Intrinsic value of Penske Automotive Group - PAG

Previous Close

$39.55

  Intrinsic Value

$38.01

stock screener

  Rating & Target

hold

-4%

Previous close

$39.55

 
Intrinsic value

$38.01

 
Up/down potential

-4%

 
Rating

hold

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 0001), $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 3.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  23,590
  25,894
  28,301
  30,809
  33,421
  36,138
  38,963
  41,899
  44,950
  48,120
  51,415
  54,841
  58,404
  62,111
  65,970
  69,988
  74,175
  78,539
  83,091
  87,841
  92,799
  97,977
  103,387
  109,042
  114,955
  121,140
  127,612
  134,386
  141,478
  148,905
Variable operating expenses, $m
  22,884
  25,099
  27,411
  29,822
  32,332
  34,943
  37,658
  40,479
  43,411
  46,458
  49,411
  52,704
  56,128
  59,690
  63,398
  67,260
  71,284
  75,478
  79,852
  84,417
  89,181
  94,158
  99,357
  104,791
  110,474
  116,418
  122,638
  129,147
  135,963
  143,101
Fixed operating expenses, $m
  6
  6
  6
  7
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
Total operating expenses, $m
  22,890
  25,105
  27,417
  29,829
  32,339
  34,950
  37,665
  40,486
  43,418
  46,465
  49,419
  52,712
  56,136
  59,698
  63,406
  67,268
  71,293
  75,487
  79,861
  84,426
  89,190
  94,168
  99,367
  104,801
  110,484
  116,429
  122,649
  129,158
  135,974
  143,113
Operating income, $m
  700
  790
  883
  981
  1,083
  1,188
  1,298
  1,413
  1,531
  1,655
  1,997
  2,130
  2,269
  2,413
  2,563
  2,720
  2,883
  3,053
  3,230
  3,415
  3,608
  3,809
  4,020
  4,240
  4,471
  4,712
  4,964
  5,227
  5,504
  5,793
EBITDA, $m
  1,020
  1,120
  1,225
  1,334
  1,448
  1,566
  1,688
  1,816
  1,949
  2,086
  2,230
  2,379
  2,533
  2,695
  2,862
  3,037
  3,219
  3,409
  3,607
  3,813
  4,029
  4,254
  4,489
  4,735
  4,992
  5,261
  5,542
  5,837
  6,145
  6,468
Interest expense (income), $m
  130
  320
  365
  413
  462
  514
  568
  624
  682
  742
  805
  870
  938
  1,008
  1,082
  1,158
  1,237
  1,320
  1,406
  1,496
  1,590
  1,687
  1,789
  1,896
  2,007
  2,123
  2,245
  2,372
  2,505
  2,645
  2,791
Earnings before tax, $m
  380
  424
  471
  519
  569
  621
  675
  731
  789
  850
  1,127
  1,192
  1,260
  1,331
  1,405
  1,482
  1,563
  1,647
  1,734
  1,825
  1,921
  2,020
  2,124
  2,233
  2,347
  2,466
  2,591
  2,722
  2,859
  3,002
Tax expense, $m
  103
  115
  127
  140
  154
  168
  182
  197
  213
  229
  304
  322
  340
  359
  379
  400
  422
  445
  468
  493
  519
  545
  574
  603
  634
  666
  700
  735
  772
  811
Net income, $m
  277
  310
  343
  379
  415
  453
  493
  534
  576
  620
  822
  870
  920
  972
  1,026
  1,082
  1,141
  1,202
  1,266
  1,332
  1,402
  1,475
  1,551
  1,630
  1,714
  1,801
  1,892
  1,987
  2,087
  2,192

