Intrinsic value of Penske Automotive Group - PAG

Previous Close

$51.24

  Intrinsic Value

$31.87

stock screener

  Rating & Target

sell

-38%

Previous close

$51.24

 
Intrinsic value

$31.87

 
Up/down potential

-38%

 
Rating

sell

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 2017), $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 4.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  22,734
  24,137
  25,598
  27,121
  28,708
  30,364
  32,092
  33,896
  35,780
  37,750
  39,808
  41,961
  44,213
  46,570
  49,037
  51,620
  54,325
  57,159
  60,129
  63,241
  66,503
  69,922
  73,508
  77,268
  81,212
  85,348
  89,687
  94,239
  99,015
  104,027
Variable operating expenses, $m
  22,062
  23,410
  24,814
  26,277
  27,802
  29,394
  31,054
  32,788
  34,599
  36,491
  38,256
  40,325
  42,489
  44,754
  47,125
  49,608
  52,207
  54,931
  57,785
  60,775
  63,910
  67,197
  70,643
  74,256
  78,046
  82,021
  86,191
  90,566
  95,156
  99,972
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
  22,062
  23,410
  24,814
  26,277
  27,802
  29,394
  31,054
  32,788
  34,599
  36,491
  38,256
  40,325
  42,489
  44,754
  47,125
  49,608
  52,207
  54,931
  57,785
  60,775
  63,910
  67,197
  70,643
  74,256
  78,046
  82,021
  86,191
  90,566
  95,156
  99,972
Operating income, $m
  673
  727
  784
  844
  906
  970
  1,038
  1,108
  1,181
  1,258
  1,552
  1,636
  1,724
  1,815
  1,912
  2,012
  2,118
  2,228
  2,344
  2,465
  2,592
  2,726
  2,866
  3,012
  3,166
  3,327
  3,496
  3,674
  3,860
  4,055
EBITDA, $m
  1,298
  1,378
  1,461
  1,548
  1,639
  1,733
  1,832
  1,935
  2,042
  2,155
  2,272
  2,395
  2,524
  2,658
  2,799
  2,947
  3,101
  3,263
  3,432
  3,610
  3,796
  3,991
  4,196
  4,411
  4,636
  4,872
  5,120
  5,379
  5,652
  5,938
Interest expense (income), $m
  130
  320
  348
  377
  407
  438
  471
  505
  540
  577
  616
  657
  699
  743
  790
  838
  889
  942
  998
  1,056
  1,117
  1,181
  1,248
  1,319
  1,392
  1,470
  1,551
  1,636
  1,725
  1,819
  1,917
Earnings before tax, $m
  353
  380
  408
  437
  468
  499
  533
  568
  604
  642
  895
  937
  980
  1,026
  1,073
  1,123
  1,176
  1,231
  1,288
  1,348
  1,411
  1,478
  1,547
  1,620
  1,696
  1,776
  1,860
  1,949
  2,041
  2,138
Tax expense, $m
  95
  103
  110
  118
  126
  135
  144
  153
  163
  173
  242
  253
  265
  277
  290
  303
  317
  332
  348
  364
  381
  399
  418
  437
  458
  480
  502
  526
  551
  577
Net income, $m
  258
  277
  298
  319
  341
  365
  389
  414
  441
  469
  653
  684
  716
  749
  784
  820
  858
  898
  940
  984
  1,030
  1,079
  1,129
  1,182
  1,238
  1,297
  1,358
  1,422
  1,490
  1,561

