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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash to Debt 0.19
PENN's Cash to Debt is ranked higher than
59% of the 1005 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 0.58 vs. PENN: 0.19 )
PENN' s 10-Year Cash to Debt Range
Min: 0.04   Max: 35.33
Current: 0.19

0.04
35.33
Equity to Asset 0.32
PENN's Equity to Asset is ranked higher than
56% of the 974 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 0.53 vs. PENN: 0.32 )
PENN' s 10-Year Equity to Asset Range
Min: 0.13   Max: 0.79
Current: 0.32

0.13
0.79
F-Score: 6
Z-Score: -0.04
M-Score: -4.63
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 6/10

vs
industry
vs
history
Operating margin (%) -37.97
PENN's Operating margin (%) is ranked lower than
53% of the 1005 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 9.06 vs. PENN: -37.97 )
PENN' s 10-Year Operating margin (%) Range
Min: -26.45   Max: 24.57
Current: -37.97

-26.45
24.57
Net-margin (%) -33.73
PENN's Net-margin (%) is ranked lower than
52% of the 1005 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 5.61 vs. PENN: -33.73 )
PENN' s 10-Year Net-margin (%) Range
Min: -27.22   Max: 13.91
Current: -33.73

-27.22
13.91
ROE (%) -79.02
PENN's ROE (%) is ranked lower than
55% of the 952 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 7.39 vs. PENN: -79.02 )
PENN' s 10-Year ROE (%) Range
Min: -52.79   Max: 44.57
Current: -79.02

-52.79
44.57
ROA (%) -29.95
PENN's ROA (%) is ranked lower than
54% of the 1008 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 3.49 vs. PENN: -29.95 )
PENN' s 10-Year ROA (%) Range
Min: -20.29   Max: 20.24
Current: -29.95

-20.29
20.24
ROC (Joel Greenblatt) (%) -98.26
PENN's ROC (Joel Greenblatt) (%) is ranked lower than
53% of the 1007 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 12.29 vs. PENN: -98.26 )
PENN' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -47.83   Max: 104.46
Current: -98.26

-47.83
104.46
Revenue Growth (%) 5.90
PENN's Revenue Growth (%) is ranked higher than
78% of the 860 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 4.80 vs. PENN: 5.90 )
PENN' s 10-Year Revenue Growth (%) Range
Min: -6.7   Max: 85
Current: 5.9

-6.7
85
EPS Growth (%) 137.40
PENN's EPS Growth (%) is ranked higher than
98% of the 625 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 7.30 vs. PENN: 137.40 )
PENN' s 10-Year EPS Growth (%) Range
Min: -12.6   Max: 137.4
Current: 137.4

-12.6
137.4
» PENN's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q4 2013

PENN Guru Trades in Q4 2013

Paul Tudor Jones 16,604 sh (New)
David Einhorn 1,000,000 sh (New)
Murray Stahl 37,673 sh (+534.44%)
RS Investment Management 3,000,957 sh (+396.16%)
Steven Cohen 103,004 sh (+23.02%)
Mario Gabelli 44,000 sh (unchged)
Columbia Wanger 859,000 sh (unchged)
Leon Cooperman Sold Out
Alan Fournier Sold Out
John Keeley Sold Out
Richard Perry Sold Out
John Burbank Sold Out
Ron Baron 7,856,266 sh (-0.22%)
» More
Q1 2014

PENN Guru Trades in Q1 2014

John Burbank 37,620 sh (New)
David Einhorn 2,000,000 sh (+100%)
Mario Gabelli 45,000 sh (+2.27%)
RS Investment Management Sold Out
Columbia Wanger Sold Out
Murray Stahl Sold Out
Ron Baron 7,724,763 sh (-1.67%)
Paul Tudor Jones 10,837 sh (-34.73%)
Steven Cohen 22,202 sh (-78.45%)
» More
Q2 2014

PENN Guru Trades in Q2 2014

Joel Greenblatt 166,520 sh (New)
David Einhorn Sold Out
Paul Tudor Jones Sold Out
Ron Baron 7,578,624 sh (-1.89%)
Mario Gabelli 41,000 sh (-8.89%)
John Burbank 12,883 sh (-65.75%)
» More
Q3 2014

PENN Guru Trades in Q3 2014

Steven Cohen 53,300 sh (New)
Paul Tudor Jones 47,938 sh (New)
John Burbank 27,454 sh (+113.1%)
Ron Baron 7,583,259 sh (+0.06%)
Mario Gabelli 35,000 sh (-14.63%)
Joel Greenblatt 61,318 sh (-63.18%)
» More
» Details

