Intrinsic value of Penn National Gaming - PENN

Previous Close

$22.50

  Intrinsic Value

$4.44

stock screener

  Rating & Target

str. sell

-80%

  Value-price divergence*

-80%

Previous close

$22.50

 
Intrinsic value

$4.44

 
Up/down potential

-80%

 
Rating

str. sell

 
Value-price divergence*

-80%

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

We calculate the intrinsic value of PENN 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 2.1

 

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, %
  6.91
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
Revenue, $m
  3,034
  3,243
  3,461
  3,687
  3,923
  4,168
  4,423
  4,689
  4,966
  5,255
  5,556
  5,871
  6,199
  6,542
  6,901
  7,276
  7,669
  8,079
  8,508
  8,958
  9,429
  9,922
  10,439
  10,981
  11,548
  12,143
  12,767
  13,421
  14,107
  14,826
  15,580
Variable operating expenses, $m
 
  1,985
  2,118
  2,257
  2,401
  2,551
  2,707
  2,869
  3,039
  3,216
  3,400
  3,593
  3,794
  4,004
  4,224
  4,453
  4,693
  4,944
  5,207
  5,482
  5,771
  6,072
  6,389
  6,720
  7,067
  7,431
  7,813
  8,213
  8,633
  9,073
  9,535
Fixed operating expenses, $m
 
  665
  682
  699
  716
  734
  753
  771
  791
  811
  831
  852
  873
  895
  917
  940
  963
  988
  1,012
  1,038
  1,063
  1,090
  1,117
  1,145
  1,174
  1,203
  1,233
  1,264
  1,296
  1,328
  1,361
Total operating expenses, $m
  2,491
  2,650
  2,800
  2,956
  3,117
  3,285
  3,460
  3,640
  3,830
  4,027
  4,231
  4,445
  4,667
  4,899
  5,141
  5,393
  5,656
  5,932
  6,219
  6,520
  6,834
  7,162
  7,506
  7,865
  8,241
  8,634
  9,046
  9,477
  9,929
  10,401
  10,896
Operating income, $m
  543
  593
  661
  732
  806
  883
  963
  1,048
  1,136
  1,228
  1,325
  1,426
  1,532
  1,644
  1,761
  1,883
  2,012
  2,147
  2,289
  2,438
  2,595
  2,760
  2,933
  3,115
  3,307
  3,508
  3,720
  3,943
  4,178
  4,424
  4,684
EBITDA, $m
  814
  883
  971
  1,062
  1,157
  1,256
  1,359
  1,467
  1,580
  1,699
  1,822
  1,952
  2,087
  2,229
  2,378
  2,535
  2,698
  2,870
  3,051
  3,240
  3,439
  3,648
  3,867
  4,098
  4,340
  4,595
  4,863
  5,144
  5,440
  5,751
  6,078
Interest expense (income), $m
  453
  426
  354
  381
  409
  439
  469
  501
  535
  569
  605
  643
  683
  724
  767
  811
  858
  908
  959
  1,013
  1,069
  1,128
  1,190
  1,254
  1,322
  1,393
  1,468
  1,546
  1,627
  1,713
  1,803
Earnings before tax, $m
  121
  167
  307
  351
  396
  444
  494
  546
  601
  659
  720
  783
  850
  920
  994
  1,072
  1,154
  1,240
  1,330
  1,426
  1,526
  1,632
  1,743
  1,861
  1,985
  2,115
  2,253
  2,398
  2,550
  2,711
  2,881
Tax expense, $m
  12
  45
  83
  95
  107
  120
  133
  148
  162
  178
  194
  211
  229
  248
  268
  289
  311
  335
  359
  385
  412
  441
  471
  502
  536
  571
  608
  647
  689
  732
  778
Net income, $m
  109
  122
  224
  256
  289
  324
  361
  399
  439
  481
  525
  572
  620
  672
  726
  782
  842
  905
  971
  1,041
  1,114
  1,191
  1,273
  1,358
  1,449
  1,544
  1,644
  1,750
  1,862
  1,979
  2,103

