Intrinsic value of Gaming&Leisure Properties - GLPI

Previous Close

$36.45

  Intrinsic Value

$16.89

stock screener

  Rating & Target

str. sell

-54%

Previous close

$36.45

 
Intrinsic value

$16.89

 
Up/down potential

-54%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as GLPI.

We calculate the intrinsic value of GLPI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  44.00
  17.30
  16.07
  14.96
  13.97
  13.07
  12.26
  11.54
  10.88
  10.29
  9.77
  9.29
  8.86
  8.47
  8.13
  7.81
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.79
  5.72
  5.64
  5.58
Revenue, $m
  828
  1,139
  1,322
  1,520
  1,732
  1,958
  2,199
  2,452
  2,719
  2,999
  3,292
  3,598
  3,917
  4,248
  4,594
  4,953
  5,326
  5,713
  6,116
  6,535
  6,970
  7,423
  7,894
  8,384
  8,895
  9,427
  9,982
  10,560
  11,164
  11,794
  12,452
Variable operating expenses, $m
 
  132
  142
  152
  163
  175
  188
  201
  215
  229
  245
  188
  205
  222
  240
  259
  279
  299
  320
  342
  365
  388
  413
  439
  466
  493
  522
  553
  584
  617
  652
Fixed operating expenses, $m
 
  253
  259
  265
  271
  277
  283
  289
  295
  302
  308
  315
  322
  329
  336
  344
  351
  359
  367
  375
  383
  392
  400
  409
  418
  427
  437
  446
  456
  466
  476
Total operating expenses, $m
  348
  385
  401
  417
  434
  452
  471
  490
  510
  531
  553
  503
  527
  551
  576
  603
  630
  658
  687
  717
  748
  780
  813
  848
  884
  920
  959
  999
  1,040
  1,083
  1,128
Operating income, $m
  481
  753
  921
  1,103
  1,298
  1,507
  1,729
  1,963
  2,209
  2,468
  2,739
  3,094
  3,390
  3,697
  4,017
  4,350
  4,696
  5,055
  5,429
  5,818
  6,222
  6,643
  7,081
  7,537
  8,011
  8,506
  9,023
  9,561
  10,123
  10,710
  11,324
EBITDA, $m
  597
  1,355
  1,608
  1,882
  2,176
  2,490
  2,823
  3,175
  3,546
  3,935
  4,342
  4,767
  5,210
  5,672
  6,152
  6,652
  7,171
  7,711
  8,272
  8,855
  9,462
  10,093
  10,750
  11,434
  12,146
  12,888
  13,662
  14,469
  15,312
  16,192
  17,111
Interest expense (income), $m
  155
  240
  285
  333
  386
  443
  503
  567
  635
  706
  780
  858
  940
  1,025
  1,113
  1,205
  1,301
  1,400
  1,503
  1,611
  1,722
  1,838
  1,959
  2,084
  2,215
  2,351
  2,492
  2,640
  2,794
  2,955
  3,123
Earnings before tax, $m
  297
  514
  637
  770
  912
  1,064
  1,225
  1,396
  1,575
  1,762
  1,959
  2,236
  2,450
  2,672
  2,904
  3,145
  3,395
  3,655
  3,926
  4,207
  4,500
  4,805
  5,122
  5,452
  5,797
  6,156
  6,530
  6,921
  7,329
  7,755
  8,201
Tax expense, $m
  8
  139
  172
  208
  246
  287
  331
  377
  425
  476
  529
  604
  661
  722
  784
  849
  917
  987
  1,060
  1,136
  1,215
  1,297
  1,383
  1,472
  1,565
  1,662
  1,763
  1,869
  1,979
  2,094
  2,214
Net income, $m
  289
  375
  465
  562
  666
  777
  895
  1,019
  1,150
  1,287
  1,430
  1,632
  1,788
  1,951
  2,120
  2,296
  2,478
  2,668
  2,866
  3,071
  3,285
  3,508
  3,739
  3,980
  4,232
  4,494
  4,767
  5,052
  5,350
  5,661
  5,987

