Intrinsic value of Penske Automotive Group - PAG

Previous Close

$48.23

  Intrinsic Value

$34.15

stock screener

  Rating & Target

sell

-29%

Previous close

$48.23

 
Intrinsic value

$34.15

 
Up/down potential

-29%

 
Rating

sell

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.2

 

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
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  20,119
  20,622
  21,189
  21,819
  22,513
  23,269
  24,089
  24,973
  25,924
  26,941
  28,027
  29,184
  30,414
  31,720
  33,105
  34,570
  36,121
  37,760
  39,490
  41,317
  43,243
  45,274
  47,413
  49,667
  52,041
  54,539
  57,168
  59,934
  62,844
  65,904
  69,121
Variable operating expenses, $m
 
  20,021
  20,568
  21,176
  21,845
  22,574
  23,365
  24,218
  25,135
  26,116
  27,163
  28,150
  29,337
  30,597
  31,932
  33,346
  34,842
  36,422
  38,092
  39,853
  41,711
  43,670
  45,734
  47,908
  50,198
  52,607
  55,143
  57,811
  60,618
  63,570
  66,673
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
  20,021
  20,568
  21,176
  21,845
  22,574
  23,365
  24,218
  25,135
  26,116
  27,163
  28,150
  29,337
  30,597
  31,932
  33,346
  34,842
  36,422
  38,092
  39,853
  41,711
  43,670
  45,734
  47,908
  50,198
  52,607
  55,143
  57,811
  60,618
  63,570
  66,673
Operating income, $m
  575
  601
  621
  644
  668
  695
  724
  755
  789
  825
  864
  1,034
  1,077
  1,123
  1,172
  1,224
  1,279
  1,337
  1,399
  1,463
  1,532
  1,603
  1,679
  1,759
  1,843
  1,932
  2,025
  2,123
  2,226
  2,334
  2,448
EBITDA, $m
  665
  774
  795
  819
  845
  873
  904
  937
  973
  1,011
  1,052
  1,095
  1,141
  1,190
  1,242
  1,297
  1,355
  1,417
  1,482
  1,550
  1,622
  1,699
  1,779
  1,863
  1,952
  2,046
  2,145
  2,249
  2,358
  2,473
  2,593
Interest expense (income), $m
  130
  181
  187
  194
  202
  210
  220
  230
  240
  252
  265
  278
  292
  307
  323
  340
  358
  377
  397
  419
  441
  465
  490
  516
  544
  573
  603
  636
  670
  705
  743
Earnings before tax, $m
  508
  420
  434
  450
  466
  485
  504
  526
  549
  573
  599
  756
  785
  816
  849
  884
  921
  960
  1,001
  1,045
  1,090
  1,139
  1,190
  1,243
  1,300
  1,359
  1,421
  1,487
  1,556
  1,629
  1,705
Tax expense, $m
  161
  113
  117
  121
  126
  131
  136
  142
  148
  155
  162
  204
  212
  220
  229
  239
  249
  259
  270
  282
  294
  307
  321
  336
  351
  367
  384
  401
  420
  440
  460
Net income, $m
  343
  307
  317
  328
  341
  354
  368
  384
  400
  418
  437
  552
  573
  596
  620
  645
  672
  701
  731
  763
  796
  831
  868
  907
  949
  992
  1,038
  1,086
  1,136
  1,189
  1,245