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  11,626
  12,762
  13,948
  15,184
  16,472
  17,811
  19,203
  20,650
  22,154
  23,716
  25,340
  27,029
  28,785
  30,612
  32,514
  34,494
  36,557
  38,708
  40,952
  43,293
  45,736
  48,288
  50,955
  53,742
  56,656
  59,704
  62,894
  66,233
  69,728
  73,388
Adjusted assets (=assets-cash), $m
  11,626
  12,762
  13,948
  15,184
  16,472
  17,811
  19,203
  20,650
  22,154
  23,716
  25,340
  27,029
  28,785
  30,612
  32,514
  34,494
  36,557
  38,708
  40,952
  43,293
  45,736
  48,288
  50,955
  53,742
  56,656
  59,704
  62,894
  66,233
  69,728
  73,388
Revenue / Adjusted assets
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
  2.029
Average production assets, $m
  3,208
  3,522
  3,849
  4,190
  4,545
  4,915
  5,299
  5,698
  6,113
  6,544
  6,992
  7,458
  7,943
  8,447
  8,972
  9,518
  10,088
  10,681
  11,300
  11,946
  12,621
  13,325
  14,061
  14,830
  15,634
  16,475
  17,355
  18,276
  19,241
  20,251
Working capital, $m
  4,199
  4,609
  5,038
  5,484
  5,949
  6,433
  6,935
  7,458
  8,001
  8,565
  9,152
  9,762
  10,396
  11,056
  11,743
  12,458
  13,203
  13,980
  14,790
  15,636
  16,518
  17,440
  18,403
  19,409
  20,462
  21,563
  22,715
  23,921
  25,183
  26,505
Total debt, $m
  6,767
  7,645
  8,562
  9,517
  10,512
  11,547
  12,624
  13,742
  14,904
  16,112
  17,368
  18,673
  20,030
  21,442
  22,913
  24,443
  26,038
  27,701
  29,435
  31,245
  33,134
  35,106
  37,168
  39,322
  41,575
  43,931
  46,397
  48,977
  51,679
  54,509
Total liabilities, $m
  8,987
  9,865
  10,782
  11,738
  12,733
  13,768
  14,844
  15,962
  17,125
  18,333
  19,588
  20,893
  22,251
  23,663
  25,133
  26,664
  28,259
  29,922
  31,656
  33,465
  35,354
  37,327
  39,388
  41,542
  43,795
  46,151
  48,617
  51,198
  53,900
  56,729
Total equity, $m
  2,639
  2,897
  3,166
  3,447
  3,739
  4,043
  4,359
  4,688
  5,029
  5,384
  5,752
  6,136
  6,534
  6,949
  7,381
  7,830
  8,299
  8,787
  9,296
  9,827
  10,382
  10,961
  11,567
  12,199
  12,861
  13,553
  14,277
  15,035
  15,828
  16,659
Total liabilities and equity, $m
  11,626
  12,762
  13,948
  15,185
  16,472
  17,811
  19,203
  20,650
  22,154
  23,717
  25,340
  27,029
  28,785
  30,612
  32,514
  34,494
  36,558
  38,709
  40,952
  43,292
  45,736
  48,288
  50,955
  53,741
  56,656
  59,704
  62,894
  66,233
  69,728
  73,388
Debt-to-equity ratio
  2.560
  2.640
  2.700
  2.760
  2.810
  2.860
  2.900
  2.930
  2.960
  2.990
  3.020
  3.040
  3.070
  3.090
  3.100
  3.120
  3.140
  3.150
  3.170
  3.180
  3.190
  3.200
  3.210
  3.220
  3.230
  3.240
  3.250
  3.260
  3.270
  3.270
Adjusted equity ratio
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  277
  310
  343
  379
  415
  453
  493
  534
  576
  620
  822
  870
  920
  972
  1,026
  1,082
  1,141
  1,202
  1,266
  1,332
  1,402
  1,475
  1,551
  1,630
  1,714
  1,801
  1,892
  1,987
  2,087
  2,192
Depreciation, amort., depletion, $m
  320
  331
  342
  353
  365
  377
  390
  403
  417
  432
  233
  249
  265
  282
  299
  317
  336
  356
  377
  398
  421
  444
  469
  494
  521
  549
  579
  609
  641
  675
Funds from operations, $m
  598
  641
  685
  732
  780
  830
  883
  937
  993
  1,052
  1,055
  1,119
  1,185
  1,253
  1,325
  1,399
  1,477
  1,558
  1,642
  1,731
  1,823
  1,919
  2,020
  2,125
  2,235
  2,350
  2,470
  2,596
  2,728
  2,867
Change in working capital, $m
  392
  410
  428
  447
  465
  484
  503
  523
  543
  564
  587
  610
  634
  660
  687
  715
  745
  777
  810
  845
  883
  922
  963
