Broadstone Net Lease Inc (BNL) is overvalued and VICI Properties Inc (VICI) is undervalued.
Against our estimates of intrinsic value, VICI trades at the wider discount: a margin of safety of +72%, against -89% for BNL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.8% (average of 3 methods) values the shares at $10.11; the price of $19.12 is 89% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 7.9% (average of 3 methods) values the shares at $84.40; the price of $23.98 is 72% below that value, and 81% of that value comes from beyond year five.
Leak Score 60/100 on 9 of 12 signals
| Metric | BNL | VICI |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $19.12 | $23.98 |
| Intrinsic value | $10.11 | $84.40 |
| Margin of safety | -89% | +72% |
| Leak Score | 0/100 (2/12) | 60/100 (9/12) |
| Market cap | $3.7B | $26.4B |
| Revenue growth, 5 years | 7.2% | 26.7% |
| Operating margin | 49.7% | 88.7% |
| Net margin | 29.5% | 67.5% |
| Return on equity | 4.9% | 9.8% |
| Debt to equity | 0.95 | 0.61 |
| P/E | 25.5x | 9.3x |
| Forward P/E | 25.0x | 8.1x |
| P/B | 1.3x | 0.9x |
| Dividend yield | 6.1% | 7.6% |