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
  9,029
  9,277
  9,553
  9,857
  10,188
  10,547
  10,934
  11,350
  11,795
  12,271
  12,778
  13,316
  13,888
  14,494
  15,136
  15,815
  16,532
  17,290
  18,090
  18,933
  19,822
  20,759
  21,746
  22,785
  23,879
  25,030
  26,241
  27,515
  28,854
  30,263
Adjusted assets (=assets-cash), $m
  8,809
  9,029
  9,277
  9,553
  9,857
  10,188
  10,547
  10,934
  11,350
  11,795
  12,271
  12,778
  13,316
  13,888
  14,494
  15,136
  15,815
  16,532
  17,290
  18,090
  18,933
  19,822
  20,759
  21,746
  22,785
  23,879
  25,030
  26,241
  27,515
  28,854
  30,263
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
  1,196
  1,229
  1,266
  1,306
  1,350
  1,397
  1,448
  1,504
  1,563
  1,626
  1,693
  1,764
  1,840
  1,920
  2,005
  2,095
  2,190
  2,290
  2,396
  2,508
  2,626
  2,750
  2,881
  3,018
  3,163
  3,316
  3,476
  3,645
  3,822
  4,009
Working capital, $m
  164
  3,588
  3,687
  3,797
  3,917
  4,049
  4,192
  4,345
  4,511
  4,688
  4,877
  5,078
  5,292
  5,519
  5,760
  6,015
  6,285
  6,570
  6,871
  7,189
  7,524
  7,878
  8,250
  8,642
  9,055
  9,490
  9,947
  10,429
  10,935
  11,467
  12,027
Total debt, $m
  5,195
  5,345
  5,544
  5,765
  6,008
  6,273
  6,561
  6,871
  7,204
  7,561
  7,942
  8,348
  8,779
  9,237
  9,723
  10,237
  10,781
  11,355
  11,962
  12,603
  13,278
  13,990
  14,741
  15,531
  16,364
  17,240
  18,162
  19,132
  20,152
  21,225
  22,354
Total liabilities, $m
  7,082
  7,232
  7,431
  7,652
  7,895
  8,160
  8,448
  8,758
  9,091
  9,448
  9,829
  10,235
  10,666
  11,124
  11,610
  12,124
  12,668
  13,242
  13,849
  14,490
  15,165
  15,877
  16,628
  17,418
  18,251
  19,127
  20,049
  21,019
  22,039
  23,112
  24,241
Total equity, $m
  1,751
  1,797
  1,846
  1,901
  1,961
  2,027
  2,099
  2,176
  2,259
  2,347
  2,442
  2,543
  2,650
  2,764
  2,884
  3,012
  3,147
  3,290
  3,441
  3,600
  3,768
  3,945
  4,131
  4,327
  4,534
  4,752
  4,981
  5,222
  5,475
  5,742
  6,022
Total liabilities and equity, $m
  8,833
  9,029
  9,277
  9,553
  9,856
  10,187
  10,547
  10,934
  11,350
  11,795
  12,271
  12,778
  13,316
  13,888
  14,494
  15,136
  15,815
  16,532
  17,290
  18,090
  18,933
  19,822
  20,759
  21,745
  22,785
  23,879
  25,030
  26,241
  27,514
  28,854
  30,263
Debt-to-equity ratio
  2.967
  2.970
  3.000
  3.030
  3.060
  3.090
  3.130
  3.160
  3.190
  3.220
  3.250
  3.280
  3.310
  3.340
  3.370
  3.400
  3.430
  3.450
  3.480
  3.500
  3.520
  3.550
  3.570
  3.590
  3.610
  3.630
  3.650
  3.660
  3.680
  3.700
  3.710
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
  307
  317
  328
  341
  354
  368
  384
  400
  418
  437
  552
  573
  596
  620
  645
  672
  701
  731
  763
  796
  831
  868
  907
  949
  992
  1,038
  1,086
  1,136
  1,189
  1,245
Depreciation, amort., depletion, $m
  90
  172
  174
  175
  176
  178
  180
  182
  184
  186
  188
  61
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  138
  145
Funds from operations, $m
  183
  479
  491
  503
  517
  532
  548
  565
  584
  604
  625
  613
  637
  662
  689
  718
  748
  780
  814
  849
  887
  926
  968
  1,012
  1,058
  1,107
  1,158
  1,211
  1,268
  1,327
  1,390
Change in working capital, $m
  -184
  88
  99
  110
  121
  132
  143
  154
  165
  177
  189
  201
  214
  227
  241
  255
  270
  285
  301
  318
  335
  353
  372
  392
  413
  435
  457
  481
  506
  532
  560
Cash from operations, $m
  367
  392
  392
  394
  396
  400
  405
  411
  419
  427
  436
  412
  423
  435
  449
  463
  478
  495
  513
  532
  552
  573
  596
  620
  645
  672
  700
  730
  762
  795
  830
Maintenance CAPEX, $m
  0
  -43
  -43
  -45
  -46
  -47
  -49
  -51
  -52
  -54
  -57
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
  -120
  -126
  -132
  -138
New CAPEX, $m
  -203
  -22
  -33
  -37
  -40
  -44
  -48
  -51
  -55
  -59
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -152
  -160
  -169
  -177
  -187
Cash from investing activities, $m
  -835
  -65
  -76
  -82
  -86
  -91
  -97
  -102
  -107
  -113
  -120
  -126
  -132
  -140
  -147
  -155
  -163
  -171
  -179
  -189
  -199
  -209
  -219
  -231
  -242
  -254
  -267
  -280
  -295
  -309
  -325
Free cash flow, $m
  -468
  327
  316
  312
  310
  309
  309
  310
  311
  313
  317
  286
  290
  296
  302
  308
  316
  324
  333
  343
  353
  364
  376
  389
  403
  418
  433
  450
  467
  486
  505
Issuance/(repayment) of debt, $m
  724
  174
  199
  221
  243
  265
  288
  310
  333
  357
  381
  406
  431
  458
  486
  514
  544
  575
  607
  640
  676
  712
  750
  790
  832
  876
  922
  970
  1,020
  1,073
  1,128
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
  174
  199
  221
  243
  265
  288
  310
  333
  357
  381
  406
  431
  458
  486
  514
  544
  575
  607
  640
  676
  712
  750
  790
  832
  876
  922
  970
  1,020
  1,073
  1,128
Total cash flow (excl. dividends), $m
  57
  501
  515
  533
  553
  574
  596
  620
  644
  670
  697
  691
  722
  754
  787
  822
  860
  899
  940
  983
  1,029
  1,077
  1,127
  1,180
  1,235
  1,294
  1,355
  1,420
  1,487
  1,559
  1,633
Retained Cash Flow (-), $m
  39
  -46
  -49
  -55
  -60
  -66
  -71
  -77
  -83
  -89
  -95
  -101
  -107
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -207
  -218
  -229
  -241
  -254
  -267
  -280
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
 