  1,007
  1,053
  1,101
  1,152
  1,206
  1,262
  1,322
Cash from operations, $m
  206
  230
  257
  285
  315
  347
  380
  414
  450
  488
  469
  509
  551
  594
  638
  684
  732
  781
  832
  885
  940
  997
  1,057
  1,118
  1,182
  1,249
  1,318
  1,390
  1,466
  1,545
Maintenance CAPEX, $m
  -97
  -107
  -117
  -128
  -140
  -152
  -164
  -177
  -190
  -204
  -218
  -233
  -249
  -265
  -282
  -299
  -317
  -336
  -356
  -377
  -398
  -421
  -444
  -469
  -494
  -521
  -549
  -579
  -609
  -641
New CAPEX, $m
  -289
  -313
  -327
  -341
  -355
  -370
  -384
  -399
  -415
  -431
  -448
  -466
  -485
  -504
  -525
  -546
  -569
  -594
  -619
  -646
  -674
  -704
  -736
  -769
  -804
  -841
  -880
  -921
  -965
  -1,010
Cash from investing activities, $m
  -386
  -420
  -444
  -469
  -495
  -522
  -548
  -576
  -605
  -635
  -666
  -699
  -734
  -769
  -807
  -845
  -886
  -930
  -975
  -1,023
  -1,072
  -1,125
  -1,180
  -1,238
  -1,298
  -1,362
  -1,429
  -1,500
  -1,574
  -1,651
Free cash flow, $m
  -181
  -190
  -188
  -184
  -180
  -174
  -168
  -161
  -154
  -147
  -197
  -190
  -183
  -175
  -168
  -161
  -155
  -149
  -143
  -137
  -132
  -128
  -123
  -120
  -116
  -114
  -111
  -109
  -108
  -107
Issuance/(repayment) of debt, $m
  842
  878
  917
  956
  995
  1,035
  1,076
  1,118
  1,162
  1,208
  1,255
  1,305
  1,357
  1,412
  1,470
  1,531
  1,595
  1,663
  1,734
  1,809
  1,889
  1,973
  2,061
  2,154
  2,253
  2,356
  2,466
  2,581
  2,702
  2,830
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  842
  878
  917
  956
  995
  1,035
  1,076
  1,118
  1,162
  1,208
  1,255
  1,305
  1,357
  1,412
  1,470
  1,531
  1,595
  1,663
  1,734
  1,809
  1,889
  1,973
  2,061
  2,154
  2,253
  2,356
  2,466
  2,581
  2,702
  2,830
Total cash flow (excl. dividends), $m
  661
  688
  729
  771
  815
  861
  908
  957
  1,008
  1,061
  1,058
  1,115
  1,175
  1,237
  1,302
  1,369
  1,440
  1,514
  1,591
  1,672
  1,757
  1,845
  1,938
  2,035
  2,136
  2,243
  2,354
  2,471
  2,594
  2,723
Retained Cash Flow (-), $m
  -244
  -258
  -269
  -281
  -292
  -304
  -316
  -328
  -341
  -355
  -369
  -383
  -399
  -415
  -432
  -450
  -468
  -488
  -509
  -531
  -555
  -579
  -605
  -633
  -662
  -692
  -724
  -758
  -793
  -831
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
  417
  430
  460
  491
  523
  557
  592
  629
  667
  706
  689
  732
  776
  822
  870
  920
  972
  1,026
  1,082
  1,141
  1,202
  1,266
  1,332
  1,402
  1,475
  1,551
  1,630
  1,714
  1,801
  1,892
Discount rate, %
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
  377
  348
  330
  309
  285
  260
  234
  207
  180
  154
  120
  99
  81
  64
  50
  38
  28
  20
  14
  10
  7
  4
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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. is an international transportation services company. The Company 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 principally in Australia and New Zealand. The Company's segments include Retail Automotive, consisting of its retail automotive dealership operations; Retail Commercial Truck, consisting of its retail commercial truck dealership operations in the United States and Canada; Other, consisting of its commercial vehicle and power systems distribution operations and other non-automotive consolidated operations, and Non-Automotive Investments, consisting of its equity method investments in non-automotive operations. The Company holds interests in Penske Truck Leasing Co., L.P. (PTL), a provider of transportation services and supply chain management.

