Intrinsic value of Penske Automotive Group - PAG

Previous Close

$46.81

  Intrinsic Value

$42.43

stock screener

  Rating & Target

hold

-9%

Previous close

$46.81

 
Intrinsic value

$42.43

 
Up/down potential

-9%

 
Rating

hold

We calculate the intrinsic value of PAG 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, %
  4.32
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  20,119
  21,568
  23,073
  24,638
  26,265
  27,957
  29,718
  31,552
  33,461
  35,451
  37,526
  39,690
  41,948
  44,307
  46,770
  49,344
  52,034
  54,848
  57,792
  60,872
  64,097
  67,473
  71,009
  74,713
  78,595
  82,662
  86,926
  91,396
  96,082
  100,997
  106,152
Variable operating expenses, $m
 
  20,933
  22,385
  23,894
  25,464
  27,096
  28,795
  30,563
  32,405
  34,325
  36,326
  38,284
  40,463
  42,737
  45,113
  47,596
  50,191
  52,906
  55,745
  58,716
  61,827
  65,083
  68,494
  72,067
  75,811
  79,735
  83,847
  88,159
  92,680
  97,420
  102,392
Fixed operating expenses, $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
Total operating expenses, $m
  19,544
  20,933
  22,385
  23,894
  25,464
  27,096
  28,795
  30,563
  32,405
  34,325
  36,326
  38,284
  40,463
  42,737
  45,113
  47,596
  50,191
  52,906
  55,745
  58,716
  61,827
  65,083
  68,494
  72,067
  75,811
  79,735
  83,847
  88,159
  92,680
  97,420
  102,392
Operating income, $m
  575
  635
  688
  743
  801
  861
  923
  988
  1,056
  1,126
  1,200
  1,406
  1,486
  1,569
  1,656
  1,748
  1,843
  1,943
  2,047
  2,156
  2,270
  2,390
  2,515
  2,646
  2,784
  2,928
  3,079
  3,237
  3,403
  3,577
  3,760
EBITDA, $m
  665
  809
  866
  924
  985
  1,049
  1,115
  1,184
  1,255
  1,330
  1,408
  1,489
  1,574
  1,662
  1,755
  1,851
  1,952
  2,058
  2,168
  2,284
  2,405
  2,531
  2,664
  2,803
  2,949
  3,101
  3,261
  3,429
  3,605
  3,789
  3,983
Interest expense (income), $m
  130
  181
  199
  217
  236
  256
  277
  299
  321
  345
  369
  395
  421
  449
  478
  508
  540
  573
  607
  643
  681
  721
  762
  806
  851
  899
  949
  1,001
  1,056
  1,113
  1,174
Earnings before tax, $m
  508
  454
  489
  526
  565
  605
  646
  690
  735
  782
  831
  1,011
  1,065
  1,120
  1,179
  1,240
  1,303
  1,370
  1,440
  1,513
  1,589
  1,669
  1,753
  1,841
  1,933
  2,029
  2,130
  2,236
  2,347
  2,464
  2,586
Tax expense, $m
  161
  123
  132
  142
  152
  163
  175
  186
  198
  211
  224
  273
  287
  302
  318
  335
  352
  370
  389
  408
  429
  451
  473
  497
  522
  548
  575
  604
  634
  665
  698
Net income, $m
  343
  331
  357
  384
  412
  441
  472
  503
  536
  571
  607
  738
  777
  818
  860
  905
  951
  1,000
  1,051
  1,104
  1,160
  1,218
  1,280
  1,344
  1,411
  1,481
  1,555
  1,632
  1,713
  1,798
  1,888

