VICI的高股息率（7.76%）和低派息率（74.3%）使其估值具有吸引力，若回归历史常态，可能带来显著上行空间。
逐段跳播
自上市以来，它一直受到寻求股息增长的投资者青睐，目前股价正处于52周低点。我决定今天把“VC Properties”列入名单。
Since going public, it has been popular with investors looking for dividend growth and is currently trading at a 52- week low. Well, I'm deciding to put 'VC Properties' on the list today.
这相当有意思。他们拥有拉斯维加斯许多赌场的房地产。他们比O这样的公司集中得多。该股在过去5年里下跌了20%，在过去一年里下跌了25%，而且刚刚创下52周新低。
This is quite interesting. They own the real estate of many casinos in Las Vegas. They are much more concentrated than companies like O. The stock has fallen 20% in the last 5 years and 25% in the last year, and it just hit a new 52-week low.
但如果看股息，这正是我想谈论它的原因。它的收益率或股息率已升至7.76%。不过，他们增加股息的历史并不长。他们于2018年上市。自那以后，他们每年都在增加股息。
But, if we look at dividends, that's exactly why I wanted to talk about it. Its yield or dividend rate has increased to 7.76%. However, they don't have a very long history of increasing dividends.
They were listed as a public company in 2018. Since then, they have been increasing their dividends every year.
股息在过去5年里增长了27.78%。这是5%的复合年增长率。尽管这一增速有所放缓，但过去3年为3.4%。这是3年复合年增长率。而最新的股息增长率为2.2%。这并不太好。
The dividend has increased by 27.78% in the last 5 years. This is a 5% compound annual growth rate. Although this rate has been slowing somewhat , it has been 3.4% over the last 3 years.
This is a 3-year CAGR. And the latest dividend growth rate is 2.2 %. This is not very good.
但说实话，股息收益率现在变得相当有吸引力。7.76%是过去5年中最高的。当时的平均股息收益率为5.31%。所以，在我今天分享的股票中，这只是收益率最高的。而且它处于历史99百分位。
But to be honest, dividend yields are now becoming quite attractive. 7.76% is the highest in the last 5 years. The average dividend yield at that time was 5.31%. So, this is the one that is giving the highest yield among the stocks I am sharing today. And it is in the 99th percentile of all time.
只有在新冠疫情的顶峰时期，股息收益率才比这更高，当时达到了10%，而这背后是有原因的。当时，许多类型的REITs（REITs）都受到了严重影响。所以，它现在又回升并再次接近那个水平，这相当耐人寻味。
Only during the peak of the Covid pandemic was the dividend yield higher than this, when it reached 10% , and there were reasons behind that. At that time, many types of REITs (REITs) were severely affected.
So, it's quite intriguing that it's coming back and getting close to that level again.
现在，这是一只REIT，所以你应该查看这家公司的运营资金或FFO。我还没有把它添加到Dividenddata.com上，但剧透一下，我正在幕后处理这件事。它可能在未来几周内上线该平台。
Now, this is a writ, so you should check the Funds From Operations or FFO for this company. I don't have it added to Dividenddata.com , but with a spoiler alert , I'm working on it behind the scenes.
It will probably be available on the platform in the next few weeks.
但今天，我们只看自由现金流派息率，这也为VICI提供了相当不错的指示。过去12个月为74.3%。这远低于100%，而且与过去几年相比似乎并没有恶化。
But today, we will only look at the free cash flow payout ratio, which also gives a pretty good indication for VICI. It was 74.3% in the last 12 months. This is well below 100% and does not appear to be getting worse compared to the past few years.
过去12个月的盈利派息率为69.8%。这表明他们有能力支付股息。如果我们看VCI股票的公允价值图，在未来的背景下，它现在处于深度价值位置。其自上市以来的中位数倍数或中位数比率是5.19%。
这是他们的中位数股息收益率。目前是7.76%。如果你把中位数倍数视为公允价值，它似乎远低于公允价值。如果它回到5.19%的收益率，股价将从这里上涨49.5%。
The Human Earnings Payout Ratio stood at 69.8% in the last 12 months. This indicates that they have the ability to pay dividends. If we look at the fair value graph of VCI shares, it is now in a deep value position in the future context.
Its median multiple or median rate since going public is 5.19%. This is their median dividend yield. Currently it is 7.76%. If you take the median multiple as the fair value, it seems to be much lower than the fair value.
If it returns to a 5.19% yield , the share price will rise 49.5% from here.
所以，现在是关注VCI股票的有趣时机。我之前并没有密切关注它。我知道他们拥有的一些物业。
So, this is an interesting time to watch the VCI stock. I wasn't following it very closely. I know about some of the properties they own.
这件事相当有意思。它高度依赖赌场，其中许多在拉斯维加斯，而且大多数是体验型的。他们还有一个赛马场。而且他们现在正在拉斯维加斯以外进行多元化，现在在几个不同的地方都有门店。
This matter is quite interesting. It is heavily dependent on casinos, many of which are in Las Vegas, and most are experience- based. They also have a racetrack. And they are now diversifying beyond Las Vegas , now having locations in several different places.
说实话，这家公司一直在增长。其中很大一部分来自发行新股。这样做是为了筹集资金。他们还不断增加债务以支持其收购。不过，这对许多不同的REITs来说相当常见。
And to be honest, the company is constantly growing. Much of this came through the issuance of new shares. This is done to raise money. They have also continuously increased the amount of debt to support their acquisitions.
However, this is quite common for many different REITs.
不过，我并没有真正研究过VICI，所以我没有内幕消息可以给你。我知道他们上个季度表现有点差。但也许值得更详细地研究一下，因为它的估值现在开始变得有意思了。
I haven't really looked into VICI, though, so I don't have any insider information to give you. I know they did a little poorly in their last quarter. But maybe it's worth looking into in more detail, because its valuation is now starting to get interesting.
这个频道对 $VICI 的历次判断
Dividend Data 在这只股票上只有这一条判断。