Intrinsic value of Penn National Gaming - PENN

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$19.92

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$19.92

 
Intrinsic value

$4.99

 
Up/down potential

-75%

 
Rating

str. sell

 
Value-price divergence* premium content

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*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 1.8

 

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
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  3,034
  3,113
  3,201
  3,299
  3,406
  3,523
  3,649
  3,785
  3,931
  4,087
  4,253
  4,430
  4,618
  4,818
  5,030
  5,253
  5,490
  5,740
  6,004
  6,283
  6,577
  6,886
  7,213
  7,556
  7,918
  8,299
  8,699
  9,121
  9,564
  10,030
  10,520
Variable operating expenses, $m
 
  1,905
  1,959
  2,019
  2,085
  2,156
  2,233
  2,317
  2,406
  2,501
  2,603
  2,711
  2,827
  2,949
  3,078
  3,215
  3,360
  3,513
  3,675
  3,845
  4,025
  4,214
  4,414
  4,624
  4,846
  5,079
  5,324
  5,582
  5,853
  6,139
  6,438
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
  2,570
  2,641
  2,718
  2,801
  2,890
  2,986
  3,088
  3,197
  3,312
  3,434
  3,563
  3,700
  3,844
  3,995
  4,155
  4,323
  4,501
  4,687
  4,883
  5,088
  5,304
  5,531
  5,769
  6,020
  6,282
  6,557
  6,846
  7,149
  7,467
  7,799
Operating income, $m
  543
  543
  560
  581
  605
  633
  663
  697
  734
  775
  819
  867
  919
  975
  1,034
  1,098
  1,167
  1,240
  1,317
  1,400
  1,488
  1,582
  1,681
  1,787
  1,898
  2,017
  2,142
  2,275
  2,415
  2,564
  2,721
EBITDA, $m
  814
  821
  847
  876
  910
  948
  990
  1,036
  1,086
  1,141
  1,200
  1,264
  1,333
  1,406
  1,485
  1,569
  1,658
  1,754
  1,855
  1,963
  2,077
  2,198
  2,327
  2,463
  2,607
  2,759
  2,921
  3,091
  3,271
  3,461
  3,662
Interest expense (income), $m
  453
  426
  337
  348
  361
  374
  389
  404
  421
  440
  459
  480
  502
  526
  551
  577
  605
  635
  666
  699
  734
  771
  810
  850
  893
  939
  986
  1,037
  1,089
  1,145
  1,203
Earnings before tax, $m
  121
  116
  223
  233
  245
  259
  275
  293
  313
  335
  360
  387
  417
  449
  484
  521
  561
  605
  651
  701
  754
  811
  872
  936
  1,005
  1,078
  1,156
  1,238
  1,326
  1,419
  1,517
Tax expense, $m
  12
  31
  60
  63
  66
  70
  74
  79
  85
  91
  97
  105
  113
  121
  131
  141
  152
  163
  176
  189
  204
  219
  235
  253
  271
  291
  312
  334
  358
  383
  410
Net income, $m
  109
  85
  163
  170
  179
  189
  200
  214
  228
  245
  263
  283
  304
  328
  353
  380
  410
  442
  475
  512
  551
  592
  636
  683
  734
  787
  844
  904
  968
  1,036
  1,108