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  24
  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
  8,833
  9,443
  10,102
  10,787
  11,499
  12,240
  13,011
  13,814
  14,650
  15,522
  16,430
  17,377
  18,366
  19,399
  20,477
  21,604
  22,782
  24,014
  25,303
  26,652
  28,063
  29,542
  31,090
  32,712
  34,411
  36,192
  38,059
  40,016
  42,068
  44,219
  46,476
Adjusted assets (=assets-cash), $m
  8,809
  9,443
  10,102
  10,787
  11,499
  12,240
  13,011
  13,814
  14,650
  15,522
  16,430
  17,377
  18,366
  19,399
  20,477
  21,604
  22,782
  24,014
  25,303
  26,652
  28,063
  29,542
  31,090
  32,712
  34,411
  36,192
  38,059
  40,016
  42,068
  44,219
  46,476
Revenue / Adjusted assets
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
  2.284
Average production assets, $m
  1,174
  1,251
  1,338
  1,429
  1,523
  1,622
  1,724
  1,830
  1,941
  2,056
  2,176
  2,302
  2,433
  2,570
  2,713
  2,862
  3,018
  3,181
  3,352
  3,531
  3,718
  3,913
  4,119
  4,333
  4,558
  4,794
  5,042
  5,301
  5,573
  5,858
  6,157
Working capital, $m
  164
  3,753
  4,015
  4,287
  4,570
  4,865
  5,171
  5,490
  5,822
  6,168
  6,529
  6,906
  7,299
  7,709
  8,138
  8,586
  9,054
  9,544
  10,056
  10,592
  11,153
  11,740
  12,356
  13,000
  13,675
  14,383
  15,125
  15,903
  16,718
  17,574
  18,470
Total debt, $m
  5,195
  5,677
  6,205
  6,753
  7,324
  7,918
  8,535
  9,178
  9,848
  10,546
  11,273
  12,032
  12,824
  13,651
  14,515
  15,418
  16,361
  17,348
  18,381
  19,461
  20,592
  21,776
  23,016
  24,315
  25,676
  27,103
  28,598
  30,166
  31,809
  33,533
  35,340
Total liabilities, $m
  7,082
  7,564
  8,092
  8,640
  9,211
  9,805
  10,422
  11,065
  11,735
  12,433
  13,160
  13,919
  14,711
  15,538
  16,402
  17,305
  18,248
  19,235
  20,268
  21,348
  22,479
  23,663
  24,903
  26,202
  27,563
  28,990
  30,485
  32,053
  33,696
  35,420
  37,227
Total equity, $m
  1,751
  1,879
  2,010
  2,147
  2,288
  2,436
  2,589
  2,749
  2,915
  3,089
  3,270
  3,458
  3,655
  3,860
  4,075
  4,299
  4,534
  4,779
  5,035
  5,304
  5,585
  5,879
  6,187
  6,510
  6,848
  7,202
  7,574
  7,963
  8,371
  8,800
  9,249
Total liabilities and equity, $m
  8,833
  9,443
  10,102
  10,787
  11,499
  12,241
  13,011
  13,814
  14,650
  15,522
  16,430
  17,377
  18,366
  19,398
  20,477
  21,604
  22,782
  24,014
  25,303
  26,652
  28,064
  29,542
  31,090
  32,712
  34,411
  36,192
  38,059
  40,016
  42,067
  44,220
  46,476
Debt-to-equity ratio
  2.967
  3.020
  3.090
  3.150
  3.200
  3.250
  3.300
  3.340
  3.380
  3.410
  3.450
  3.480
  3.510
  3.540
  3.560
  3.590
  3.610
  3.630
  3.650
  3.670
  3.690
  3.700
  3.720
  3.740
  3.750
  3.760
  3.780
  3.790
  3.800
  3.810
  3.820
Adjusted equity ratio
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  343
  331
  357
  384
  412
  441
  472
  503
  536
  571
  607
  738
  777
  818
  860
  905
  951
  1,000
  1,051
  1,104
  1,160
  1,218
  1,280
  1,344
  1,411
  1,481
  1,555
  1,632
  1,713
  1,798
  1,888
Depreciation, amort., depletion, $m
  90
  174
  178
  181
  184
  188
  192
  195
  199
  204
  208
  83
  88
  93
  98
  104
  109
  115
  121
  128
  135
  142
  149
  157
  165
  174
  183
  192
  202
  212
  223
Funds from operations, $m
  183
  506
  535
  565
  597
  629
  663
  699
  736
  774
  814
  822
  865
  911
  959
  1,009
  1,061
  1,115
  1,172
  1,232
  1,295
  1,360
  1,429
  1,501
  1,576
  1,655
  1,738
  1,824
  1,915
  2,011
  2,111
Change in working capital, $m
  -184
  252
  262
  272
  283
  294
  306
  319
  332
  346
  361
  377
  393
  410
  429
  448
  468
  490
  512
  536
  561
  587
  615
  645
  675
  708
  742
  778
  815
  855
  897
Cash from operations, $m
  367
  254
  273
  293
  313
  335
  357
  380
  404
  428
  453
  445
  472
  501
  530
  561
  593
  626
  660
  696
  734
  773
  813
  856
  901
  947
  996
  1,047
  1,100
  1,156
  1,214
Maintenance CAPEX, $m
  0
  -43
  -45
  -48
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -104
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -212
New CAPEX, $m
  -203
  -77
  -87
  -91
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -171
  -179
  -187
  -196
  -205
  -215
  -225
  -236
  -247
  -259
  -272
  -285
  -299
Cash from investing activities, $m
  -835
  -120
  -132
  -139
  -146
  -153
  -161
  -168
  -177
  -185
  -194
  -205
  -214
  -225
  -236
  -247
  -260
  -272
  -286
  -300
  -315
  -331
  -347
  -364
  -382
  -401
  -421
  -442
  -464
  -487
  -511
Free cash flow, $m
  -468
  134
  140
  154
  167
  181
  196
  211
  226
  242
  259
  241
  258
  276
  294
  313
  333
  353
  374
  396
  419
  442
  467
  492
  518
  546
  575
  605
  636
  669
  703
Issuance/(repayment) of debt, $m
  724
  506
  528
  549
  571
  594
  618
  643
  670
  698
  728
  759
  792
  827
  864
  903
  944
  987
  1,032
  1,080
  1,131
  1,184
  1,240
  1,299
  1,361
  1,427
  1,495
  1,568
  1,644
  1,724
  1,808
Issuance/(repurchase) of shares, $m
  -174
  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  
  534
  506
  528
  549
  571
  594
  618
  643
  670
  698
  728
  759
  792
  827
  864
  903
  944
  987
  1,032
  1,080
  1,131
  1,184
  1,240
  1,299
  1,361
  1,427
  1,495
  1,568
  1,644
  1,724
  1,808
Total cash flow (excl. dividends), $m
  57
  640
  668
  702
  738
  775
  814
  854
  896
  940
  986
  1,000
  1,050
  1,103
  1,158
  1,216
  1,276
  1,340
  1,407
  1,476
  1,549
  1,626
  1,707
  1,791
  1,880
  1,973
  2,070
  2,172
  2,280
  2,392
  2,510
Retained Cash Flow (-), $m
  39
  -128
  -131
  -136
  -142
  -147
  -153
  -160
  -166
  -173
  -181
  -189
  -197
  -205
  -215
  -224
  -234
  -245
  -256
  -268
  -281
  -294
  -308
  -323
  -338
  -354
  -371
  -389
  -408
  -428
  -449
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
 