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  37
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,369
  8,500
  9,866
  11,342
  12,926
  14,616
  16,408
  18,301
  20,293
  22,382
  24,567
  26,849
  29,228
  31,705
  34,281
  36,960
  39,744
  42,637
  45,643
  48,768
  52,017
  55,396
  58,911
  62,570
  66,381
  70,351
  74,490
  78,806
  83,310
  88,012
  92,922
Adjusted assets (=assets-cash), $m
  7,332
  8,500
  9,866
  11,342
  12,926
  14,616
  16,408
  18,301
  20,293
  22,382
  24,567
  26,849
  29,228
  31,705
  34,281
  36,960
  39,744
  42,637
  45,643
  48,768
  52,017
  55,396
  58,911
  62,570
  66,381
  70,351
  74,490
  78,806
  83,310
  88,012
  92,922
Revenue / Adjusted assets
  0.113
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
Average production assets, $m
  3,345
  5,294
  6,145
  7,064
  8,051
  9,103
  10,219
  11,398
  12,639
  13,940
  15,301
  16,723
  18,204
  19,747
  21,351
  23,020
  24,754
  26,556
  28,428
  30,374
  32,398
  34,502
  36,692
  38,971
  41,344
  43,817
  46,395
  49,083
  51,888
  54,817
  57,875
Working capital, $m
  0
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
Total debt, $m
  4,665
  5,272
  6,175
  7,151
  8,198
  9,315
  10,500
  11,751
  13,067
  14,448
  15,893
  17,401
  18,974
  20,611
  22,314
  24,084
  25,925
  27,837
  29,824
  31,890
  34,037
  36,271
  38,594
  41,013
  43,532
  46,156
  48,892
  51,745
  54,722
  57,830
  61,076
Total liabilities, $m
  4,935
  5,618
  6,521
  7,497
  8,544
  9,661
  10,846
  12,097
  13,413
  14,794
  16,239
  17,747
  19,320
  20,957
  22,660
  24,430
  26,271
  28,183
  30,170
  32,236
  34,383
  36,617
  38,940
  41,359
  43,878
  46,502
  49,238
  52,091
  55,068
  58,176
  61,422
Total equity, $m
  2,434
  2,881
  3,345
  3,845
  4,382
  4,955
  5,562
  6,204
  6,879
  7,587
  8,328
  9,102
  9,908
  10,748
  11,621
  12,529
  13,473
  14,454
  15,473
  16,532
  17,634
  18,779
  19,971
  21,211
  22,503
  23,849
  25,252
  26,715
  28,242
  29,836
  31,501
Total liabilities and equity, $m
  7,369
  8,499
  9,866
  11,342
  12,926
  14,616
  16,408
  18,301
  20,292
  22,381
  24,567
  26,849
  29,228
  31,705
  34,281
  36,959
  39,744
  42,637
  45,643
  48,768
  52,017
  55,396
  58,911
  62,570
  66,381
  70,351
  74,490
  78,806
  83,310
  88,012
  92,923
Debt-to-equity ratio
  1.917
  1.830
  1.850
  1.860
  1.870
  1.880
  1.890
  1.890
  1.900
  1.900
  1.910
  1.910
  1.910
  1.920
  1.920
  1.920
  1.920
  1.930
  1.930
  1.930
  1.930
  1.930
  1.930
  1.930
  1.930
  1.940
  1.940
  1.940
  1.940
  1.940
  1.940
Adjusted equity ratio
  0.327
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  289
  375
  465
  562
  666
  777
  895
  1,019
  1,150
  1,287
  1,430
  1,632
  1,788
  1,951
  2,120
  2,296
  2,478
  2,668
  2,866
  3,071
  3,285
  3,508
  3,739
  3,980
  4,232
  4,494
  4,767
  5,052
  5,350
  5,661
  5,987
Depreciation, amort., depletion, $m
  116
  602
  687
  779
  878
  983
  1,094
  1,212
  1,336
  1,466
  1,603
  1,672
  1,820
  1,975
  2,135
  2,302
  2,475
  2,656
  2,843
  3,037
  3,240
  3,450
  3,669
  3,897
  4,134
  4,382
  4,639
  4,908
