Intrinsic value of Pinnacle Entertainment - PNK

Previous Close

$30.87

  Intrinsic Value

$2.92

stock screener

  Rating & Target

str. sell

-91%

Previous close

$30.87

 
Intrinsic value

$2.92

 
Up/down potential

-91%

 
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

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, %
  3.80
  15.50
  14.45
  13.51
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
Revenue, $m
  2,379
  2,748
  3,145
  3,569
  4,021
  4,499
  5,003
  5,533
  6,087
  6,667
  7,271
  7,901
  8,556
  9,238
  9,946
  10,682
  11,447
  12,243
  13,069
  13,928
  14,822
  15,753
  16,721
  17,730
  18,782
  19,878
  21,022
  22,216
  23,462
  24,764
  26,125
Variable operating expenses, $m
 
  2,378
  2,713
  3,071
  3,452
  3,855
  4,280
  4,727
  5,194
  5,683
  6,193
  6,663
  7,216
  7,790
  8,388
  9,009
  9,654
  10,324
  11,021
  11,746
  12,500
  13,285
  14,101
  14,952
  15,839
  16,764
  17,728
  18,735
  19,786
  20,884
  22,032
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
  2,378
  2,713
  3,071
  3,452
  3,855
  4,280
  4,727
  5,194
  5,683
  6,193
  6,663
  7,216
  7,790
  8,388
  9,009
  9,654
  10,324
  11,021
  11,746
  12,500
  13,285
  14,101
  14,952
  15,839
  16,764
  17,728
  18,735
  19,786
  20,884
  22,032
Operating income, $m
  -152
  369
  432
  498
  569
  644
  723
  806
  893
  983
  1,078
  1,238
  1,341
  1,447
  1,558
  1,674
  1,794
  1,918
  2,048
  2,182
  2,322
  2,468
  2,620
  2,778
  2,943
  3,115
  3,294
  3,481
  3,676
  3,880
  4,093
EBITDA, $m
  66
  634
  726
  824
  928
  1,039
  1,155
  1,277
  1,405
  1,539
  1,679
  1,824
  1,975
  2,133
  2,296
  2,466
  2,643
  2,826
  3,017
  3,216
  3,422
  3,637
  3,860
  4,093
  4,336
  4,589
  4,853
  5,129
  5,417
  5,717
  6,031
Interest expense (income), $m
  339
  355
  324
  376
  431
  490
  552
  617
  685
  757
  832
  911
  992
  1,077
  1,166
  1,258
  1,353
  1,452
  1,555
  1,662
  1,774
  1,890
  2,010
  2,136
  2,267
  2,403
  2,545
  2,693
  2,848
  3,010
  3,178
Earnings before tax, $m
  -486
  14
  107
  122
  138
  154
  171
  189
  207
  226
  246
  327
  348
  370
  393
  416
  441
  466
  492
  520
  549
  579
  610
  642
  676
  712
  749
  788
  828
  871
  915
Tax expense, $m
  -28
  4
  29
  33
  37
  42
  46
  51
  56
  61
  66
  88
  94
  100
  106
  112
  119
  126
  133
  140
  148
  156
  165
  173
  183
  192
  202
  213
  224
  235
  247
Net income, $m
  -457
  10
  78
  89
  101
  113
  125
  138
  151
  165
  179
  239
  254
  270
  287
  304
  322
  340
  359
  380
  401
  422
  445
  469
  494
  520
  547
  575
  605
  636
  668