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  230
  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
  4,974
  5,068
  5,408
  5,761
  6,129
  6,512
  6,911
  7,326
  7,759
  8,210
  8,681
  9,173
  9,686
  10,223
  10,783
  11,369
  11,982
  12,623
  13,294
  13,997
  14,733
  15,504
  16,311
  17,157
  18,044
  18,973
  19,948
  20,970
  22,041
  23,165
  24,344
Adjusted assets (=assets-cash), $m
  4,744
  5,068
  5,408
  5,761
  6,129
  6,512
  6,911
  7,326
  7,759
  8,210
  8,681
  9,173
  9,686
  10,223
  10,783
  11,369
  11,982
  12,623
  13,294
  13,997
  14,733
  15,504
  16,311
  17,157
  18,044
  18,973
  19,948
  20,970
  22,041
  23,165
  24,344
Revenue / Adjusted assets
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
Average production assets, $m
  3,313
  3,542
  3,779
  4,027
  4,284
  4,551
  4,830
  5,120
  5,423
  5,738
  6,067
  6,411
  6,770
  7,144
  7,536
  7,946
  8,374
  8,822
  9,291
  9,782
  10,297
  10,835
  11,399
  11,991
  12,610
  13,260
  13,941
  14,655
  15,404
  16,190
  17,014
Working capital, $m
  -137
  -240
  -256
  -273
  -290
  -308
  -327
  -347
  -367
  -389
  -411
  -434
  -459
  -484
  -511
  -538
  -567
  -598
  -630
  -663
  -698
  -734
  -772
  -813
  -855
  -899
  -945
  -993
  -1,044
  -1,097
  -1,153
Total debt, $m
  4,930
  3,974
  4,280
  4,598
  4,929
  5,274
  5,633
  6,007
  6,396
  6,802
  7,226
  7,669
  8,131
  8,613
  9,118
  9,645
  10,197
  10,774
  11,378
  12,010
  12,673
  13,366
  14,093
  14,854
  15,652
  16,489
  17,366
  18,286
  19,250
  20,262
  21,323
Total liabilities, $m
  5,518
  4,561
  4,867
  5,185
  5,516
  5,861
  6,220
  6,594
  6,983
  7,389
  7,813
  8,256
  8,718
  9,200
  9,705
  10,232
  10,784
  11,361
  11,965
  12,597
  13,260
  13,953
  14,680
  15,441
  16,239
  17,076
  17,953
  18,873
  19,837
  20,849
  21,910
Total equity, $m
  -543
  507
  541
  576
  613
  651
  691
  733
  776
  821
  868
  917
  969
  1,022
  1,078
  1,137
  1,198
  1,262
  1,329
  1,400
  1,473
  1,550
  1,631
  1,716
  1,804
  1,897
  1,995
  2,097
  2,204
  2,317
  2,434
Total liabilities and equity, $m
  4,975
  5,068
  5,408
  5,761
  6,129
  6,512
  6,911
  7,327
  7,759
  8,210
  8,681
  9,173
  9,687
  10,222
  10,783
  11,369
  11,982
  12,623
  13,294
  13,997
  14,733
  15,503
  16,311
  17,157
  18,043
  18,973
  19,948
  20,970
  22,041
  23,166
  24,344
Debt-to-equity ratio
  -9.079
  7.840
  7.910
  7.980
  8.040
  8.100
  8.150
  8.200
  8.240
  8.290
  8.320
  8.360
  8.390
  8.430
  8.460
  8.480
  8.510
  8.530
  8.560
  8.580
  8.600
  8.620
  8.640
  8.660
  8.670
  8.690
  8.710
  8.720
  8.730
  8.750
  8.760
Adjusted equity ratio
  -0.163
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  109
  122
  224
  256
  289
  324
  361
  399
  439
  481
  525
  572
  620
  672
  726