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
  11,205
  11,896
  12,616
  13,366
  14,149
  14,965
  15,817
  16,706
  17,634
  18,605
  19,620
  20,681
  21,791
  22,952
  24,168
  25,441
  26,774
  28,171
  29,635
  31,168
  32,776
  34,462
  36,229
  38,082
  40,025
  42,064
  44,203
  46,446
  48,800
  51,270
Adjusted assets (=assets-cash), $m
  11,205
  11,896
  12,616
  13,366
  14,149
  14,965
  15,817
  16,706
  17,634
  18,605
  19,620
  20,681
  21,791
  22,952
  24,168
  25,441
  26,774
  28,171
  29,635
  31,168
  32,776
  34,462
  36,229
  38,082
  40,025
  42,064
  44,203
  46,446
  48,800
  51,270
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
  4,115
  4,369
  4,633
  4,909
  5,196
  5,496
  5,809
  6,135
  6,476
  6,833
  7,205
  7,595
  8,003
  8,429
  8,876
  9,343
  9,833
  10,346
  10,883
  11,447
  12,037
  12,656
  13,305
  13,986
  14,699
  15,448
  16,233
  17,057
  17,922
  18,829
Working capital, $m
  3,501
  3,717
  3,942
  4,177
  4,421
  4,676
  4,942
  5,220
  5,510
  5,813
  6,130
  6,462
  6,809
  7,172
  7,552
  7,949
  8,366
  8,803
  9,260
  9,739
  10,241
  10,768
  11,320
  11,899
  12,507
  13,144
  13,812
  14,513
  15,248
  16,020
Total debt, $m
  6,441
  6,975
  7,532
  8,112
  8,716
  9,347
  10,006
  10,693
  11,411
  12,161
  12,945
  13,765
  14,623
  15,521
  16,461
  17,445
  18,476
  19,556
  20,687
  21,873
  23,115
  24,418
  25,784
  27,217
  28,719
  30,295
  31,948
  33,682
  35,502
  37,411
Total liabilities, $m
  8,661
  9,196
  9,752
  10,332
  10,937
  11,568
  12,226
  12,913
  13,631
  14,382
  15,166
  15,986
  16,844
  17,742
  18,682
  19,666
  20,697
  21,776
  22,908
  24,093
  25,336
  26,639
  28,005
  29,437
  30,940
  32,516
  34,169
  35,903
  37,722
  39,632
Total equity, $m
  2,543
  2,700
  2,864
  3,034
  3,212
  3,397
  3,590
  3,792
  4,003
  4,223
  4,454
  4,694
  4,946
  5,210
  5,486
  5,775
  6,078
  6,395
  6,727
  7,075
  7,440
  7,823
  8,224
  8,645
  9,086
  9,549
  10,034
  10,543
  11,078
  11,638
Total liabilities and equity, $m
  11,204
  11,896
  12,616
  13,366
  14,149
  14,965
  15,816
  16,705
  17,634
  18,605
  19,620
  20,680
  21,790
  22,952
  24,168
  25,441
  26,775
  28,171
  29,635
  31,168
  32,776
  34,462
  36,229
  38,082
  40,026
  42,065
  44,203
  46,446
  48,800
  51,270
Debt-to-equity ratio
  2.530
  2.580
  2.630
  2.670
  2.710
  2.750
  2.790
  2.820
  2.850
  2.880
  2.910
  2.930
  2.960
  2.980
  3.000
  3.020
  3.040
  3.060
  3.080
  3.090
  3.110
  3.120
  3.140
  3.150
  3.160
  3.170
  3.180
  3.190
  3.200
  3.210
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
  258
  277
  298
  319
  341
  365
  389
  414
  441
  469
  653
  684
  716
  749
  784
  820
  858
  898
  940
  984
  1,030
  1,079
  1,129
  1,182
  1,238
  1,297
  1,358
  1,422
  1,490
  1,561
Depreciation, amort., depletion, $m
  625
  650
  677
  704
  733
  763
  794
  827
  861
  897
  721
  759
  800
  843
  888
  934
  983
  1,035
  1,088
  1,145
  1,204
  1,266
  1,330
  1,399
  1,470
  1,545
  1,623
  1,706
  1,792
  1,883
Funds from operations, $m
  883
  928
  974
  1,023
  1,074
  1,128
  1,183
  1,241
  1,302
  1,365
  1,374
  1,443
  1,516
  1,592
  1,671
  1,754
  1,842
  1,933
  2,029
  2,129
  2,234
  2,344
  2,460
  2,581
  2,708
  2,841
  2,981
  3,128
  3,282
  3,444
Change in working capital, $m
  207
  216
  225
  234
  244
  255
  266
  278
  290
  303
  317
  332
  347
  363
  380
  398
