VICI — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($29.84)
DCF	$8.07	-73.0%
Graham Number	$39.23	+31.4%
Reverse DCF	—	implied g: 16.1%
DDM	$36.46	+22.2%
EV/EBITDA	$30.76	+3.1%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.47B

Near-term growth (yrs 1–5)(%)Rev: 3.8% / EPS: -3.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.24%

Computed WACC: 5.24%

Cost of equity (Re)8.14%(Rf 4.30% + β 0.70 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)64.33%

Debt weight (D/V)35.67%

Results

Intrinsic Value / share$41.55

Current Price$29.84

Upside / Downside+39.2%

Net Debt (used)$17.13B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$8.28	$13.19	$18.91	$25.53	$33.15
8.0%	$3.95	$7.91	$12.50	$17.81	$23.92
9.0%	$0.96	$4.25	$8.07	$12.48	$17.55
10.0%	$-1.24	$1.57	$4.82	$8.57	$12.88
11.0%	$-2.93	$-0.49	$2.34	$5.59	$9.31

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $2.63

Book Value / share($)Yahoo: $26.01

Results

Graham Number$39.23

Current Price$29.84

Margin of Safety+31.4%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.24%

Terminal growth rate(%)

Computed WACC: 5.24%

Cost of equity (Re)8.14%(Rf 4.30% + β 0.70 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)64.33%

Debt weight (D/V)35.67%

Results

Current Price$29.84

Implied Near-term FCF Growth1.6%

Historical Revenue Growth3.8%

Historical Earnings Growth-3.4%

Base FCF (TTM)$1.47B

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $1.77

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$36.46

Current Price$29.84

Upside / Downside+22.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.65B

Target EV/EBITDA multipleCurrent: 13.7×

Net Debt($B)Default: $17.13B

Results

Implied Equity Value / share$30.76

Current Price$29.84

Upside / Downside+3.1%

Implied EV$50.00B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$9.13B	$13.13B	$17.13B	$21.13B	$25.13B
9.7x	$24.58	$20.83	$17.09	$13.35	$9.61
11.7x	$31.41	$27.67	$23.92	$20.18	$16.44
13.7x	$38.24	$34.50	$30.76	$27.01	$23.27
15.7x	$45.07	$41.33	$37.59	$33.85	$30.10
17.7x	$51.91	$48.16	$44.42	$40.68	$36.94

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