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53.76 (1y: +20%)
Market Cap 4.27 B P/E(ttm) 28.20
Enterprise Value 6.63 B P/B 1.90
PENN- NAS (USA)
Penn National Gaming
  • Currently 1/5
Business Predictability Rank: 1-Star (On Watch)
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
Read more:
What is Predictability Rank?
Performances of real portfolio
Top Ranked Predictable Companies
$53.76
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GuruFocus Financial Strength Rank measures how strong a companyย’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 0.095
PENN's Cash to Debt is ranked lower than
54% of the 786 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 0.55 vs. PENN: 0.095 )
PENN' s 10-Year Cash to Debt Range
Min: 0.05   Max: 0.31
Current: 0.1
0.05
0.31
Equity to Asset 0.399
PENN's Equity to Asset is ranked higher than
52% of the 786 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 0.50 vs. PENN: 0.399 )
PENN' s 10-Year Equity to Asset Range
Min: 0.13   Max: 0.43
Current: 0.4
0.13
0.43
Interest Coverage 5.5
PENN's Interest Coverage is ranked higher than
66% of the 786 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 4.00 vs. PENN: 5.5 )
PENN' s 10-Year Interest Coverage Range
Min: 1   Max: 6
Current: 5.5
1
6
F-Score: 6
Z-Score: 1.68
M-Score: -2.84
GuruFocus Profitability Rank ranks how profitable a company is and how likely the companyย’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.
ย•ย•3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rankย•

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 : 8/10

vs
industry		 vs
history
Operating margin (%) 15.30
PENN's Operating margin (%) is ranked higher than
82% of the 786 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 6.60 vs. PENN: 15.30 )
PENN' s 10-Year Operating margin (%) Range
Min: -8.2   Max: 24.6
Current: 15.3
-8.2
24.6
Net-margin (%) 7.3
PENN's Net-margin (%) is ranked higher than
74% of the 786 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 3.50 vs. PENN: 7.3 )
PENN' s 10-Year Net-margin (%) Range
Min: -11.2   Max: 13.9
Current: 7.3
-11.2
13.9
ROE (%) 9.4
PENN's ROE (%) is ranked higher than
79% of the 786 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 3.20 vs. PENN: 9.4 )
PENN' s 10-Year ROE (%) Range
Min: -14.3   Max: 35.5
Current: 9.4
-14.3
35.5
ROA (%) 3.8
PENN's ROA (%) is ranked higher than
71% of the 786 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 2.10 vs. PENN: 3.8 )
PENN' s 10-Year ROA (%) Range
Min: -5.6   Max: 7.2
Current: 3.8
-5.6
7.2
ROC (Joel Greenblatt) (%) 17.40
PENN's ROC (Joel Greenblatt) (%) is ranked higher than
78% of the 786 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 5.90 vs. PENN: 17.40 )
PENN' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -11.3   Max: 47.2
Current: 17.4
-11.3
47.2
Revenue Growth (%) -2
PENN's Revenue Growth (%) is ranked lower than
61% of the 786 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 0.00 vs. PENN: -2 )
PENN' s 10-Year Revenue Growth (%) Range
Min: -2.8   Max: 31.7
Current: -2
-2.8
31.7
ยป PENN's 10-Y Financials

Financials


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

» Details

Guru Trades
Q2 2012

PENN Guru Trades in Q2 2012

Mario Gabelli 100,000 sh (unchged)
Chuck Akre Sold Out
Ron Baron 7,622,774 sh (-0.63%)
Columbia Wanger 937,000 sh (-1.78%)
Steven Cohen 141,168 sh (-9.17%)
Paul Tudor Jones 110,600 sh (-14.06%)
» More
Q3 2012

PENN Guru Trades in Q3 2012

Pioneer Investments 77,271 sh (New)
Steven Cohen 249,260 sh (+76.57%)
Columbia Wanger 937,000 sh (unchged)
Ron Baron 7,622,826 sh (unchged)
Mario Gabelli 100,000 sh (unchged)
Paul Tudor Jones 18,000 sh (-83.73%)
» More
Q4 2012

PENN Guru Trades in Q4 2012

Louis Moore Bacon 100,000 sh (New)
Pioneer Investments 476,295 sh (+516.4%)
Ron Baron 7,664,903 sh (+0.55%)
Mario Gabelli 100,000 sh (unchged)
Paul Tudor Jones Sold Out
Columbia Wanger 898,000 sh (-4.16%)
Steven Cohen 41,660 sh (-83.29%)
» More
Q1 2013

PENN Guru Trades in Q1 2013

Jim Simons 127,960 sh (New)
Ron Baron 7,667,649 sh (+0.04%)
Columbia Wanger 898,000 sh (unchged)
Louis Moore Bacon Sold Out
Pioneer Investments Sold Out
Mario Gabelli 82,000 sh (-18%)
Steven Cohen 12,196 sh (-70.72%)
» More
» Details

