000
Current Debt 0
Non-Cash Working Capital (NCWC) 23,515,949,000
Change in NCWC 6,257,567,000
EBIT 3,346,128,000
Tax Provision -6,141,000
Depreciation and Amortization 4,298,000
Capital Expenditure -4,035,000
Unlevered Free Cash Flow 9,603,958,000
Current Assets 18,323,458,000
Current Cash 426,275,000
Current Liabilities 638,801,000
Current Debt 0
Non-Cash Working Capital (NCWC) 17,258,382,000
Change in NCWC 3,928,089,000
EBIT 1,692,219,000
Tax Provision 2,876,000
Depreciation and Amortization 3,182,000
Capital Expenditure -1,876,000
Unlevered Free Cash Flow 5,617,341,646
Current Assets 14,410,783,000
Current Cash 739,614,000
Current Liabilities 340,876,000
Current Debt 0
Non-Cash Working Capital (NCWC) 13,330,293,000
Change in NCWC 13,744,182,000
EBIT 1,444,339,000
Tax Provision 2,887,000
Depreciation and Amortization 3,091,000
Capital Expenditure -2,505,000
Unlevered Free Cash Flow 15,185,043,039
Current Assets 347,397,000
Current Cash 335,966,000
Current Liabilities 425,320,000
Current Debt 0
Non-Cash Working Capital (NCWC) -413,889,000
Change in NCWC -157,219,000
EBIT 913,240,000
Tax Provision 831,000
Depreciation and Amortization 3,731,000
Capital Expenditure -2,768,000
Unlevered Free Cash Flow 756,137,991
Current Assets 1,226,356,000
Current Cash 1,161,367,000
Current Liabilities 321,659,000
Current Debt 0
Non-Cash Working Capital (NCWC) -256,670,000
Change in NCWC -23,528,000
EBIT 847,497,000
Tax Provision 1,705,000
Depreciation and Amortization 3,831,000
Capital Expenditure -2,724,000
Unlevered Free Cash Flow 822,477,045

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