FINANCIAL RATIOS  of  Penske Automotive Group (PAG)

Valuation Ratios
P/E Ratio 9.8
Price to Sales 0.2
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 20.5
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 $21386.9 million for the last fiscal year's total revenue generated by Penske Automotive Group. The default revenue input number comes from 0001 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 10.3% 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 10.6%, 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 $6 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 5.4% 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 13.6%.

Life of production assets of 40.8 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 17.8%. 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 - $2395.2 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 84.865 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 $3.4 billion.

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COMPANY NEWS

▶ Penske Automotive Appoints New Director   [Dec-13-18 04:05PM  PR Newswire]
▶ Digital car dealer Vroom revs up with $146M in funding   [Dec-11-18 01:20PM  American City Business Journals]
▶ [$$] Finning to Acquire Kelso-Backed 4Refuel for C$260 Million   [Dec-10-18 07:07PM  The Wall Street Journal]
▶ Penske: 3Q Earnings Snapshot   [08:32AM  Associated Press]
▶ Q3 Earnings Preview For Penske Automotive Group   [Oct-24-18 03:19PM  Benzinga]
▶ G.research 42nd Annual Automotive Aftermarket Symposium   [Oct-18-18 07:30AM  Business Wire]
▶ Penske Automotive Increases Dividend   [Oct-17-18 07:40AM  PR Newswire]
▶ Top Ranked Income Stocks to Buy for October 5th   [Oct-05-18 09:57AM  Zacks]
▶ G.research 42nd Annual Automotive Aftermarket Symposium   [Oct-03-18 07:30AM  Business Wire]
▶ Top Ranked Income Stocks to Buy for October 2nd   [Oct-02-18 07:43AM  Zacks]
▶ G.research 42nd Annual Automotive Aftermarket Symposium   [Sep-12-18 07:30AM  Business Wire]
▶ Penske pursues Porsche for Chantilly   [05:00AM  American City Business Journals]
▶ Top Ranked Value Stocks to Buy for August 21st   [Aug-21-18 10:28AM  Zacks]
▶ Penske: 2Q Earnings Snapshot   [Jul-26-18 08:36AM  Associated Press]
▶ Earnings Preview: Penske Automotive Group   [Jul-25-18 03:45PM  Benzinga]
▶ Penske Automotive Increases Dividend   [Jul-18-18 08:48AM  PR Newswire]
▶ 4 Top Ranked Value Stocks to Buy for July 16th   [Jul-16-18 01:15PM  InvestorPlace]
▶ [$$] Cardi B, Live Events, Fewer Issues: Meet the New Rolling Stone   [Jul-04-18 07:59PM  The Wall Street Journal]
▶ Top Ranked Income Stocks to Buy for July 3rd   [Jul-03-18 09:46AM  Zacks]
▶ This Electric Semi Is Trucking Right Past Tesla's   [Jun-28-18 05:25PM  Motley Fool]
▶ Why Penske Automotive Group Inc (NYSE:PAG) Could Be A Buy   [Jun-21-18 12:02PM  Simply Wall St.]
▶ You Should Diversify With These Cyclical Dividend Stocks   [Jun-13-18 08:02AM  Simply Wall St.]
▶ Penske Truck Leasing Co. opens largest Houston facility, hiring   [Jun-01-18 08:42AM  American City Business Journals]
▶ Gabelli & Companys Annual Automotive Aftermarket Symposium   [May-23-18 07:30AM  Business Wire]
▶ Penske Automotive Increases Dividend   [May-10-18 07:35AM  PR Newswire]
▶ Penske Automotive Group, Inc. to Host Earnings Call   [Apr-25-18 10:00AM  ACCESSWIRE]
▶ Penske: 1Q Earnings Snapshot   [07:29AM  Associated Press]
▶ Top Ranked Income Stocks to Buy for April 6th   [Apr-06-18 11:28AM  Zacks]
▶ Top Ranked Income Stocks to Buy for March 29th   [Mar-29-18 07:49AM  Zacks]
▶ These Cyclical Dividend Stocks Are Best In Class   [Mar-28-18 08:02AM  Simply Wall St.]
▶ Rolling Stone magazine owner Penske makes another purchase   [Mar-06-18 05:39PM  American City Business Journals]
▶ Owner of Women's Wear Daily and Variety clinches $200-million Saudi deal   [Mar-02-18 10:19AM  American City Business Journals]
▶ This local company is back as an IndyCar sponsor   [Feb-27-18 12:25PM  American City Business Journals]

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