CTO Realty Growth Inc (CTO) is undervalued 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 +64% for CTO.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.2% (average of 3 methods) values the shares at $57.09; the price of $20.38 is 64% below that value, and 83% of that value comes from beyond year five.
Leak Score 57/100 on 9 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 | CTO | VICI |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $20.38 | $23.98 |
| Intrinsic value | $57.09 | $84.40 |
| Margin of safety | +64% | +72% |
| Leak Score | 57/100 (9/12) | 60/100 (9/12) |
| Market cap | $764M | $26.4B |
| Revenue growth, 5 years | 21.5% | 26.7% |
| Operating margin | 24.6% | 88.7% |
| Net margin | 28.0% | 67.5% |
| Return on equity | 8.5% | 9.8% |
| Debt to equity | 1.04 | 0.61 |
| P/E | 14.9x | 9.3x |
| Forward P/E | 22.6x | 8.1x |
| P/B | 1.1x | 0.9x |
| Dividend yield | 7.5% | 7.6% |