Intrinsic value of Penske Automotive Group - PAG

Previous Close

$40.00

  Intrinsic Value

$36.49

stock screener

  Rating & Target

hold

-9%

  Value-price divergence*

-54%

Previous close

$40.00

 
Intrinsic value

$36.49

 
Up/down potential

-9%

 
Rating

hold

 
Value-price divergence*

-54%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 3.3

 

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
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  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
Revenue, $m
  20,119
  21,185
  22,302
  23,471
  24,696
  25,979
  27,324
  28,734
  30,212
  31,762
  33,387
  35,091
  36,879
  38,754
  40,721
  42,785
  44,951
  47,223
  49,608
  52,111
  54,737
  57,494
  60,388
  63,425
  66,613
  69,960
  73,473
  77,161
  81,032
  85,096
  89,363
Variable operating expenses, $m
 
  20,564
  21,641
  22,769
  23,950
  25,188
  26,486
  27,846
  29,271
  30,766
  32,333
  33,848
  35,572
  37,381
  39,279
  41,270
  43,359
  45,551
  47,851
  50,265
  52,799
  55,458
  58,249
  61,179
  64,254
  67,482
  70,870
  74,428
  78,162
  82,082
  86,198
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
  20,564
  21,641
  22,769
  23,950
  25,188
  26,486
  27,846
  29,271
  30,766
  32,333
  33,848
  35,572
  37,381
  39,279
  41,270
  43,359
  45,551
  47,851
  50,265
  52,799
  55,458
  58,249
  61,179
  64,254
  67,482
  70,870
  74,428
  78,162
  82,082
  86,198
Operating income, $m
  575
  621
  661
  702
  746
  791
  839
  889
  941
  996
  1,053
  1,243
  1,306
  1,373
  1,442
  1,515
  1,592
  1,672
  1,757
  1,846
  1,939
  2,036
  2,139
  2,246
  2,359
  2,478
  2,602
  2,733
  2,870
  3,014
  3,165
EBITDA, $m
  665
  823
  866
  912
  959
  1,009
  1,062
  1,116
  1,174
  1,234
  1,297
  1,363
  1,433
  1,506
  1,582
  1,662
  1,746
  1,835
  1,927
  2,025
  2,127
  2,234
  2,346
  2,464
  2,588
  2,718
  2,854
  2,998
  3,148
  3,306
  3,472
Interest expense (income), $m
  130
  181
  194
  208
  222
  237
  253
  270
  287
  305
  325
  345
  366
  388
  411
  435
  460
  487
  515
  545
  575
  608
  642
  677
  715
  754
  795
  839
  884
  932
  982
Earnings before tax, $m
  508
  440
  467
  494
  523
  554
  585
  619
  654
  690
  729
  898
  941
  985
  1,031
  1,080
  1,132
  1,185
  1,242
  1,301
  1,363
  1,429
  1,497
  1,569
  1,644
  1,724
  1,807
  1,894
  1,986
  2,082
  2,183
Tax expense, $m
  161
  119
  126
  133
  141
  149
  158
  167
  177
  186
  197
  243
  254
  266
  279
  292
  306
  320
  335
  351
  368
  386
  404
  424
  444
  465
  488
  511
  536
  562
  589
Net income, $m
  343
  321
  341
  361
  382
  404
  427
  452
  477
  504
  532
  656
  687
  719
  753
  789
  826
  865
  907
  950
  995
  1,043
  1,093
  1,145
  1,200
  1,258
  1,319
  1,383
  1,450
  1,520
  1,594

