Intrinsic value of Gaming&Leisure Properties - GLPI

Previous Close

$33.77

  Intrinsic Value

$8.08

stock screener

  Rating & Target

str. sell

-76%

Previous close

$33.77

 
Intrinsic value

$8.08

 
Up/down potential

-76%

 
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
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
Revenue, $m
  828
  871
  916
  963
  1,013
  1,065
  1,120
  1,177
  1,237
  1,300
  1,366
  1,435
  1,507
  1,584
  1,664
  1,748
  1,836
  1,928
  2,025
  2,127
  2,234
  2,346
  2,464
  2,588
  2,718
  2,854
  2,997
  3,147
  3,305
  3,471
  3,644
Variable operating expenses, $m
 
  102
  107
  112
  118
  123
  129
  136
  142
  149
  156
  156
  164
  172
  181
  190
  200
  210
  220
  231
  243
  255
  268
  282
  296
  311
  326
  342
  360
  378
  397
Fixed operating expenses, $m
 
  262
  269
  276
  283
  290
  297
  304
  312
  320
  328
  336
  344
  353
  362
  371
  380
  390
  399
  409
  419
  430
  441
  452
  463
  475
  486
  499
  511
  524
  537
Total operating expenses, $m
  348
  364
  376
  388
  401
  413
  426
  440
  454
  469
  484
  492
  508
  525
  543
  561
  580
  600
  619
  640
  662
  685
  709
  734
  759
  786
  812
  841
  871
  902
  934
Operating income, $m
  481
  506
  540
  575
  613
  652
  693
  737
  783
  831
  882
  943
  999
  1,058
  1,121
  1,187
  1,256
  1,329
  1,406
  1,486
  1,571
  1,661
  1,755
  1,854
  1,959
  2,069
  2,184
  2,306
  2,434
  2,569
  2,711
EBITDA, $m
  597
  633
  673
  715
  759
  805
  854
  905
  959
  1,016
  1,076
  1,139
  1,205
  1,275
  1,349
  1,426
  1,507
  1,593
  1,683
  1,778
  1,877
  1,982
  2,093
  2,209
  2,331
  2,459
  2,595
  2,737
  2,887
  3,044
  3,210
Interest expense (income), $m
  155
  201
  211
  223
  235
  248
  261
  275
  290
  305
  321
  338
  356
  374
  394
  414
  436
  459
  482
  507
  533
  561
  589
  619
  651
  684
  719
  756
  794
  835
  877
Earnings before tax, $m
  297
  306
  328
  352
  377
  404
  432
  462
  493
  526
  560
  605
  643
  684
  727
  772
  820
  870
  923
  979
  1,038
  1,100
  1,166
  1,235
  1,308
  1,384
  1,465
  1,550
  1,640
  1,734
  1,834
Tax expense, $m
  8
  83
  89
  95
  102
  109
  117
  125
  133
  142
  151
  163
  174
  185
  196
  208
  221
  235
  249
  264
  280
  297
  315
  333
  353
  374
  396
  419
  443
  468
  495
Net income, $m
  289
  223
  240
  257
  276
  295
  315
  337
  360
  384
  409
  441
  470
  499
  531
  564
  599
  635
  674
  715
  758
  803
  851
  902
  955
  1,011
  1,070
  1,132
  1,197
  1,266
  1,339