  5,189
  5,482
  5,788
Funds from operations, $m
  533
  977
  1,152
  1,341
  1,544
  1,760
  1,989
  2,231
  2,486
  2,753
  3,032
  3,305
  3,609
  3,926
  4,255
  4,598
  4,954
  5,324
  5,709
  6,109
  6,525
  6,958
  7,408
  7,877
  8,366
  8,875
  9,406
  9,961
  10,539
  11,143
  11,774
Change in working capital, $m
  19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  514
  977
  1,152
  1,341
  1,544
  1,760
  1,989
  2,231
  2,486
  2,753
  3,033
  3,305
  3,609
  3,926
  4,255
  4,598
  4,954
  5,324
  5,709
  6,109
  6,525
  6,958
  7,409
  7,878
  8,367
  8,876
  9,407
  9,961
  10,540
  11,144
  11,775
Maintenance CAPEX, $m
  0
  -451
  -529
  -614
  -706
  -805
  -910
  -1,022
  -1,140
  -1,264
  -1,394
  -1,530
  -1,672
  -1,820
  -1,975
  -2,135
  -2,302
  -2,475
  -2,656
  -2,843
  -3,037
  -3,240
  -3,450
  -3,669
  -3,897
  -4,134
  -4,382
  -4,639
  -4,908
  -5,189
  -5,482
New CAPEX, $m
  -3,271
  -779
  -851
  -919
  -987
  -1,052
  -1,116
  -1,179
  -1,240
  -1,301
  -1,361
  -1,421
  -1,482
  -1,543
  -1,605
  -1,668
  -1,734
  -1,802
  -1,873
  -1,946
  -2,023
  -2,104
  -2,189
  -2,279
  -2,373
  -2,473
  -2,578
  -2,688
  -2,805
  -2,928
  -3,058
Cash from investing activities, $m
  -3,219
  -1,230
  -1,380
  -1,533
  -1,693
  -1,857
  -2,026
  -2,201
  -2,380
  -2,565
  -2,755
  -2,951
  -3,154
  -3,363
  -3,580
  -3,803
  -4,036
  -4,277
  -4,529
  -4,789
  -5,060
  -5,344
  -5,639
  -5,948
  -6,270
  -6,607
  -6,960
  -7,327
  -7,713
  -8,117
  -8,540
Free cash flow, $m
  -2,705
  -254
  -228
  -193
  -149
  -97
  -37
  31
  106
  188
  278
  354
  455
  563
  676
  794
  918
  1,047
  1,181
  1,320
  1,465
  1,614
  1,769
  1,930
  2,096
  2,269
  2,448
  2,633
  2,826
  3,026
  3,235
Issuance/(repayment) of debt, $m
  2,175
  830
  903
  976
  1,047
  1,117
  1,185
  1,251
  1,317
  1,381
  1,445
  1,508
  1,572
  1,637
  1,703
  1,771
  1,840
  1,912
  1,987
  2,066
  2,147
  2,233
  2,324
  2,419
  2,519
  2,624
  2,736
  2,853
  2,977
  3,108
  3,246
Issuance/(repurchase) of shares, $m
  984
  49
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  3,127
  879
  903
  976
  1,047
  1,117
  1,185
  1,251
  1,317
  1,381
  1,445
  1,508
  1,572
  1,637
  1,703
  1,771
  1,840
  1,912
  1,987
  2,066
  2,147
  2,233
  2,324
  2,419
  2,519
  2,624
  2,736
  2,853
  2,977
  3,108
  3,246
Total cash flow (excl. dividends), $m
  423
  625
  675
  783
  898
  1,019
  1,147
  1,282
  1,422
  1,569
  1,722
  1,862
  2,028
  2,200
  2,379
  2,565
  2,758
  2,959
  3,168
  3,386
  3,612
  3,847
  4,093
  4,348
  4,615
  4,893
  5,183
  5,486
  5,803
  6,134
  6,480
Retained Cash Flow (-), $m
  -2,688
  -423
  -463
  -500
  -537
  -573
  -608
  -642
  -675
  -708
  -741
  -774
  -806
  -840
  -873
  -908
  -944
  -981
  -1,019
  -1,059
  -1,101
  -1,145
  -1,192
  -1,240
  -1,292
  -1,346
  -1,403
  -1,463
  -1,527
  -1,594
  -1,665
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  16
  18
  21
  24
  28
  31
  35
  39
  44
  48
  53
  58
  63
  68
  73
  79
  85
  91
  98
  105
  112
  119
  126
  134
  142
  151
  160
  169
  179
  189
Cash available for distribution, $m
 