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
  4,497
  5,147
  5,842
  6,581
  7,364
  8,189
  9,055
  9,962
  10,911
  11,900
  12,931
  14,004
  15,119
  16,278
  17,483
  18,736
  20,037
  21,390
  22,796
  24,259
  25,782
  27,367
  29,019
  30,740
  32,534
  34,406
  36,360
  38,400
  40,531
  42,758
Adjusted assets (=assets-cash), $m
  3,892
  4,497
  5,147
  5,842
  6,581
  7,364
  8,189
  9,055
  9,962
  10,911
  11,900
  12,931
  14,004
  15,119
  16,278
  17,483
  18,736
  20,037
  21,390
  22,796
  24,259
  25,782
  27,367
  29,019
  30,740
  32,534
  34,406
  36,360
  38,400
  40,531
  42,758
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
  3,751
  4,293
  4,872
  5,489
  6,142
  6,829
  7,552
  8,309
  9,100
  9,925
  10,785
  11,679
  12,609
  13,576
  14,581
  15,626
  16,711
  17,839
  19,012
  20,233
  21,502
  22,825
  24,202
  25,637
  27,134
  28,695
  30,324
  32,026
  33,803
  35,660
Working capital, $m
  -103
  -261
  -299
  -339
  -382
  -427
  -475
  -526
  -578
  -633
  -691
  -751
  -813
  -878
  -945
  -1,015
  -1,088
  -1,163
  -1,242
  -1,323
  -1,408
  -1,497
  -1,589
  -1,684
  -1,784
  -1,888
  -1,997
  -2,110
  -2,229
  -2,353
  -2,482
Total debt, $m
  4,100
  3,687
  4,272
  4,898
  5,563
  6,267
  7,010
  7,789
  8,606
  9,460
  10,350
  11,278
  12,243
  13,247
  14,291
  15,375
  16,502
  17,673
  18,891
  20,156
  21,473
  22,844
  24,270
  25,757
  27,306
  28,921
  30,605
  32,364
  34,200
  36,118
  38,122
Total liabilities, $m
  4,460
  4,047
  4,632
  5,258
  5,923
  6,627
  7,370
  8,149
  8,966
  9,820
  10,710
  11,638
  12,603
  13,607
  14,651
  15,735
  16,862
  18,033
  19,251
  20,516
  21,833
  23,204
  24,630
  26,117
  27,666
  29,281
  30,965
  32,724
  34,560
  36,478
  38,482
Total equity, $m
  -383
  450
  515
  584
  658
  736
  819
  905
  996
  1,091
  1,190
  1,293
  1,400
  1,512
  1,628
  1,748
  1,874
  2,004
  2,139
  2,280
  2,426
  2,578
  2,737
  2,902
  3,074
  3,253
  3,441
  3,636
  3,840
  4,053
  4,276
Total liabilities and equity, $m
  4,077
  4,497
  5,147
  5,842
  6,581
  7,363
  8,189
  9,054
  9,962
  10,911
  11,900
  12,931
  14,003
  15,119
  16,279
  17,483
  18,736
  20,037
  21,390
  22,796
  24,259
  25,782
  27,367
  29,019
  30,740
  32,534
  34,406
  36,360
  38,400
  40,531
  42,758
Debt-to-equity ratio
  -10.705
  8.200
  8.300
  8.380
  8.450
  8.510
  8.560
  8.600
  8.640
  8.670
  8.700
  8.720
  8.740
  8.760
  8.780
  8.790
  8.810
  8.820
  8.830
  8.840
  8.850
  8.860
  8.870
  8.880
  8.880
  8.890
  8.900
  8.900
  8.910
  8.910
  8.920
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
  10
  78
  89
  101
  113
  125
  138
  151
  165
  179
  239
  254
  270
  287
  304
  322
  340
  359
  380
  401
  422
  445
  469
  494
  520
  547
  575
  605
  636
  668
Depreciation, amort., depletion, $m
  218
  265
  294
  326
  359
  395
  432
  472
  513
  556
  600
  586
  635
  685
  738
  792
  849
  908
  970
  1,033
  1,100
  1,169
  1,240
  1,315
  1,393
  1,475
  1,560
  1,648
  1,741
  1,837
  1,938
Funds from operations, $m
  260
  275
  373
  415
  460
  508
  557
  609
  664
  721
  780
  825
  889
  955
  1,024
  1,096
  1,171
  1,248
  1,329
  1,413
  1,500
  1,591
  1,686
  1,784
  1,887
  1,994
  2,106
  2,223
  2,345
  2,473
  2,606
Change in working capital, $m
  4
  -35
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -113
  -118
  -124
  -129
Cash from operations, $m
  256
  310
  410
  455
  503
  553
  605
  660
  717
  776
  837
  885
  951
  1,020
  1,092
  1,166
  1,244
  1,324
  1,408
  1,495
  1,585
  1,679
  1,778
  1,880
  1,987
  2,098
  2,215
  2,336
  2,463
  2,596
  2,735
Maintenance CAPEX, $m
  0
  -177
  -204
  -233
  -265
  -298
  -334
  -371
  -410
  -452
  -495
  -539
  -586
  -635
  -685
  -738
  -792
  -849
  -908
  -970
  -1,033
  -1,100
  -1,169
  -1,240
  -1,315
  -1,393
  -1,475
  -1,560
  -1,648
  -1,741
  -1,837
New CAPEX, $m
  -98
  -503
  -542
  -580
  -617
  -653
  -688
  -723
  -757
  -791
  -825
  -860
  -895
  -930
  -967
  -1,005
  -1,044
  -1,085
  -1,128
  -1,173
  -1,220
  -1,270
  -1,322
  -1,377
  -1,435
  -1,497
  -1,561
  -1,629
  -1,701
  -1,777
  -1,857
Cash from investing activities, $m
  -195
  -680
  -746
  -813
  -882
  -951
  -1,022
  -1,094
  -1,167
  -1,243
  -1,320
  -1,399
  -1,481
  -1,565
  -1,652
  -1,743
  -1,836
  -1,934
  -2,036
  -2,143
  -2,253
  -2,370
  -2,491
  -2,617
  -2,750
  -2,890
  -3,036
  -3,189
  -3,349
  -3,518
  -3,694
Free cash flow, $m
  61
  -369
  -335
  -358
  -378
  -398
  -416
  -434
  -451
  -467
  -482
  -514
  -530
  -545
  -561
  -577
  -593
  -611
  -629
  -648
  -669
  -690
  -713
  -738
  -764
  -792
  -821
  -853
  -886
  -921
  -959
Issuance/(repayment) of debt, $m
  46
  -351
  585
  626
  665
  704
  742
  780
  817
  854
  890
  928
  965
  1,004
  1,044
  1,084
  1,127
  1,171
  1,217
  1,266
  1,317
  1,370
  1,427
  1,486
  1,549
  1,615
  1,685
  1,758
  1,836
  1,918
  2,004
Issuance/(repurchase) of shares, $m
  -67
  945
  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
  594
  585
  626
  665
  704
  742
  780
  817
  854
  890
  928
  965
  1,004
  1,044
  1,084
  1,127
  1,171
  1,217
  1,266
  1,317
  1,370
  1,427
  1,486
  1,549
  1,615
  1,685
  1,758
  1,836
  1,918
  2,004
Total cash flow (excl. dividends), $m
  21
  226
  249
  268
  287
  306
  326
  346
  366
  387
  408
  413
  436
  459
  483
  508
  534
  561
  589
  618
  648
  680
  714
  749
  785
  823
  864
  906
  950
  996
  1,045
Retained Cash Flow (-), $m
  736
  -956
  -65
  -70
  -74
  -78
  -82
  -87
  -91
  -95
  -99
  -103
  -107
  -112
  -116
  -120
  -125
  -130
  -135
  -141
  -146
  -152
  -159
  -165
  -172
  -179
  -187
  -195
  -204
  -213
  -223
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
 