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
  7,708
  8,108
  8,526
  8,965
  9,425
  9,907
  10,413
  10,944
  11,501
  12,085
  12,697
  13,340
  14,015
  14,722
  15,465
  16,245
  17,063
  17,922
  18,823
  19,770
  20,763
  21,806
  22,900
  24,049
  25,256
  26,522
  27,852
  29,247
  30,713
  32,251
Adjusted assets (=assets-cash), $m
  7,332
  7,708
  8,108
  8,526
  8,965
  9,425
  9,907
  10,413
  10,944
  11,501
  12,085
  12,697
  13,340
  14,015
  14,722
  15,465
  16,245
  17,063
  17,922
  18,823
  19,770
  20,763
  21,806
  22,900
  24,049
  25,256
  26,522
  27,852
  29,247
  30,713
  32,251
Revenue / Adjusted assets
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
Average production assets, $m
  3,345
  3,518
  3,700
  3,891
  4,092
  4,302
  4,522
  4,753
  4,995
  5,249
  5,515
  5,795
  6,088
  6,396
  6,719
  7,058
  7,414
  7,788
  8,180
  8,591
  9,023
  9,476
  9,952
  10,452
  10,976
  11,527
  12,105
  12,712
  13,349
  14,018
  14,720
Working capital, $m
  0
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -135
  -142
  -149
  -156
  -164
Total debt, $m
  4,665
  4,918
  5,187
  5,468
  5,763
  6,073
  6,398
  6,738
  7,095
  7,470
  7,863
  8,275
  8,708
  9,162
  9,638
  10,138
  10,663
  11,213
  11,791
  12,398
  13,035
  13,704
  14,405
  15,142
  15,915
  16,727
  17,579
  18,474
  19,414
  20,400
  21,435
Total liabilities, $m
  4,935
  5,188
  5,457
  5,738
  6,033
  6,343
  6,668
  7,008
  7,365
  7,740
  8,133
  8,545
  8,978
  9,432
  9,908
  10,408
  10,933
  11,483
  12,061
  12,668
  13,305
  13,974
  14,675
  15,412
  16,185
  16,997
  17,849
  18,744
  19,684
  20,670
  21,705
Total equity, $m
  2,434
  2,521
  2,651
  2,788
  2,932
  3,082
  3,240
  3,405
  3,579
  3,761
  3,952
  4,152
  4,362
  4,583
  4,814
  5,057
  5,312
  5,580
  5,860
  6,155
  6,465
  6,790
  7,130
  7,488
  7,864
  8,259
  8,673
  9,107
  9,564
  10,043
  10,546
Total liabilities and equity, $m
  7,369
  7,709
  8,108
  8,526
  8,965
  9,425
  9,908
  10,413
  10,944
  11,501
  12,085
  12,697
  13,340
  14,015
  14,722
  15,465
  16,245
  17,063
  17,921
  18,823
  19,770
  20,764
  21,805
  22,900
  24,049
  25,256
  26,522
  27,851
  29,248
  30,713
  32,251
Debt-to-equity ratio
  1.917
  1.950
  1.960
  1.960
  1.970
  1.970
  1.970
  1.980
  1.980
  1.990
  1.990
  1.990
  2.000
  2.000
  2.000
  2.000
  2.010
  2.010
  2.010
  2.010
  2.020
  2.020
  2.020
  2.020
  2.020
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
Adjusted equity ratio
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  289
  223
  240
  257
  276
  295
  315
  337
  360
  384
  409
  441
  470
  499
  531
  564
  599
  635
  674
  715
  758
  803
  851
  902
  955
  1,011
  1,070
  1,132
  1,197
  1,266
  1,339
Depreciation, amort., depletion, $m
  116
  127
  133
  140
  146
  153
  161
  169
  177
  186
  195
  196
  206
  217
  228
  239
  251
  264
  277
  291
  306
  321
  337
  354
  372
  391
  410
  431
  452
  475
  499
Funds from operations, $m
  533
  350
  373
  397
  422
  448
  476
  506
  537
  569
  604
  638
  676
  716
  758
  803
  850
  899
  951
  1,006
  1,064
  1,125
  1,188
  1,256
  1,327
  1,401
  1,480
  1,563
  1,650
  1,741
  1,838
Change in working capital, $m
  19
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Cash from operations, $m
  514
  352
  375
  399
  424
  451
  479
  508
  539
  572
  607
  641
  679
  720
  762
  807
  854
  903
  956
  1,011
  1,069
  1,130
  1,194
  1,261
  1,333
  1,407
  1,486
  1,569
  1,657
  1,749
  1,845
Maintenance CAPEX, $m
  0
  -113
  -119
  -125
  -132
  -139
  -146
  -153
  -161
  -169
  -178
  -187
  -196
  -206
  -217
  -228
  -239
  -251
  -264
  -277
  -291
  -306
  -321
  -337
  -354
  -372
  -391
  -410
  -431
  -452
  -475
New CAPEX, $m
  -3,271
  -174
  -182
  -191
  -200
  -210
  -220
  -231
  -242
  -254
  -267
  -280
  -293
  -308
  -323
  -339
  -356
  -373
  -392
  -411
  -432
  -453
  -476
  -500
  -524
  -551
  -578
  -607
  -637
  -669
  -702
Cash from investing activities, $m
  -3,219
  -287
  -301
  -316
  -332
  -349
  -366
  -384
  -403
  -423
  -445
  -467
  -489
  -514
  -540
  -567
  -595
  -624
  -656
  -688
  -723
  -759
  -797
  -837
  -878
  -923
  -969
  -1,017
  -1,068
  -1,121
  -1,177
Free cash flow, $m
  -2,705
  65
  73
  82
  92
  102
  113
  124
  136
  149
  162
  174
  189
  205
  222
  240
  259
  279
  300
  322
  346
  370
  397
  424
  454
  485
  518
  552
  589
  627
  668
Issuance/(repayment) of debt, $m
  2,175
  253
  269
  282
  295
  310
  325
  340
  357
  375
  393
  412
  433
  454
  476
  500
  525
  551
  578
  607
  637
  668
  702
  737
  773
  812
  852
  895
  939
  986
  1,035
Issuance/(repurchase) of shares, $m
  984
  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 from financing (excl. dividends), $m  
  3,127
  253
  269
  282
  295
  310
  325
  340
  357
  375
  393
  412
  433
  454
  476
  500
  525
  551
  578
  607
  637
  668
  702
  737
  773
  812
  852
  895
  939
  986
  1,035
Total cash flow (excl. dividends), $m
  423
  318
  342
  364
  387
  412
  437
  465
  493
  523
  555
  587
  622
  659
  699
  740
  783
  829
  878
  929
  982
  1,039
  1,098
  1,161
  1,227
  1,297
  1,370
  1,447
  1,528
  1,614
  1,703
Retained Cash Flow (-), $m
  -2,688
  -124
  -131
  -137
  -143
  -150
  -158
  -165
  -174
  -182
  -191
  -200
  -210
  -221
  -231
  -243
  -255
  -268
  -281
  -295
  -309
  -325
  -341
  -358
  -376
  -394
  -414
  -435
  -456
  -479
  -503
Prev. year cash balance distribution, $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
Cash flow adjustment, $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 available for distribution, $m
 