Insider Trades

Latest Guru Trades with PENN

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Joel Greenblatt 2014-09-30 Reduce -63.18%0.02%$10.18 - $12.46 $ 13.0916%61318
John Burbank 2014-09-30 Add 113.1%$10.18 - $12.46 $ 13.0916%27454
David Einhorn 2014-06-30 Sold Out 0.37%$10.8 - $13.39 $ 13.0911%0
Joel Greenblatt 2014-06-30 New Buy0.03%$10.8 - $13.39 $ 13.0911%166520
John Burbank 2014-06-30 Reduce -65.75%0.01%$10.8 - $13.39 $ 13.0911%12883
David Einhorn 2014-03-31 Add 100%0.19%$11.09 - $14.62 $ 13.096%2000000
John Burbank 2014-03-31 New Buy0.01%$11.09 - $14.62 $ 13.096%37620
John Burbank 2013-12-31 Sold Out 2.3%$12.396 - $15.18 $ 13.09-5%0
Richard Perry 2013-12-31 Sold Out 1.7%$12.396 - $15.18 $ 13.09-5%0
Leon Cooperman 2013-12-31 Sold Out 1.3%$12.396 - $15.18 $ 13.09-5%0
John Keeley 2013-12-31 Sold Out 0.46%$12.396 - $15.18 $ 13.09-5%0
David Einhorn 2013-12-31 New Buy0.2%$12.396 - $15.18 $ 13.09-5%1000000
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Guru Investment Theses on Penn National Gaming Inc

Baron Funds Comments on Penn National Gaming - Feb 21, 2014

In the quarter, we increased our investment in Penn National Gaming, Inc. (PENN). Penn is the largest regional casino operator. The company is highly acquisitive and well diversified, with less than 20% of its cash flow coming from any one property. Penn has a strong pipeline of projects. Its casinos in Kansas, Toledo and Columbus are rapidly growing; we expect the rebranding of its recently acquired Hollywood St. Louis casino and the opening of two new racetracks in Ohio to boost results in 2014. Longer term, the company should be able to continue to invest in its properties and potentially make accretive acquisitions. Otherwise, it can use its cash flow to pay down debt, which would be accretive for its shareholders. Penn is vying for licenses in Massachusetts and Philadelphia, which could be awarded in mid-2014. Possible gaming expansions in Japan, Korea, Texas or Florida offer further growth opportunities. (David Baron)



From Baron Funds fourth quarter commentary 2013.



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Baron Funds Comments on Penn National Gaming - Feb 06, 2013

Penn National Gaming, Inc. (PENN), the largest operator of regional casinos, announced a major split of its business into an operating company ("opco") and a real estate company ("propco"). The stock rose 13.9%.We think that the propco can trade at a significantly higher value than where the company traded in the past, and therefore, the reorganization will enhance value. Plus, we are excited about the growth prospects for each entity, so we applaud the bold move by Penn management.

From Baron Funds' fourth quarter letter.


Check out Ron Baron latest stock trades

Top Ranked Articles about Penn National Gaming Inc

Baron Funds Comments on Penn National Gaming
In the quarter, we increased our investment in Penn National Gaming, Inc. (PENN). Penn is the largest regional casino operator. The company is highly acquisitive and well diversified, with less than 20% of its cash flow coming from any one property. Penn has a strong pipeline of projects. Its casinos in Kansas, Toledo and Columbus are rapidly growing; we expect the rebranding of its recently acquired Hollywood St. Louis casino and the opening of two new racetracks in Ohio to boost results in 2014. Longer term, the company should be able to continue to invest in its properties and potentially make accretive acquisitions. Otherwise, it can use its cash flow to pay down debt, which would be accretive for its shareholders. Penn is vying for licenses in Massachusetts and Philadelphia, which could be awarded in mid-2014. Possible gaming expansions in Japan, Korea, Texas or Florida offer further growth opportunities. (David Baron) Read more...

Ratios

vs
industry
vs
history
P/B 1.29
PENN's P/B is ranked higher than
81% of the 1090 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 2.34 vs. PENN: 1.29 )
PENN' s 10-Year P/B Range
Min: 0.14   Max: 1.59
Current: 1.29

0.14
1.59
P/S 0.40
PENN's P/S is ranked higher than
93% of the 1090 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.75 vs. PENN: 0.40 )
PENN' s 10-Year P/S Range
Min: 0.1   Max: 0.61
Current: 0.4

0.1
0.61
PFCF 100.69
PENN's PFCF is ranked higher than
71% of the 1090 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 43.15 vs. PENN: 100.69 )
PENN' s 10-Year PFCF Range
Min: 2.16   Max: 110
Current: 100.69

2.16
110
EV-to-EBIT -2.06
PENN's EV-to-EBIT is ranked higher than
52% of the 1090 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 22.72 vs. PENN: -2.06 )
PENN' s 10-Year EV-to-EBIT Range
Min: -24.2   Max: 16.8
Current: -2.06

-24.2
16.8
Current Ratio 0.92
PENN's Current Ratio is ranked higher than
59% of the 982 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.32 vs. PENN: 0.92 )
PENN' s 10-Year Current Ratio Range
Min: 0.42   Max: 2.8
Current: 0.92