  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
 
  512
  537
  566
  596
  628
  660
  694
  730
  767
  805
  811
  853
  897
  943
  992
  1,042
  1,095
  1,150
  1,208
  1,269
  1,332
  1,399
  1,468
  1,541
  1,618
  1,699
  1,783
  1,871
  1,964
  2,061
Discount rate, %
 
  11.30
  11.87
  12.46
  13.08
  13.74
  14.42
  15.14
  15.90
  16.70
  17.53
  18.41
  19.33
  20.29
  21.31
  22.37
  23.49
  24.67
  25.90
  27.19
  28.55
  29.98
  31.48
  33.06
  34.71
  36.44
  38.27
  40.18
  42.19
  44.30
  46.51
PV of cash for distribution, $m
 
  460
  429
  398
  365
  330
  294
  259
  224
  191
  160
  126
  102
  81
  63
  48
  36
  26
  18
  13
  8
  5
  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

Penske Automotive Group, Inc. is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand. The Company's segments include Retail Automotive, consisting of its retail automotive dealership operations; Retail Commercial Truck, consisting of its retail commercial truck dealership operations in the United States and Canada; Other, consisting of its commercial vehicle and power systems distribution operations and other non-automotive consolidated operations, and Non-Automotive Investments, consisting of its equity method investments in non-automotive operations. The Company holds interests in Penske Truck Leasing Co., L.P. (PTL), a provider of transportation services and supply chain management.