  231
  211
  227
  244
  261
  280
  299
  320
  341
  364
  386
  412
  439
  467
  497
  529
  562
  597
  634
  673
  714
  757
  803
  851
  902
  956
  1,012
  1,072
  1,134
  1,200
Discount rate, %
 
  10.30
  10.82
  11.36
  11.92
  12.52
  13.15
  13.80
  14.49
  15.22
  15.98
  16.78
  17.62
  18.50
  19.42
  20.39
  21.41
  22.48
  23.61
  24.79
  26.03
  27.33
  28.70
  30.13
  31.64
  33.22
  34.88
  36.62
  38.45
  40.38
  42.40
PV of cash for distribution, $m
 
  209
  172
  165
  155
  145
  133
  121
  108
  95
  83
  70
  59
  48
  39
  31
  24
  18
  13
  9
  7
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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 24.3
Price to Sales 8.5
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow -2.5
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 $828 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 5.2% 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 10.3%, 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 11.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $256 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 4.3% 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 0%.

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 403.9%.

Life of production assets of 29.5 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 -4.5%. 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 - $2434 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 212.432 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 $7.2 billion.

RELATED COMPANIES Price Int.Val. Rating
PENN Penn National 28.06 2.71  str.sell
HT Hersha Hospita 18.04 4.98  str.sell
PEB Pebblebrook Ho 36.72 5.72  str.sell
RLJ RLJ Lodging Tr 21.83 10.88  str.sell
DRH Diamondrock Ho 11.35 2.26  str.sell
SOHO Sotherly Hotel 6.19 4.31  sell
HPT Hospitality Pr 27.27 4.72  str.sell
CHSP Chesapeake Lod 26.66 4.88  str.sell
AHP Ashford Hospit 9.04 3.25  str.sell

COMPANY NEWS

▶ Gaming and Leisure Properties reports 4Q results   [Feb-08-18 09:42AM  Associated Press]
▶ MGM's REIT Operator Wants to Buy Caesars' REIT   [Feb-06-18 07:12AM  Motley Fool]
▶ Is Penn National's Acquisition of Pinnacle Too Risky?   [Jan-06-18 11:06AM  Motley Fool]
▶ The Meadows parent company acquired in $2.8B deal   [12:50PM  American City Business Journals]
▶ 3 Embarrassingly Cheap Dividend Stocks   [Dec-13-17 10:03PM  Motley Fool]
▶ 10 High-Yield Stocks That Wont Cut Their Dividends in 2018   [Dec-07-17 03:00PM  InvestorPlace]
▶ Is Another Casino Merger on the Horizon?   [Dec-04-17 07:03AM  Motley Fool]
▶ Gaming and Leisure Properties reports 3Q results   [Oct-26-17 08:45AM  Associated Press]
▶ The Best Dividend Stocks You've Never Heard Of   [Aug-05-17 09:12AM  Motley Fool]
▶ 3 Dividend Stocks for Those Moving Up in the World   [Jun-01-17 08:00AM  Motley Fool]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [May-16-17 11:02AM  Investor's Business Daily]
▶ REIT Stock With 7% Dividend Enters Buy Zone   [May-12-17 11:42AM  Investor's Business Daily]
▶ Why Pinnacle Entertainment, Inc. Stock Jumped in March   [Apr-15-17 11:36AM  Motley Fool]
▶ Bally's and Resorts Tunica casinos to be sold for $44 million   [Mar-28-17 11:00AM  at bizjournals.com]
▶ Bally's and Resorts Tunica casinos to be sold for $44 million   [11:00AM  American City Business Journals]
▶ Penn National Showing Upside of Gaming REIT Model   [Mar-27-17 01:33PM  Motley Fool]
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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