0.42
2.8
Quick Ratio 0.92
PENN's Quick Ratio is ranked higher than
64% of the 982 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.17 vs. PENN: 0.92 )
PENN' s 10-Year Quick Ratio Range
Min: 0.35   Max: 2.8
Current: 0.92

0.35
2.8

Valuation & Return

vs
industry
vs
history
Price/DCF (Projected) 0.64
PENN's Price/DCF (Projected) is ranked higher than
95% of the 1090 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 4.40 vs. PENN: 0.64 )
PENN' s 10-Year Price/DCF (Projected) Range
Min: 0.16   Max: 5.72
Current: 0.64

0.16
5.72
Price/Median PS Value 1.20
PENN's Price/Median PS Value is ranked higher than
71% of the 1090 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.16 vs. PENN: 1.20 )
PENN' s 10-Year Price/Median PS Value Range
Min: 0.35   Max: 2.09
Current: 1.2

0.35
2.09
Earnings Yield (Greenblatt) -48.50
PENN's Earnings Yield (Greenblatt) is ranked lower than
55% of the 985 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 5.10 vs. PENN: -48.50 )
PENN' s 10-Year Earnings Yield (Greenblatt) Range
Min: 5.9   Max: 19.2
Current: -48.5

5.9
19.2
Forward Rate of Return (Yacktman) 8.54
PENN's Forward Rate of Return (Yacktman) is ranked higher than
75% of the 613 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 8.73 vs. PENN: 8.54 )
PENN' s 10-Year Forward Rate of Return (Yacktman) Range
Min: 1.9   Max: 73.9
Current: 8.54

1.9
73.9

Business Description

Industry: Travel & Leisure » Resorts & Casinos
Compare:LVS, SCHYY, GXYEY, WYNMF, SJMHF » details
Traded in other countries:PN1.Germany,
Penn National Gaming Inc was incorporated in Pennsylvania in 1972 as PNRC Corp. and adopted its current name in 1994, when the Company became a public company. The Company, along with its subsidiaries, is a diversified, multi-jurisdictional owner and manager of gaming and pari-mutuel properties. In 1997, the Company began its transition from a pari-mutuel company to a gaming company with the acquisition of the Charles Town property and the introduction of video lottery terminals in West Virginia. Since 1997, the Company has continued to expand its gaming operations through acquisitions, greenfield projects and property expansions. The Company aggregates its properties into three reportable segments: Midwest, East/West, and Southern Plains. The Midwest reportable segment consists of the following properties: Hollywood Casino Lawrenceburg, Hollywood Casino Aurora, Hollywood Casino Joliet, Argosy Casino Alton, Hollywood Casino Toledo, and Hollywood Casino Columbus. The East/West reportable segment consists of the following properties: Hollywood Casino at Charles Town Races, Hollywood Casino Bangor, Hollywood Casino at Penn National Race Course, Zia Park Casino, and the M Resort. The Southern Plains reportable segment consists of the following properties: Argosy Casino Riverside, Argosy Casino Sioux City, Hollywood Casino Tunica, Hollywood Casino Bay St. Louis, Boomtown Biloxi, Hollywood Casino St. Louis. As of December 31, 2013, the Company owned, managed, or had ownership interests in twenty-six facilities in seventeen jurisdictions, including Florida, Illinois, Indiana, Iowa, Kansas, Maine, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. The Company faces competition among a large number of participants, including riverboat casinos, dockside casinos, land-based casinos, video lottery, sweepstakes and poker machines not located in casinos, Native American gaming, emerging varieties of Internet gaming and other forms of gaming in the U.S. The Company owns a number of trademarks registered with the U.S. Patent and Trademark Office, including but not limited to, 'Telebet,' 'The World Series of Handicapping,' and 'Players' Choice.' As owners and managers of gaming and pari-mutuel wagering facilities, the Company is subject to extensive state, local and, in Canada, provincial regulation.
» More Articles for PENN

Headlines

Articles On GuruFocus.com
Four CEOs Reporting Large Insider Buys May 09 2014 
Baron Funds Comments on Penn National Gaming Feb 21 2014 
Why This Motorsport Giant Might Be Tricky Business Feb 06 2014 
Ron Baron Continued - Opportunities Everywhere, Response to Marc Faber Nov 08 2013 
Ron Baron on Penn National Gaming and Seeing Accelerated Economic Growth Nov 08 2013 
Baron Funds Comments on Penn National Gaming Feb 06 2013 
Baron Funds Comments on Penn National Gaming Inc. Dec 06 2012 
Weekly CFO Buys Highlight: NGL, PENN, CNET, PTEK, SPIN, LINC Dec 03 2012 
Answers from GuruFocus' Q&A with Chuck Akre Jun 06 2011 
Penn National Gaming Inc. (PENN) Chairman & CEO Peter M Carlino sells 4,200 Shares Feb 23 2011 

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