  417
  436
  457
  479
  502
  527
  552
  579
  607
  637
  668
  701
  736
  772
Cash from operations, $m
  675
  711
  749
  789
  830
  873
  917
  963
  1,012
  1,062
  1,057
  1,112
  1,169
  1,229
  1,291
  1,357
  1,425
  1,496
  1,571
  1,650
  1,732
  1,818
  1,908
  2,002
  2,101
  2,204
  2,313
  2,427
  2,547
  2,672
Maintenance CAPEX, $m
  -388
  -411
  -437
  -463
  -491
  -520
  -550
  -581
  -614
  -648
  -683
  -721
  -759
  -800
  -843
  -888
  -934
  -983
  -1,035
  -1,088
  -1,145
  -1,204
  -1,266
  -1,330
  -1,399
  -1,470
  -1,545
  -1,623
  -1,706
  -1,792
New CAPEX, $m
  -234
  -254
  -264
  -276
  -287
  -300
  -313
  -327
  -341
  -356
  -373
  -390
  -408
  -427
  -447
  -468
  -490
  -513
  -537
  -563
  -590
  -619
  -649
  -681
  -714
  -749
  -785
  -824
  -864
  -907
Cash from investing activities, $m
  -622
  -665
  -701
  -739
  -778
  -820
  -863
  -908
  -955
  -1,004
  -1,056
  -1,111
  -1,167
  -1,227
  -1,290
  -1,356
  -1,424
  -1,496
  -1,572
  -1,651
  -1,735
  -1,823
  -1,915
  -2,011
  -2,113
  -2,219
  -2,330
  -2,447
  -2,570
  -2,699
Free cash flow, $m
  53
  46
  48
  50
  52
  53
  55
  56
  57
  58
  1
  2
  2
  2
  2
  1
  1
  0
  -1
  -2
  -3
  -5
  -7
  -9
  -12
  -14
  -17
  -20
  -24
  -27
Issuance/(repayment) of debt, $m
  516
  534
  557
  580
  605
  631
  658
  687
  718
  750
  784
  820
  858
  898
  940
  984
  1,031
  1,080
  1,131
  1,186
  1,243
  1,303
  1,366
  1,433
  1,502
  1,576
  1,653
  1,734
  1,820
  1,909
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  
  516
  534
  557
  580
  605
  631
  658
  687
  718
  750
  784
  820
  858
  898
  940
  984
  1,031
  1,080
  1,131
  1,186
  1,243
  1,303
  1,366
  1,433
  1,502
  1,576
  1,653
  1,734
  1,820
  1,909
Total cash flow (excl. dividends), $m
  568
  581
  605
  630
  657
  684
  713
  743
  775
  808
  785
  822
  860
  900
  942
  986
  1,032
  1,080
  1,130
  1,184
  1,239
  1,298
  1,359
  1,423
  1,491
  1,562
  1,636
  1,714
  1,796
  1,882
Retained Cash Flow (-), $m
  -148
  -157
  -163
  -170
  -178
  -185
  -193
  -202
  -211
  -220
  -230
  -241
  -252
  -264
  -276
  -289
  -303
  -317
  -332
  -348
  -365
  -383
  -401
  -421
  -441
  -463
  -485
  -509
  -534
  -561
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
  420
  424
  441
  460
  479
  499
  520
  542
  564
  588
  555
  581
  608
  636
  666
  697
  729
  763
  798
  835
  874
  915
  958
  1,003
  1,050
  1,099
  1,151
  1,205
  1,262
  1,321
Discount rate, %
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.84
  17.69
  18.57
  19.50
  20.47
  21.50
  22.57
  23.70
  24.88
  26.13
  27.44
  28.81
  30.25
  31.76
  33.35
  35.02
  36.77
  38.60
  40.53
  42.56
  44.69
  46.92
PV of cash for distribution, $m
  377
  338
  309
  280
  250
  221
  192
  165
  139
  115
  85
  69
  54
  42
  31
  23
  17
  12
  8
  5
  3
  2
  1
  1
  0
  0
  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 12.7
Price to Sales 0.2
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 26.6
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 $21387 million for the last fiscal year's total revenue generated by Penske Automotive Group. The default revenue input number comes from 2017 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 6.3% 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 11.4%, 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 $0 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 18.1%.