  201
  212
  282
  361
  447
  540
  640
  747
  861
  981
  1,088
  1,221
  1,360
  1,506
  1,657
  1,815
  1,979
  2,149
  2,326
  2,511
  2,702
  2,901
  3,108
  3,323
  3,547
  3,780
  4,023
  4,276
  4,540
  4,816
Discount rate, %
 
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
 
  183
  175
  209
  237
  257
  270
  274
  271
  261
  245
  220
  197
  172
  147
  122
  99
  78
  60
  45
  33
  23
  16
  10
  7
  4
  3
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4

Gaming and Leisure Properties, Inc. (GLPI) is a self-administered and self-managed Pennsylvania real estate investment trust (REIT). The Company is engaged in the business of acquiring, financing and owning real estate property to be leased to gaming operators in triple net lease arrangements. Its segments include GLP Capital, L.P. (GLP Capital), through which the Company owns all of its real estate assets, and the TRS Properties, which consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. The GLP Capital segment consists of the leased real property. As of December 31, 2016, the Company had 34 rental properties, consisting of the real property associated with 18 gaming and related facilities operated by Penn National Gaming, Inc. (Penn), the real property associated with 15 gaming and related facilities operated by Pinnacle Entertainment, Inc. (Pinnacle), and the real property associated with the Casino Queen in East St. Louis, Illinois.

FINANCIAL RATIOS  of  Gaming&Leisure Properties (GLPI)

Valuation Ratios
P/E Ratio 26.2
Price to Sales 9.1
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow -2.7
Growth Rates
Sales Growth Rate 44%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17115.8%
Cap. Spend. - 3 Yr. Gr. Rate 189.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 191.7%
Total Debt to Equity 191.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 9%
Ret/ On Assets - 3 Yr. Avg. 9.3%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.8%
Return On Equity 26.5%
Return On Equity - 3 Yr. Avg. -283.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 90.1%
Gross Margin - 3 Yr. Avg. 86.5%
EBITDA Margin 68.6%
EBITDA Margin - 3 Yr. Avg. 63.8%
Operating Margin 58%
Oper. Margin - 3 Yr. Avg. 48.8%
Pre-Tax Margin 35.9%
Pre-Tax Margin - 3 Yr. Avg. 28%
Net Profit Margin 34.9%
Net Profit Margin - 3 Yr. Avg. 26.9%
Effective Tax Rate 2.7%
Eff/ Tax Rate - 3 Yr. Avg. 4%
Payout Ratio 148.1%

GLPI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GLPI stock intrinsic value calculation we used $971 million for the last fiscal year's total revenue generated by Gaming&Leisure Properties. The default revenue input number comes from 2016 income statement of Gaming&Leisure Properties. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GLPI stock valuation model: a) initial revenue growth rate of 17.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.6%, whose default value for GLPI is calculated based on our internal credit rating of Gaming&Leisure Properties, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Gaming&Leisure Properties.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GLPI stock the variable cost ratio is equal to 12.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $248 million in the base year in the intrinsic value calculation for GLPI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Gaming&Leisure Properties.

Corporate tax rate of 27% is the nominal tax rate for Gaming&Leisure Properties. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GLPI stock is equal to 1.6%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GLPI are equal to 464.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Gaming&Leisure Properties operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GLPI is equal to -0.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2458 million for Gaming&Leisure Properties - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 213 million for Gaming&Leisure Properties is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Gaming&Leisure Properties at the current share price and the inputted number of shares is $7.8 billion.

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SOHO Sotherly Hotel 6.93 98.92  str.buy
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CHSP Chesapeake Lod 32.61 111.10  str.buy
AHP Ashford Hospit 10.38 11.18  hold

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Financial statements of GLPI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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