Insider Trades

Latest Guru Trades with PENN

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Chuck Akre 2012-06-30 Sold Out 0.78%$41.57 - $46.1 $ 53.7622%0
Chuck Akre 2012-03-31 Reduce -36.91%0.63%$37.9 - $44.8 $ 53.7637%176312
Joel Greenblatt 2011-09-30 Sold Out 0.228%$33.66 - $43.99 $ 53.7640%0
George Soros 2011-09-30 Sold Out 0.0036%$33.66 - $43.99 $ 53.7640%0
Joel Greenblatt 2011-06-30 New Buy0.23%$36.74 - $40.5 $ 53.7639%40440
George Soros 2011-06-30 Reduce -57.14%$36.74 - $40.5 $ 53.7639%6300
Mario Gabelli 2011-03-31 Reduce -54.55%0.04%$33.85 - $37.55 $ 53.7651%100000
Chuck Akre 2010-09-30 Reduce -21.95%0.61%$22.44 - $30.68 $ 53.7696%289608
Mario Gabelli 2010-09-30 Add 100%0.02%$22.44 - $30.68 $ 53.7696%220000
George Soros 2010-09-30 Reduce -61.37%0.02%$22.44 - $30.68 $ 53.7696%17500
Chuck Akre 2010-06-30 Reduce -51.09%1.25%$23.77 - $31.74 $ 53.7695%371045
George Soros 2010-06-30 Reduce -38.28%0.01%$23.77 - $31.74 $ 53.7695%45300
Mario Gabelli 2010-06-30 Reduce -51.33%0.01%$23.77 - $31.74 $ 53.7695%110000
George Soros 2010-03-31 Add 55.84%0.01%$22.62 - $30.01 $ 53.76108%73400
Premium More recent guru trades are included for Premium Members only!!
ยป Financial Charts

Peter Lynch Chart

Guru Investment Theses on Penn National Gaming

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

Baron Funds Comments on Penn National Gaming Inc. - Dec 06, 2012

We have been an investor in regional gaming operator and developer Penn National Gaming, Inc. (PENN) for more than four years. We have followed the company for a lot longer than that. Penn's share price fell 3.3% in the quarter. This is though Penn's business is growing nicely; it is quite profitable; and it holds very valuable real estate and licenses. Further, we think Peter Carlino, its entrepreneurial chief executive, who refers to himself as Penn's Shareholder in Chief, is one of the most straightforward, hardworking, honorable chief executives we know.We would have bought more Penn shares in the period were it not for two reasons. Our entire firm has been limited to ownership of 9.99% of Penn's outstanding shares by a state regulator or we would otherwise negatively impact Penn's ability to be licensed in that jurisdiction. Further, to manage risk, we have had an internal rule for many years restricting purchases in publicly owned businesses where we already own 9.99%. Last week Penn announced that it intends to separate its real estate and casino operating businesses into a gaming REIT and a casino operating company. Investors thought this was a great idea and bid up Penn's shares 28% in a single day! We think Penn remains undervalued, and when this restructuring is completed at the end of 2013, its share price could reach $60-70 per share. Of course, Penn's state licenses provide it with competitive advantage over others who might like to own and operate regional casinos.

From Baron Fundsโ€™ third quarter commentary.


Check out Ron Baron latest stock trades

Top Ranked Articles about Penn National Gaming

Baron Funds Comments on Penn National Gaming
February 6, 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. Read more...
Baron Funds Comments on Penn National Gaming Inc.
December 6, 2012
We have been an investor in regional gaming operator and developer Penn National Gaming, Inc. (PENN) for more than four years. We have followed the company for a lot longer than that. Penn's share price fell 3.3% in the quarter. This is though Penn's business is growing nicely; it is quite profitable; and it holds very valuable real estate and licenses. Further, we think Peter Carlino, its entrepreneurial chief executive, who refers to himself as Penn's Shareholder in Chief, is one of the most straightforward, hardworking, honorable chief executives we know.We would have bought more Penn shares in the period were it not for two reasons. Our entire firm has been limited to ownership of 9.99% of Penn's outstanding shares by a state regulator or we would otherwise negatively impact Penn's ability to be licensed in that jurisdiction. Further, to manage risk, we have had an internal rule for many years restricting purchases in publicly owned businesses where we already own 9.99%. Last week Penn announced that it intends to separate its real estate and casino operating businesses into a gaming REIT and a casino operating company. Investors thought this was a great idea and bid up Penn's shares Read more...
Weekly CFO Buys Highlight: NGL, PENN, CNET, PTEK, SPIN, LINC
December 3, 2012
According to GuruFocus Insider Data, these are the largest CFO buys during the past week. The overall trend of CFOs is illustrated in the chart below: Read more...

