$VICI Properties (VICI.US)$ 🎯 2024.4.15 Current price 27.86...

New data: 23Q3 and 23Q4. Revenue, operating profit, and net profit continued to grow.

In 2023, revenue increased 38.9%, operating profit doubled, and net profit increased 1.2 times to 2.51 billion yuan.

The balance ratio increased from 40.7% to 41.8%, and accounts receivable increased from 34.7 billion to 7.4 billion to 42.1 billion, accounting for 95% of total assets of 44.1 billion yuan, and real estate of only 260 million yuan. The total debt was only 18.4 billion, of which long-term loans were 15.7 billion. The entire debt sheet looked strange; it seemed to include the total amount of long-term leases, making it difficult to determine the amount that can be recovered each year.

In terms of net assets per share, it has increased from 17.28 to 24.22 since 2019. The 4-year average growth rate is 8.8%, and the dividend rate is 5.8%, which is not very attractive.