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
  8,861
  9,304
  9,794
  10,308
  10,846
  11,409
  12,000
  12,619
  13,268
  13,949
  14,663
  15,411
  16,196
  17,020
  17,884
  18,790
  19,741
  20,739
  21,787
  22,886
  24,039
  25,250
  26,521
  27,855
  29,255
  30,724
  32,267
  33,887
  35,587
  37,372
  39,246
Adjusted assets (=assets-cash), $m
  8,837
  9,304
  9,794
  10,308
  10,846
  11,409
  12,000
  12,619
  13,268
  13,949
  14,663
  15,411
  16,196
  17,020
  17,884
  18,790
  19,741
  20,739
  21,787
  22,886
  24,039
  25,250
  26,521
  27,855
  29,255
  30,724
  32,267
  33,887
  35,587
  37,372
  39,246
Revenue / Adjusted assets
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
  2.277
Average production assets, $m
  2,078
  2,182
  2,297
  2,418
  2,544
  2,676
  2,814
  2,960
  3,112
  3,271
  3,439
  3,614
  3,798
  3,992
  4,194
  4,407
  4,630
  4,864
  5,110
  5,367
  5,638
  5,922
  6,220
  6,533
  6,861
  7,206
  7,568
  7,948
  8,346
  8,765
  9,204
Working capital, $m
  192
  3,729
  3,925
  4,131
  4,346
  4,572
  4,809
  5,057
  5,317
  5,590
  5,876
  6,176
  6,491
  6,821
  7,167
  7,530
  7,911
  8,311
  8,731
  9,171
  9,634
  10,119
  10,628
  11,163
  11,724
  12,313
  12,931
  13,580
  14,262
  14,977
  15,728
Total debt, $m
  5,195
  5,547
  5,940
  6,352
  6,783
  7,235
  7,709
  8,206
  8,726
  9,272
  9,844
  10,445
  11,074
  11,735
  12,428
  13,155
  13,917
  14,718
  15,558
  16,439
  17,364
  18,335
  19,355
  20,424
  21,547
  22,726
  23,963
  25,262
  26,626
  28,057
  29,560
Total liabilities, $m
  7,110
  7,462
  7,855
  8,267
  8,698
  9,150
  9,624
  10,121
  10,641
  11,187
  11,759
  12,360
  12,989
  13,650
  14,343
  15,070
  15,832
  16,633
  17,473
  18,354
  19,279
  20,250
  21,270
  22,339
  23,462
  24,641
  25,878
  27,177
  28,541
  29,972
  31,475
Total equity, $m
  1,751
  1,842
  1,939
  2,041
  2,147
  2,259
  2,376
  2,499
  2,627
  2,762
  2,903
  3,051
  3,207
  3,370
  3,541
  3,720
  3,909
  4,106
  4,314
  4,531
  4,760
  4,999
  5,251
  5,515
  5,792
  6,083
  6,389
  6,710
  7,046
  7,400
  7,771
Total liabilities and equity, $m
  8,861
  9,304
  9,794
  10,308
  10,845
  11,409
  12,000
  12,620
  13,268
  13,949
  14,662
  15,411
  16,196
  17,020
  17,884
  18,790
  19,741
  20,739
  21,787
  22,885
  24,039
  25,249
  26,521
  27,854
  29,254
  30,724
  32,267
  33,887
  35,587
  37,372
  39,246
Debt-to-equity ratio
  2.967
  3.010
  3.060
  3.110
  3.160
  3.200
  3.240
  3.280
  3.320
  3.360
  3.390
  3.420
  3.450
  3.480
  3.510
  3.540
  3.560
  3.580
  3.610
  3.630
  3.650
  3.670
  3.690
  3.700
  3.720
  3.740
  3.750
  3.770
  3.780
  3.790
  3.800
Adjusted equity ratio
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  343
  321
  341
  361
  382
  404
  427
  452
  477
  504
  532
  656
  687
  719
  753
  789
  826
  865
  907
  950
  995
  1,043
  1,093
  1,145
  1,200
  1,258
  1,319
  1,383
  1,450
  1,520
  1,594
Depreciation, amort., depletion, $m
  90
  202
  206
  210
  214
  218
  223
  228
  233
  238
  244
  120
  127
  133
  140
  147
  154
  162
  170
  179
  188
  197
  207
  218
  229
  240
  252
  265
  278
  292
  307
Funds from operations, $m
  183
  523
  546
  570
  596
  622
  650
  679
  710
  742
  776
  776
  813
  852
  893
  936
  980
  1,027
  1,077
  1,129
  1,183
  1,240
  1,300
  1,363
  1,429
  1,498
  1,571
  1,648
  1,728
  1,812
  1,900
Change in working capital, $m
  -184
  188
  196
  206
  216
  226
  237
  248
  260
  273
  286
  300
  315
  330
  346
  363
  381
  400
  420
  440
  462
  485
  509
  535
  561
  589
  618
  649
  681
  715
  751
Cash from operations, $m
  367
  336
  350
  365
  380
  397
  414
  431
  450
  469
  490
  476
  499
  522
  547
  572
  599
  627
  657
  688
  721
  755
  791
  829
  868
  909
  953
  999
  1,046
  1,097
  1,149
Maintenance CAPEX, $m
  0
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -115
  -120
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -179
  -188
  -197
  -207
  -218
  -229
  -240
  -252
  -265
  -278
  -292
New CAPEX, $m
  -203
  -105
  -115
  -120
  -126
  -132
  -139
  -145
  -152
  -160
  -167
  -176
  -184
  -193
  -203
  -213
  -223
  -234
  -246
  -258
  -271
  -284
  -298
  -313
  -328
  -345
  -362
  -380
  -399
  -419
  -439
Cash from investing activities, $m
  -835
  -174
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -264
  -276
  -291
  -304
  -320
  -336
  -353
  -370
  -388
  -408
  -428
  -450
  -472
  -495
  -520
  -546
  -574
  -602
  -632
  -664
  -697
  -731
Free cash flow, $m
  -468
  162
  162
  168
  174
  180
  186
  192
  199
  206
  213
  186
  194
  202
  211
  220
  229
  239
  249
  260
  271
  283
  295
  308
  322
  336
  351
  366
  383
  400
  418
Issuance/(repayment) of debt, $m
  724
  376
  393
  412
  431
  452
  474
  497
  521
  546
  572
  600
  630
  660
  693
  727
  763
  800
  840
  882
  925
  971
  1,019
  1,070
  1,123
  1,179
  1,237
  1,299
  1,364
  1,432
  1,503
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
  376
  393
  412
  431
  452
  474
  497
  521
  546
  572
  600
  630
  660
  693
  727
  763
  800
  840
  882
  925
  971
  1,019
  1,070
  1,123
  1,179
  1,237
  1,299
  1,364
  1,432
  1,503
Total cash flow (excl. dividends), $m
  57
  538
  555
  580
  605
  632
  660
  689
  720
  752
  786
  786
  824
  863
  904
  947
  992
  1,040
  1,089
  1,142
  1,197
  1,254
  1,315
  1,378
  1,445
  1,515
  1,588
  1,665
  1,746
  1,831
  1,921
Retained Cash Flow (-), $m
  39
  -91
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -198
  -207
  -218
  -228
  -240
  -252
  -264
  -277
  -291
  -305
  -321
  -337
  -353
  -371
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
 
