DDM Analysis: VICI

Valuation Snapshot

Stable Growth	$89.02 - $522.84	$164.14
Multi-Stage	$54.45 - $59.43	$56.89
Blended Fair Value	$110.52
Current Price	$32.61
Upside	238.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.31%	0.00%	1.65	1.49	1.15	0.72	0.58	0.48	0.25	0.00	0.00	0.00
YoY Growth	-	-	10.68%	29.92%	60.67%	23.94%	21.48%	91.85%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.07%	5.05%	3.53%	2.52%	2.05%	2.86%	1.14%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,785.32
(-) Cash Dividends Paid (M)	1,825.40
(=) Cash Retained (M)	959.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	557.06	348.17	208.90
Cash Retained (M)	959.92	959.92	959.92
(-) Cash Required (M)	-557.06	-348.17	-208.90
(=) Excess Retained (M)	402.86	611.75	751.02
(/) Shares Outstanding (M)	1,059.47	1,059.47	1,059.47
(=) Excess Retained per Share	0.38	0.58	0.71
LTM Dividend per Share	1.72	1.72	1.72
(+) Excess Retained per Share	0.38	0.58	0.71
(=) Adjusted Dividend	2.10	2.30	2.43
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$89.02	$164.14	$522.84
Upside / Downside	172.98%	403.33%	1,503.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,785.32	2,966.37	3,159.18	3,364.53	3,583.22	3,816.13	3,930.61
Payout Ratio	65.54%	70.43%	75.32%	80.21%	85.11%	90.00%	92.50%
Projected Dividends (M)	1,825.40	2,089.19	2,379.55	2,698.84	3,049.58	3,434.52	3,635.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,916.40	1,934.57	1,952.73
Year 2 PV (M)	2,002.23	2,040.36	2,078.86
Year 3 PV (M)	2,083.07	2,142.87	2,203.80
Year 4 PV (M)	2,159.12	2,242.15	2,327.55
Year 5 PV (M)	2,230.54	2,338.28	2,450.14
PV of Terminal Value (M)	47,295.58	49,579.98	51,951.80
Equity Value (M)	57,686.94	60,278.20	62,964.88
Shares Outstanding (M)	1,059.47	1,059.47	1,059.47
Fair Value	$54.45	$56.89	$59.43
Upside / Downside	66.97%	74.47%	82.25%

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VICI Properties Inc. (VICI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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