  782
  842
  905
  971
  1,041
  1,114
  1,191
  1,273
  1,358
  1,449
  1,544
  1,644
  1,750
  1,862
  1,979
  2,103
Depreciation, amort., depletion, $m
  271
  290
  310
  330
  351
  373
  396
  420
  444
  470
  497
  525
  555
  586
  618
  651
  686
  723
  762
  802
  844
  888
  934
  983
  1,034
  1,087
  1,143
  1,201
  1,263
  1,327
  1,395
Funds from operations, $m
  396
  412
  534
  586
  640
  697
  757
  819
  883
  951
  1,023
  1,097
  1,175
  1,257
  1,343
  1,434
  1,528
  1,628
  1,733
  1,843
  1,958
  2,079
  2,207
  2,341
  2,483
  2,631
  2,787
  2,951
  3,124
  3,306
  3,497
Change in working capital, $m
  -9
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
Cash from operations, $m
  405
  428
  550
  603
  658
  715
  775
  838
  904
  973
  1,045
  1,120
  1,200
  1,283
  1,370
  1,461
  1,557
  1,658
  1,764
  1,876
  1,993
  2,116
  2,245
  2,381
  2,524
  2,675
  2,833
  3,000
  3,175
  3,359
  3,553
Maintenance CAPEX, $m
  0
  -272
  -290
  -310
  -330
  -351
  -373
  -396
  -420
  -444
  -470
  -497
  -525
  -555
  -586
  -618
  -651
  -686
  -723
  -762
  -802
  -844
  -888
  -934
  -983
  -1,034
  -1,087
  -1,143
  -1,201
  -1,263
  -1,327
New CAPEX, $m
  -100
  -229
  -238
  -247
  -257
  -268
  -279
  -290
  -303
  -315
  -329
  -344
  -359
  -375
  -392
  -410
  -428
  -448
  -469
  -491
  -514
  -539
  -564
  -591
  -620
  -650
  -681
  -714
  -749
  -786
  -824
Cash from investing activities, $m
  -79
  -501
  -528
  -557
  -587
  -619
  -652
  -686
  -723
  -759
  -799
  -841
  -884
  -930
  -978
  -1,028
  -1,079
  -1,134
  -1,192
  -1,253
  -1,316
  -1,383
  -1,452
  -1,525
  -1,603
  -1,684
  -1,768
  -1,857
  -1,950
  -2,049
  -2,151
Free cash flow, $m
  326
  -73
  22
  46
  71
  97
  124
  152
  182
  213
  245
  280
  315
  353
  393
  434
  478
  524
  572
  623
  677
  733
  793
  856
  922
  992
  1,065
  1,143
  1,225
  1,311
  1,402
Issuance/(repayment) of debt, $m
  -349
  -814
  306
  318
  331
  345
  359
  374
  390
  406
  424
  442
  462
  483
  504
  527
  552
  577
  604
  632
  662
  694
  727
  761
  798
  837
  877
  920
  964
  1,012
  1,061
Issuance/(repurchase) of shares, $m
  19
  1,016
  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  
  -333
  202
  306
  318
  331
  345
  359
  374
  390
  406
  424
  442
  462
  483
  504
  527
  552
  577
  604
  632
  662
  694
  727
  761
  798
  837
  877
  920
  964
  1,012
  1,061
Total cash flow (excl. dividends), $m
  -8
  129
  328
  364
  402
  441
  483
  526
  571
  619
  669
  722
  777
  836
  897
  962
  1,029
  1,101
  1,176
  1,256
  1,339
  1,427
  1,520
  1,617
  1,720
  1,828
  1,942
  2,063
  2,189
  2,323
  2,463
Retained Cash Flow (-), $m
  -135
  -1,138
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -118
Prev. year cash balance distribution, $m
 