  446
  458
  478
  498
  520
  543
  566
  591
  617
  644
  638
  668
  700
  733
  767
  804
  842
  882
  924
  968
  1,014
  1,063
  1,114
  1,168
  1,224
  1,283
  1,345
  1,410
  1,478
  1,550
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
 
  401
  366
  336
  305
  273
  242
  211
  182
  154
  128
  99
  80
  63
  49
  37
  27
  20
  14
  10
  6
  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

Penske Automotive Group, Inc. operates as a transportation services company. The company operates Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments segments. It 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 primarily in Australia and New Zealand. The company engages in the sale of new and used motor vehicles; and related products and services, such as vehicle service and collision repair services, as well as placement of finance and lease contracts, third-party insurance products, and other aftermarket products. In addition, it is involved in the sale and placement of third-party finance and insurance products, third-party extended service and maintenance contracts, and replacement and aftermarket automotive products. Further, the company distributes commercial vehicles and parts to a network of more than 70 dealership locations, including 6 company-owned retail commercial vehicle dealerships. As of December 31, 2016, it operated 355 automotive retail franchises, of which 164 franchises are located in the United States; and 191 franchises are located outside of the United States primarily in the United Kingdom. The company also operates 14 dealerships locations of heavy and medium duty trucks primarily under Freightliner and Western Star brand names, as well as offers a range of used trucks, and service and parts. Penske Automotive Group, Inc. is headquartered in Bloomfield Hills, Michigan.

FINANCIAL RATIOS  of  Penske Automotive Group (PAG)

Valuation Ratios
P/E Ratio 9.9
Price to Sales 0.2
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow 20.8
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 5.3% 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 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 10.3%.

Life of production assets of 37.6 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 17.6%. 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 82.594 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 $3.3 billion.

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COMPANY NEWS

▶ 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]
▶ Racing legend Penske on NASCAR, Trump   [11:49AM  CNBC Videos]
▶ Penske Automotive Increases Dividend   [09:04AM  PR Newswire]
▶ Should You Add Graco Inc. (GGG) to Your Portfolio?   [Dec-12-16 04:40PM  at Insider Monkey]
▶ Is Penske Automotive Group, Inc. (PAG) A Good Stock To Buy?   [Dec-11-16 07:56AM  at Insider Monkey]
Stock chart of PAG 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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