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
  4,864
  5,002
  5,155
  5,322
  5,505
  5,702
  5,914
  6,142
  6,386
  6,646
  6,922
  7,216
  7,528
  7,859
  8,209
  8,578
  8,969
  9,382
  9,817
  10,276
  10,760
  11,270
  11,807
  12,372
  12,967
  13,593
  14,251
  14,944
  15,672
  16,438
Adjusted assets (=assets-cash), $m
  4,744
  4,864
  5,002
  5,155
  5,322
  5,505
  5,702
  5,914
  6,142
  6,386
  6,646
  6,922
  7,216
  7,528
  7,859
  8,209
  8,578
  8,969
  9,382
  9,817
  10,276
  10,760
  11,270
  11,807
  12,372
  12,967
  13,593
  14,251
  14,944
  15,672
  16,438
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
  3,399
  3,496
  3,603
  3,720
  3,847
  3,985
  4,133
  4,293
  4,463
  4,645
  4,838
  5,043
  5,261
  5,492
  5,737
  5,995
  6,268
  6,557
  6,861
  7,182
  7,520
  7,876
  8,251
  8,646
  9,062
  9,500
  9,960
  10,444
  10,953
  11,488
Working capital, $m
  -137
  -230
  -237
  -244
  -252
  -261
  -270
  -280
  -291
  -302
  -315
  -328
  -342
  -357
  -372
  -389
  -406
  -425
  -444
  -465
  -487
  -510
  -534
  -559
  -586
  -614
  -644
  -675
  -708
  -742
  -779
Total debt, $m
  4,930
  3,790
  3,915
  4,052
  4,203
  4,367
  4,545
  4,736
  4,941
  5,160
  5,394
  5,643
  5,908
  6,188
  6,486
  6,801
  7,134
  7,485
  7,857
  8,248
  8,661
  9,097
  9,556
  10,039
  10,548
  11,083
  11,646
  12,239
  12,862
  13,518
  14,207
Total liabilities, $m
  5,518
  4,377
  4,502
  4,639
  4,790
  4,954
  5,132
  5,323
  5,528
  5,747
  5,981
  6,230
  6,495
  6,775
  7,073
  7,388
  7,721
  8,072
  8,444
  8,835
  9,248
  9,684
  10,143
  10,626
  11,135
  11,670
  12,233
  12,826
  13,449
  14,105
  14,794
Total equity, $m
  -543
  486
  500
  515
  532
  550
  570
  591
  614
  639
  665
  692
  722
  753
  786
  821
  858
  897
  938
  982
  1,028
  1,076
  1,127
  1,181
  1,237
  1,297
  1,359
  1,425
  1,494
  1,567
  1,644
Total liabilities and equity, $m
  4,975
  4,863
  5,002
  5,154
  5,322
  5,504
  5,702
  5,914
  6,142
  6,386
  6,646
  6,922
  7,217
  7,528
  7,859
  8,209
  8,579
  8,969
  9,382
  9,817
  10,276
  10,760
  11,270
  11,807
  12,372
  12,967
  13,592
  14,251
  14,943
  15,672
  16,438
Debt-to-equity ratio
  -9.079
  7.790
  7.830
  7.860
  7.900
  7.930
  7.970
  8.010
  8.040
  8.080
  8.120
  8.150
  8.190
  8.220
  8.250
  8.280
  8.320
  8.350
  8.370
  8.400
  8.430
  8.450
  8.480
  8.500
  8.530
  8.550
  8.570
  8.590
  8.610
  8.630
  8.640
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
  85
  163
  170
  179
  189
  200
  214
  228
  245
  263
  283
  304
  328
  353
  380
  410
  442
  475
  512
  551
  592
  636
  683
  734
  787
  844
  904
  968
  1,036
  1,108
Depreciation, amort., depletion, $m
  271
  279
  287
  295
  305
  315
  327
  339
  352
  366
  381
  397
  413
  431
  450
  470
  491
  514
  537
  562
  589
  616
  646
  676
  709
  743
  779
  816
  856
  898
  942
Funds from operations, $m
  396
  364
  449
  465
  483
  504
  527
  552
  580
  611
  644
  679
  718
  759
  803
  851
  901
  955
  1,013
  1,074
  1,139
  1,208
  1,282
  1,360
  1,442
  1,530
  1,622
  1,720
  1,824
  1,934
  2,049
Change in working capital, $m
  -9
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
Cash from operations, $m
  405
  311
  456
  472
  491
  513
  536
  563
  591
  622
  656
  692
  732
  774
  819
  867
  919
  974
  1,032
  1,095
  1,161
  1,231
  1,306
  1,385
  1,469
  1,558
  1,652
  1,751
  1,857
  1,968
  2,086
Maintenance CAPEX, $m