Life of production assets of 10 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 15.4%. 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 - $2395 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 86 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 $4.4 billion.

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COMPANY NEWS

▶ 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]
▶ [$$] Cardi B, Live Events, Fewer Issues: Meet the New Rolling Stone   [Jul-04-18 07:59PM  The Wall Street Journal]
▶ Top Ranked Income Stocks to Buy for July 3rd   [Jul-03-18 09:46AM  Zacks]
▶ This Electric Semi Is Trucking Right Past Tesla's   [Jun-28-18 05:25PM  Motley Fool]
▶ Why Penske Automotive Group Inc (NYSE:PAG) Could Be A Buy   [Jun-21-18 12:02PM  Simply Wall St.]
▶ You Should Diversify With These Cyclical Dividend Stocks   [Jun-13-18 08:02AM  Simply Wall St.]
▶ Penske Truck Leasing Co. opens largest Houston facility, hiring   [Jun-01-18 08:42AM  American City Business Journals]
▶ Gabelli & Companys Annual Automotive Aftermarket Symposium   [May-23-18 07:30AM  Business Wire]
▶ Penske Automotive Increases Dividend   [May-10-18 07:35AM  PR Newswire]
▶ Penske Automotive Group, Inc. to Host Earnings Call   [Apr-25-18 10:00AM  ACCESSWIRE]
▶ Penske: 1Q Earnings Snapshot   [07:29AM  Associated Press]
▶ Top Ranked Income Stocks to Buy for April 6th   [Apr-06-18 11:28AM  Zacks]
▶ Top Ranked Income Stocks to Buy for March 29th   [Mar-29-18 07:49AM  Zacks]
▶ These Cyclical Dividend Stocks Are Best In Class   [Mar-28-18 08:02AM  Simply Wall St.]
▶ Rolling Stone magazine owner Penske makes another purchase   [Mar-06-18 05:39PM  American City Business Journals]
▶ Owner of Women's Wear Daily and Variety clinches $200-million Saudi deal   [Mar-02-18 10:19AM  American City Business Journals]
▶ This local company is back as an IndyCar sponsor   [Feb-27-18 12:25PM  American City Business Journals]
▶ Penske beats 4Q profit forecasts   [Feb-08-18 08:39AM  Associated Press]
▶ Penske Automotive Increases Dividend   [Jan-30-18 06:59AM  PR Newswire]
▶ Stocks Showing Improved Relative Strength: Penske Automotive Group   [Jan-16-18 03:00AM  Investor's Business Daily]
▶ Penske Automotive Expands Presence In The United Kingdom   [Jan-03-18 06:59AM  PR Newswire]
▶ What's Next for Rolling Stone?   [Dec-22-17 12:21PM  TheStreet.com]
▶ [$$] Rolling Stones Owner Sells Controlling Stake to Penske Media   [Dec-21-17 12:37AM  The Wall Street Journal]
▶ Penske Automotive Expands Presence In The United Kingdom   [Dec-12-17 06:59AM  PR Newswire]
▶ 5 Top Publicly Traded Companies In Michigan   [Nov-27-17 10:34AM  Benzinga]
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