Intrinsic value of Pinnacle Entertainment - PNK

Previous Close

$30.21

  Intrinsic Value

$0.19

stock screener

  Rating & Target

str. sell

-99%

Previous close

$30.21

 
Intrinsic value

$0.19

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of PNK 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, %
  3.80
  8.70
  8.33
  8.00
  7.70
  7.43
  7.18
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
Revenue, $m
  2,379
  2,586
  2,801
  3,025
  3,258
  3,500
  3,752
  4,013
  4,285
  4,567
  4,861
  5,167
  5,485
  5,817
  6,162
  6,523
  6,898
  7,291
  7,700
  8,128
  8,575
  9,042
  9,531
  10,042
  10,577
  11,138
  11,724
  12,338
  12,982
  13,656
  14,362
Variable operating expenses, $m
 
  2,242
  2,424
  2,612
  2,809
  3,013
  3,225
  3,445
  3,675
  3,913
  4,161
  4,357
  4,626
  4,905
  5,197
  5,501
  5,818
  6,148
  6,494
  6,854
  7,231
  7,626
  8,038
  8,469
  8,920
  9,392
  9,887
  10,405
  10,948
  11,516
  12,112
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
  2,530
  2,242
  2,424
  2,612
  2,809
  3,013
  3,225
  3,445
  3,675
  3,913
  4,161
  4,357
  4,626
  4,905
  5,197
  5,501
  5,818
  6,148
  6,494
  6,854
  7,231
  7,626
  8,038
  8,469
  8,920
  9,392
  9,887
  10,405
  10,948
  11,516
  12,112
Operating income, $m
  -152
  344
  378
  413
  449
  487
  527
  568
  610
  655
  701
  810
  859
  911
  966
  1,022
  1,081
  1,142
  1,206
  1,274
  1,344
  1,417
  1,493
  1,573
  1,657
  1,745
  1,837
  1,933
  2,034
  2,140
  2,250
EBITDA, $m
  66
  597
  647
  698
  752
  808
  866
  927
  989
  1,054
  1,122
  1,193
  1,266
  1,343
  1,423
  1,506
  1,593
  1,683
  1,778
  1,876
  1,980
  2,088
  2,200
  2,318
  2,442
  2,571
  2,707
  2,848
  2,997
  3,153
  3,316
Interest expense (income), $m
  339
  355
  304
  331
  360
  391
  422
  455
  489
  524
  560
  598
  638
  679
  722
  767
  814
  863
  913
  966
  1,022
  1,080
  1,140
  1,204
  1,270
  1,339
  1,412
  1,488
  1,568
  1,651
  1,738
Earnings before tax, $m
  -486
  -11
  74
  81
  89
  97
  105
  113
  122
  131
  140
  211
  221
  232
  243
  255
  267
  280
  293
  307
  322
  337
  353
  370
  387
  406
  425
  445
  466
  489
  512
Tax expense, $m
  -28
  0
  20
  22
  24
  26
  28
  31
  33
  35
  38
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  120
  126
  132
  138
Net income, $m
  -457
  -11
  54
  59
  65
  71
  76
  83
  89
  95
  102
  154
  162
  169
  178
  186
  195
  204
  214
  224
  235
  246
  258
  270
  283
  296
  310
  325
  340
  357
  374