  456
  465
  479
  493
  508
  525
  543
  562
  582
  603
  591
  614
  640
  667
  695
  725
  756
  789
  824
  861
  900
  940
  983
  1,029
  1,076
  1,126
  1,179
  1,234
  1,292
  1,353
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
 
  409
  372
  336
  301
  267
  234
  202
  172
  145
  120
  92
  74
  58
  45
  34
  25
  18
  12
  9
  6
  4
  2
  1
  1
  0
  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 12
Price to Sales 0.2
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 25.1
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 2.5% 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 86.078 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 $4.2 billion.

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COMPANY NEWS

▶ 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]
▶ Penske Automotive Increases Dividend   [May-10-17 08:14AM  PR Newswire]
▶ Auto Stock Roundup: F, GM, TSLA, PAG, HMC   [May-04-17 05:02PM  Zacks]
▶ Penske meets 1Q profit forecasts   [Apr-26-17 07:44AM  Associated Press]
▶ Top Ranked Value Stocks to Buy for April 21st   [Apr-21-17 10:16AM  Zacks]
▶ Top Ranked Value Stocks to Buy for April 12th   [Apr-12-17 10:50AM  Zacks]
▶ Schnucks chooses new operator for Kinloch warehouse   [Mar-24-17 02:15PM  at bizjournals.com]
▶ Schnucks chooses new operator for Kinloch warehouse   [02:15PM  American City Business Journals]
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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