  0
  -272
  -279
  -287
  -295
  -305
  -315
  -327
  -339
  -352
  -366
  -381
  -397
  -413
  -431
  -450
  -470
  -491
  -514
  -537
  -562
  -589
  -616
  -646
  -676
  -709
  -743
  -779
  -816
  -856
  -898
New CAPEX, $m
  -100
  -86
  -97
  -107
  -117
  -127
  -138
  -148
  -159
  -170
  -182
  -193
  -205
  -218
  -231
  -244
  -258
  -273
  -288
  -304
  -321
  -338
  -356
  -375
  -395
  -416
  -437
  -460
  -484
  -509
  -535
Cash from investing activities, $m
  -79
  -358
  -376
  -394
  -412
  -432
  -453
  -475
  -498
  -522
  -548
  -574
  -602
  -631
  -662
  -694
  -728
  -764
  -802
  -841
  -883
  -927
  -972
  -1,021
  -1,071
  -1,125
  -1,180
  -1,239
  -1,300
  -1,365
  -1,433
Free cash flow, $m
  326
  -46
  81
  79
  79
  80
  83
  87
  93
  100
  109
  118
  130
  142
  157
  173
  190
  209
  230
  253
  278
  305
  333
  364
  398
  433
  472
  513
  556
  603
  653
Issuance/(repayment) of debt, $m
  -349
  -998
  124
  138
  151
  164
  178
  191
  205
  219
  234
  249
  265
  281
  297
  315
  333
  352
  371
  392
  413
  435
  459
  483
  509
  535
  563
  593
  623
  656
  689
Issuance/(repurchase) of shares, $m
  19
  2,073
  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
  1,075
  124
  138
  151
  164
  178
  191
  205
  219
  234
  249
  265
  281
  297
  315
  333
  352
  371
  392
  413
  435
  459
  483
  509
  535
  563
  593
  623
  656
  689
Total cash flow (excl. dividends), $m
  -8
  -1,044
  205
  217
  230
  245
  261
  279
  298
  319
  342
  367
  394
  423
  454
  487
  523
  561
  602
  645
  691
  740
  792
  848
  906
  969
  1,035
  1,105
  1,180
  1,258
  1,342
Retained Cash Flow (-), $m
  -135
  -1,117
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -57
  -59
  -63
  -66
  -69
  -73
  -77
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
 
  0
  191
  201
  213
  226
  241
  257
  275
  295
  316
  340
  365
  392
  421
  452
  486
  522
  560
  601
  645
  692
  741
  794
  850
  909
  972
  1,039
  1,110
  1,186
  1,265
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
 
  0
  143
  128
  113
  99
  85
  73
  61
  50
  40
  32
  24
  18
  13
  10
  7
  4
  3
  2
  1
  1
  0
  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. owns and manages gaming and racing facilities, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through Northeast, South/West, and Midwest segments. As of December 31, 2016, it operated 27 facilities in 17 jurisdictions, including California, Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario, Canada. It operated approximately 35,000 gaming machines, 800 table games, and 4,600 hotel rooms. The company was formerly known as PNRC Corp. and changed its name to Penn National Gaming, Inc. in 1994. Penn National Gaming, Inc. was founded in 1972 and is based in Wyomissing, Pennsylvania.

FINANCIAL RATIOS  of  Penn National Gaming (PENN)

Valuation Ratios
P/E Ratio 16.7
Price to Sales 0.6
Price to Book -3.3
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow 6
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 2.6% 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 90.863 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 $1.8 billion.


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COMPANY NEWS

▶ 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]
Stock chart of PENN Financial statements of PENN Annual reports 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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