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  185
  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
  4,077
  4,232
  4,585
  4,952
  5,333
  5,729
  6,140
  6,568
  7,013
  7,475
  7,956
  8,457
  8,978
  9,520
  10,086
  10,675
  11,291
  11,932
  12,603
  13,303
  14,034
  14,799
  15,599
  16,436
  17,312
  18,228
  19,188
  20,193
  21,247
  22,350
  23,507
Adjusted assets (=assets-cash), $m
  3,892
  4,232
  4,585
  4,952
  5,333
  5,729
  6,140
  6,568
  7,013
  7,475
  7,956
  8,457
  8,978
  9,520
  10,086
  10,675
  11,291
  11,932
  12,603
  13,303
  14,034
  14,799
  15,599
  16,436
  17,312
  18,228
  19,188
  20,193
  21,247
  22,350
  23,507
Revenue / Adjusted assets
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
Average production assets, $m
  3,248
  3,530
  3,824
  4,130
  4,448
  4,778
  5,121
  5,478
  5,849
  6,234
  6,635
  7,053
  7,487
  7,940
  8,412
  8,903
  9,416
  9,952
  10,511
  11,095
  11,705
  12,343
  13,010
  13,708
  14,438
  15,203
  16,003
  16,842
  17,720
  18,640
  19,605
Working capital, $m
  -103
  -246
  -266
  -287
  -310
  -333
  -356
  -381
  -407
  -434
  -462
  -491
  -521
  -553
  -585
  -620
  -655
  -693
  -732
  -772
  -815
  -859
  -905
  -954
  -1,005
  -1,058
  -1,114
  -1,172
  -1,233
  -1,297
  -1,364
Total debt, $m
  4,100
  3,449
  3,766
  4,096
  4,439
  4,796
  5,166
  5,551
  5,952
  6,368
  6,800
  7,251
  7,720
  8,208
  8,717
  9,248
  9,801
  10,379
  10,982
  11,613
  12,271
  12,959
  13,679
  14,432
  15,221
  16,046
  16,909
  17,814
  18,762
  19,755
  20,796
Total liabilities, $m
  4,460
  3,809
  4,126
  4,456
  4,799
  5,156
  5,526
  5,911
  6,312
  6,728
  7,160
  7,611
  8,080
  8,568
  9,077
  9,608
  10,161
  10,739
  11,342
  11,973
  12,631
  13,319
  14,039
  14,792
  15,581
  16,406
  17,269
  18,174
  19,122
  20,115
  21,156
Total equity, $m
  -383
  423
  458
  495
  533
  573
  614
  657
  701
  748
  796
  846
  898
  952
  1,009
  1,068
  1,129
  1,193
  1,260
  1,330
  1,403
  1,480
  1,560
  1,644
  1,731
  1,823
  1,919
  2,019
  2,125
  2,235
  2,351
Total liabilities and equity, $m
  4,077
  4,232
  4,584
  4,951
  5,332
  5,729
  6,140
  6,568
  7,013
  7,476
  7,956
  8,457
  8,978
  9,520
  10,086
  10,676
  11,290
  11,932
  12,602
  13,303
  14,034
  14,799
  15,599
  16,436
  17,312
  18,229
  19,188
  20,193
  21,247
  22,350
  23,507
Debt-to-equity ratio
  -10.705
  8.150
  8.210
  8.270
  8.320
  8.370
  8.410
  8.450
  8.490
  8.520
  8.550
  8.570
  8.600
  8.620
  8.640
  8.660
  8.680
  8.700
  8.710
  8.730
  8.740
  8.760
  8.770
  8.780
  8.790
  8.800
  8.810
  8.820
  8.830
  8.840
  8.850
Adjusted equity ratio
  -0.146
  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
  -457
  -11
  54
  59
  65
  71
  76
  83
  89
  95
  102
  154
  162
  169
  178
  186
  195
  204
  214
  224
  235
  246
  258
  270
  283
  296
  310
  325
  340
  357
  374
Depreciation, amort., depletion, $m
  218
  253
  269
  286
  303
  321
  339
  359
  379
  400
  422
  383
  407
  432
  457
  484
  512
  541
  571
  603
  636
  671
  707
  745
  785
  826
  870
  915
  963
  1,013
  1,065
Funds from operations, $m
  260
  242
  323
  345
  368
  391
  416
  441
  468
  495
  524
  537
  569
  601
  635
  670
  707
  745
  785
  827
  871
  917
  965
  1,015
  1,067
  1,122
  1,180
  1,240
  1,303
  1,370
  1,439
Change in working capital, $m
  4
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
Cash from operations, $m
  256
  261
  344
  366
  390
  414
  440
  466
  494
  522
  552
  566
  599
  632
  668
  704
  742
  782
  824
  868
  913
  961
  1,011
  1,063
  1,118
  1,176
  1,236
  1,299
  1,365
  1,434
  1,506
Maintenance CAPEX, $m
  0
  -177
  -192
  -208
  -224
  -242
  -260
  -278
  -298
  -318
  -339
  -361
  -383
  -407
  -432
  -457
  -484
  -512
  -541
  -571
  -603
  -636
  -671
  -707
  -745
  -785
  -826
  -870
  -915
  -963
  -1,013
New CAPEX, $m
  -98
  -282
  -294
  -306
  -318
  -330
  -343
  -357
  -371
  -386
  -401
  -417
  -435
  -453
  -472
  -492
  -513
  -535
  -559
  -584
  -610
  -638
  -667
  -698
  -730
  -765
  -801
  -838
  -878
  -920
  -964
Cash from investing activities, $m
  -195
  -459
  -486
  -514
  -542
  -572
  -603
  -635
  -669
  -704
  -740
  -778
  -818
  -860
  -904
  -949
  -997
  -1,047
  -1,100
  -1,155
  -1,213
  -1,274
  -1,338
  -1,405
  -1,475
  -1,550
  -1,627
  -1,708
  -1,793
  -1,883
  -1,977
Free cash flow, $m
  61
  -197
  -142
  -147
  -152
  -158
  -163
  -169
  -175
  -181
  -188
  -212
  -219
  -227
  -236
  -245
  -254
  -265
  -276
  -287
  -300
  -313
  -327
  -342
  -357
  -374
  -391
  -410
  -429
  -450
  -471
Issuance/(repayment) of debt, $m
  46
  -589
  317
  330
  343
  356
  370
  385
  400
  416
  433
  450
  469
  488
  509
  531
  554
  578
  603
  630
  658
  688
  720
  753
  788
  825
  864
  905
  948
  993
  1,041
Issuance/(repurchase) of shares, $m
  -67
  941
  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  
  -40
  352
  317
  330
  343
  356
  370
  385
  400
  416
  433
  450
  469
  488
  509
  531
  554
  578
  603
  630
  658
  688
  720
  753
  788
  825
  864
  905
  948
  993
  1,041
Total cash flow (excl. dividends), $m
  21
  155
  175
  183
  191
  199
  207
  216
  225
  235
  245
  239
  250
  261
  273
  286
  299
  313
  327
  343
  359
  375
  393
  412
  431
  451
  473
  495
  519
  544
  570
Retained Cash Flow (-), $m
  736
  -941
  -35
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
Prev. year cash balance distribution, $m
 