  -607
  184
  199
  213
  228
  243
  259
  275
  292
  309
  310
  329
  347
  367
  387
  408
  430
  453
  477
  502
  528
  555
  583
  613
  644
  676
  710
  746
  783
  822
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
 
  -527
  137
  125
  111
  98
  84
  71
  58
  47
  37
  27
  21
  15
  11
  7
  5
  3
  2
  1
  1
  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 -3.8
Price to Sales 0.7
Price to Book -4.5
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow 10.9
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 15.5% 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 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 57.623 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 $1.8 billion.

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COMPANY NEWS

▶ 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]
▶ Pinnacle Entertainment beats Street 1Q forecasts   [08:20AM  Associated Press]
▶ Why Pinnacle Entertainment, Inc. Stock Jumped in March   [Apr-15-17 11:36AM  Motley Fool]
▶ Pinnacle Entertainment reports 4Q loss   [08:53AM  Associated Press]
▶ Year In Review 2016: M&A activity alters St. Louis casino scene   [Dec-21-16 04:10PM  at bizjournals.com]
▶ Anika Therapeutics, Inc. (ANIK) Hedge Funds Are Snapping Up   [Dec-09-16 08:56AM  at Insider Monkey]
▶ Is Pinnacle Hunting for a Las Vegas Casino to Buy?   [Nov-11-16 04:34PM  at Investopedia]
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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