  88
  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
 
  -921
  294
  329
  365
  403
  443
  484
  528
  574
  622
  673
  726
  782
  841
  903
  968
  1,037
  1,109
  1,185
  1,265
  1,350
  1,439
  1,533
  1,631
  1,735
  1,845
  1,960
  2,082
  2,210
  2,345
Discount rate, %
 
  14.80
  15.54
  16.32
  17.13
  17.99
  18.89
  19.83
  20.83
  21.87
  22.96
  24.11
  25.31
  26.58
  27.91
  29.30
  30.77
  32.31
  33.92
  35.62
  37.40
  39.27
  41.23
  43.29
  45.46
  47.73
  50.12
  52.62
  55.26
  58.02
  60.92
PV of cash for distribution, $m
 
  -802
  220
  209
  194
  176
  157
  136
  116
  97
  79
  63
  48
  37
  27
  19
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Penn National Gaming, Inc. (Penn) is an owner and manager of gaming and racing facilities, and video gaming terminal operations with a focus on slot machine entertainment. The Company operates through three segments: Northeast, South/West and Midwest. The Northeast segment consists of various properties, including Hollywood Casino at Charles Town Races, Hollywood Casino Bangor, Hollywood Casino at Penn National Race Course and Hollywood Casino Toledo. The South/West segment consists of various properties, such as Zia Park Casino, Hollywood Casino Tunica, Hollywood Casino Gulf Coast, Boomtown Biloxi, M Resort and Tropicana Las Vegas. The Midwest segment consists of various properties, Hollywood Casino Aurora, Hollywood Casino Joliet, Argosy Casino Alton, Argosy Casino Riverside and Hollywood Casino Lawrenceburg. The Other category consists of the Company's standalone racing operations, including Rosecroft Raceway and Sanford-Orlando Kennel Club.

FINANCIAL RATIOS  of  Penn National Gaming (PENN)

Valuation Ratios
P/E Ratio 18.8
Price to Sales 0.7
Price to Book -3.8
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 6.7
Growth Rates
Sales Growth Rate 6.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -49.7%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity -881.8%
Total Debt to Equity -907.9%
Interest Coverage 1
Management Effectiveness
Return On Assets 10.2%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. -1.2%
Return On Equity -17.9%
Return On Equity - 3 Yr. Avg. -251.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 42.6%
Gross Margin - 3 Yr. Avg. 43%
EBITDA Margin 27.9%
EBITDA Margin - 3 Yr. Avg. 24.9%
Operating Margin 17.9%
Oper. Margin - 3 Yr. Avg. 14.8%
Pre-Tax Margin 4%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 3.6%
Net Profit Margin - 3 Yr. Avg. -1.2%
Effective Tax Rate 9.9%
Eff/ Tax Rate - 3 Yr. Avg. 29.3%
Payout Ratio 0%

PENN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PENN stock intrinsic value calculation we used $3034 million for the last fiscal year's total revenue generated by Penn National Gaming. The default revenue input number comes from 2016 income statement of Penn National Gaming. 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 PENN stock valuation model: a) initial revenue growth rate of 6.9% 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 14.8%, whose default value for PENN is calculated based on our internal credit rating of Penn National Gaming, 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 Penn National Gaming.
    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 PENN stock the variable cost ratio is equal to 61.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $649 million in the base year in the intrinsic value calculation for PENN 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 8.9% for Penn National Gaming.

Corporate tax rate of 27% is the nominal tax rate for Penn National Gaming. 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 PENN 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 PENN are equal to 109.2%.

Life of production assets of 12.2 years is the average useful life of capital assets used in Penn National Gaming 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 PENN is equal to -7.4%. 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 - $-543 million for Penn National Gaming - 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 91.603 million for Penn National Gaming 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 Penn National Gaming at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Penn National Gaming misses 2Q profit forecasts   [Jul-27-17 05:58PM  Associated Press]
▶ 3 Dividend Stocks for Those Moving Up in the World   [Jun-01-17 08:00AM  Motley Fool]
▶ 3 Casino Stocks to Buy Now   [May-09-17 01:20PM  Zacks]
▶ Penn National Gaming beats Street 1Q forecasts   [Apr-27-17 07:28AM  Associated Press]
▶ 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]
▶ Why Penn National Gaming, Inc's Shares Popped 11% Today   [Mar-23-17 05:25PM  Motley Fool]
▶ Penn National Gaming Set to Join S&P SmallCap 600   [Mar-22-17 06:10PM  PR Newswire]
▶ [$$] Groundhog Day   [Feb-13-17 09:14AM  at The Wall Street Journal]
▶ Is Super Micro Computer, Inc. (SMCI) a Good Stock to Buy?   [Dec-08-16 05:36PM  at Insider Monkey]
Financial statements of PENN
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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