  123
  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
 
  -663
  140
  146
  152
  159
  166
  173
  181
  189
  197
  189
  198
  207
  217
  227
  238
  249
  260
  273
  286
  299
  313
  328
  343
  360
  377
  395
  413
  433
  454
Discount rate, %
 
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.66
  30.09
  31.60
  33.18
  34.84
  36.58
  38.41
  40.33
  42.35
  44.46
  46.69
  49.02
  51.47
  54.05
  56.75
  59.59
  62.57
PV of cash for distribution, $m
 
  -575
  104
  92
  80
  68
  57
  47
  38
  30
  24
  17
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
  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

Pinnacle Entertainment, Inc. is an owner, operator and developer of casinos and related hospitality and entertainment businesses. The Company operates through three segments: Midwest, South and West. The Company's Midwest segment includes Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St. Charles, Belterra, Belterra Park, Meadows and River City. The Company's South segment includes Ameristar Vicksburg, Boomtown Bossier City, Boomtown New Orleans, L'Auberge Baton Rouge and L'Auberge Lake Charles. The Company's West segment includes Ameristar Black Hawk and Cactus Petes and Horseshu. As of September 30, 2016, the Company owned and operated 16 gaming entertainment businesses, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio and Pennsylvania. The Company's gaming entertainment businesses include gaming, food and beverage, and retail facilities, which include hotel and resort amenities.