FINANCIAL RATIOS  of  Penske Automotive Group (PAG)

Valuation Ratios
P/E Ratio 11.6
Price to Sales 0.2
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow 24.3
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.5%
Cap. Spend. - 3 Yr. Gr. Rate 3%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 104.5%
Total Debt to Equity 296.7%
Interest Coverage 5
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 19.4%
Return On Equity - 3 Yr. Avg. 18.8%
Asset Turnover 2.4
Profitability Ratios
Gross Margin 14.7%
Gross Margin - 3 Yr. Avg. 14.9%
EBITDA Margin 3.6%
EBITDA Margin - 3 Yr. Avg. 3.6%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. 2.6%
Net Profit Margin 1.7%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 31.7%
Eff/ Tax Rate - 3 Yr. Avg. 32.4%
Payout Ratio 27.7%

PAG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PAG stock intrinsic value calculation we used $20119 million for the last fiscal year's total revenue generated by Penske Automotive Group. The default revenue input number comes from 2016 income statement of Penske Automotive Group. 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 PAG stock valuation model: a) initial revenue growth rate of 7.2% 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 11.3%, whose default value for PAG is calculated based on our internal credit rating of Penske Automotive Group, 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 Penske Automotive Group.
    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 PAG stock the variable cost ratio is equal to 97.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PAG 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 3.5% for Penske Automotive Group.

Corporate tax rate of 27% is the nominal tax rate for Penske Automotive Group. 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 PAG 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 PAG are equal to 5.8%.

Life of production assets of 27.6 years is the average useful life of capital assets used in Penske Automotive Group 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 PAG is equal to 17.4%. 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 - $1751 million for Penske Automotive Group - 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 85.893 million for Penske Automotive Group 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 Penske Automotive Group at the current share price and the inputted number of shares is $4.0 billion.

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COMPANY NEWS

▶ Penske beats 4Q profit forecasts   [Feb-08-18 08:39AM  Associated Press]
▶ Penske Automotive Increases Dividend   [Jan-30-18 06:59AM  PR Newswire]
▶ Stocks Showing Improved Relative Strength: Penske Automotive Group   [Jan-16-18 03:00AM  Investor's Business Daily]
▶ Penske Automotive Expands Presence In The United Kingdom   [Jan-03-18 06:59AM  PR Newswire]
▶ What's Next for Rolling Stone?   [Dec-22-17 12:21PM  TheStreet.com]
▶ [$$] Rolling Stones Owner Sells Controlling Stake to Penske Media   [Dec-21-17 12:37AM  The Wall Street Journal]
▶ Penske Automotive Expands Presence In The United Kingdom   [Dec-12-17 06:59AM  PR Newswire]
▶ 5 Top Publicly Traded Companies In Michigan   [Nov-27-17 10:34AM  Benzinga]
▶ [$$] Auto Highlights: Luxury and No Drivers   [Nov-01-17 11:35AM  Barrons.com]
▶ Penske tops Street 3Q forecasts   [07:19AM  Associated Press]
▶ These 3 Stocks Just Raised Their Dividends   [Oct-19-17 10:30AM  Motley Fool]
▶ 3 Stocks That Just Increased Their Dividends   [Oct-17-17 03:41PM  Motley Fool]
▶ Penske Automotive Increases Dividend   [07:52AM  PR Newswire]
▶ Penske Automotive Comments on Impact from Hurricanes   [Sep-28-17 06:59AM  PR Newswire]
▶ 3 Buys For Yields Up To 5.8% And 50% Upside   [Sep-26-17 08:30AM  Forbes]
▶ [$$] GE Sells Penske Truck Leasing Stake for $674 Million   [01:05AM  The Wall Street Journal]
▶ [$$] GE Sells Penske Truck Leasing Stake for $674 Million   [Sep-07-17 10:57AM  The Wall Street Journal]
▶ Acura, Penske reveal ARX-05 prototype racecar   [Aug-18-17 02:30PM  Autoblog]
▶ Penske beats Street 2Q forecasts   [Jul-27-17 06:15PM  Associated Press]
▶ Penske Automotive Increases Dividend   [07:51AM  PR Newswire]
Financial statements of PAG
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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