FINANCIAL RATIOS  of  Pinnacle Entertainment (PNK)

Valuation Ratios
P/E Ratio -3.7
Price to Sales 0.7
Price to Book -4.4
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 10.7
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10.1%
Cap. Spend. - 3 Yr. Gr. Rate -19.7%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity -1054.3%
Total Debt to Equity -1070.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -3.2%
Ret/ On Assets - 3 Yr. Avg. 2.1%
Return On Total Capital -11.9%
Ret/ On T. Cap. - 3 Yr. Avg. -3.2%
Return On Equity 3046.7%
Return On Equity - 3 Yr. Avg. 1026.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 46.3%
Gross Margin - 3 Yr. Avg. 46.3%
EBITDA Margin 3%
EBITDA Margin - 3 Yr. Avg. 16.8%
Operating Margin -6.3%
Oper. Margin - 3 Yr. Avg. 6.8%
Pre-Tax Margin -20.4%
Pre-Tax Margin - 3 Yr. Avg. -5.2%
Net Profit Margin -19.2%
Net Profit Margin - 3 Yr. Avg. -5%
Effective Tax Rate 5.8%
Eff/ Tax Rate - 3 Yr. Avg. 18.2%
Payout Ratio 0%

PNK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PNK stock intrinsic value calculation we used $2379 million for the last fiscal year's total revenue generated by Pinnacle Entertainment. The default revenue input number comes from 2016 income statement of Pinnacle Entertainment. 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 PNK stock valuation model: a) initial revenue growth rate of 8.7% 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 15.2%, whose default value for PNK is calculated based on our internal credit rating of Pinnacle Entertainment, 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 Pinnacle Entertainment.
    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 PNK stock the variable cost ratio is equal to 86.9%.

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 PNK 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 8.8% for Pinnacle Entertainment.

Corporate tax rate of 27% is the nominal tax rate for Pinnacle Entertainment. 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 PNK 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 PNK are equal to 136.5%.

Life of production assets of 18.4 years is the average useful life of capital assets used in Pinnacle Entertainment 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 PNK is equal to -9.5%. 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 - $-383 million for Pinnacle Entertainment - 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 57.745 million for Pinnacle Entertainment 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 Pinnacle Entertainment at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ Pinnacle Entertainment tops 4Q profit forecasts   [Feb-23-18 09:25AM  Associated Press]
▶ Your Simple Guide to Gaming Stocks   [Feb-18-18 12:00PM  Motley Fool]
▶ Penn National Gaming Is Taking Over Regional Gaming   [Feb-14-18 06:30AM  Motley Fool]
▶ Is Penn National's Acquisition of Pinnacle Too Risky?   [Jan-06-18 11:06AM  Motley Fool]
▶ The Meadows parent company acquired in $2.8B deal   [12:50PM  American City Business Journals]
▶ Campbell, Hershey, Humana Lead Frenzy Of Year-End M&A Activity   [04:06PM  Investor's Business Daily]
▶ 4 Stocks Move Monday   [03:01PM  GuruFocus.com]
▶ Penn National Places $1.9B Bet on Pinnacle   [11:27AM  Bloomberg Video]
▶ [$$] Penn National Buys Rival Casino for $1.87 Billion   [10:31AM  The Wall Street Journal]
▶ Pinnacle Entertainment Inc (NASDAQ:PNK): Will The Growth Last?   [Dec-13-17 05:54PM  Simply Wall St.]
▶ Is Another Casino Merger on the Horizon?   [Dec-04-17 07:03AM  Motley Fool]
▶ [$$] Penn National Gamings Bid to Buy Pinnacle Entertainment Advances   [Nov-30-17 11:27PM  The Wall Street Journal]
▶ Pinnacle Entertainment beats 3Q profit forecasts   [07:31AM  Associated Press]
▶ [$$] Penn National, Pinnacle Entertainment Consider Merger   [12:12AM  The Wall Street Journal]
▶ [$$] Penn National, Pinnacle Entertainment Consider Merger   [03:18PM  The Wall Street Journal]
▶ Pinnacle Entertainment Announces Closing of Exchange Offer   [Aug-17-17 04:15PM  GlobeNewswire]
▶ Pinnacle Entertainment misses 2Q profit forecasts   [Aug-10-17 11:51PM  Associated Press]
▶ Top Ranked Momentum Stocks to Buy for May 24th   [May-24-17 10:34AM  Zacks]
Financial statements of PNK
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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