Ratios

vs
industry		 vs
history
P/E(ttm) 28.20
PENN's P/E(ttm) is ranked higher than
50% of the 536 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 20.10 vs. PENN: 28.20 )
PENN' s 10-Year P/E(ttm) Range
Min: 4.35   Max: 51.74
Current: 28.2
4.35
51.74
P/B 1.90
PENN's P/B is ranked higher than
54% of the 661 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.50 vs. PENN: 1.90 )
PENN' s 10-Year P/B Range
Min: 0.72   Max: 7.34
Current: 1.9
0.72
7.34
P/S 1.87
PENN's P/S is ranked higher than
56% of the 720 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.44 vs. PENN: 1.87 )
PENN' s 10-Year P/S Range
Min: 0.46   Max: 2.79
Current: 1.87
0.46
2.79
PFCF 52.80
PENN's PFCF is ranked lower than
62% of the 490 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 19.59 vs. PENN: 52.80 )
PENN' s 10-Year PFCF Range
Min: 6.64   Max: 462
Current: 52.8
6.64
462
EV-to-EBIT 15.4
PENN's EV-to-EBIT is ranked higher than
67% of the 553 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 16.58 vs. PENN: 15.4 )
PENN' s 10-Year EV-to-EBIT Range
Min: 7   Max: 33.9
Current: 15.4
7
33.9
Shiller P/E 785.9
PENN's Shiller P/E is ranked lower than
100% of the Companies
in the Global Resorts & Casinos industry.

( Industry Median: vs. PENN: 785.9 )
PENN' s 10-Year Shiller P/E Range
Min: 6.38   Max: 847
Current: 785.9
6.38
847

Valuation & Return

vs
industry		 vs
history
Price/Net Current Asset Value 413.5
PENN's Price/Net Current Asset Value is ranked lower than
67% of the 417 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 20.00 vs. PENN: 413.5 )
PENN' s 10-Year Price/Net Current Asset Value Range
Min: 47.3   Max: 5955
Current: 413.5
47.3
5955
Price/Tangible Book 25.5
PENN's Price/Tangible Book is ranked lower than
75% of the 545 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.70 vs. PENN: 25.5 )
PENN' s 10-Year Price/Tangible Book Range
Min: 7.1   Max: 31.1
Current: 25.5
7.1
31.1
Price/DCF (Projected) 2
PENN's Price/DCF (Projected) is ranked higher than
66% of the 287 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.40 vs. PENN: 2 )
PENN' s 10-Year Price/DCF (Projected) Range
Min: 0.7   Max: 3.8
Current: 2
0.7
3.8
Price/Median PS Value 1.5
PENN's Price/Median PS Value is ranked higher than
53% of the 635 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.00 vs. PENN: 1.5 )
PENN' s 10-Year Price/Median PS Value Range
Min: 0.4   Max: 1.8
Current: 1.5
0.4
1.8
Price/Graham Number 6.3
PENN's Price/Graham Number is ranked lower than
70% of the 420 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.50 vs. PENN: 6.3 )
PENN' s 10-Year Price/Graham Number Range
Min: 2.3   Max: 5.8
Current: 6.3
2.3
5.8
Earnings Yield (Greenblatt) 6.50
PENN's Earnings Yield (Greenblatt) is ranked higher than
75% of the 786 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 4.20 vs. PENN: 6.50 )
PENN' s 10-Year Earnings Yield (Greenblatt) Range
Min: 3   Max: 14.2
Current: 6.5
3
14.2
Forward Rate of Return (Yacktman) 1.36
PENN's Forward Rate of Return (Yacktman) is ranked higher than
83% of the 786 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 0.00 vs. PENN: 1.36 )
PENN' s 10-Year Forward Rate of Return (Yacktman) Range
Min: 0.4   Max: 63.4
Current: 1.36
0.4
63.4

Business Description

Penn National Gaming was incorporated in Pennsylvania in 1982 as PNRC Corp. and adopted its current name in 1994, when the Company became a public company. The Company is a 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 of Hollywood Casino Bay St. Louis and Boomtown Biloxi, CRC Holdings, Inc., the Bullwhackers properties, Hollywood Casino Corporation, Argosy Gaming Company, Zia Park Casino, Sanford-Orlando Kennel Club and The M Resorts LLC, greenfield projects (such as at Hollywood Casino at Penn National Race Course, Hollywood Slots Hotel and Raceway and Hollywood Casino Perryville), and property expansions (such as Hollywood Casino at Charles Town Races and Hollywood Casino Lawrenceburg). The Company currently owns manages, or have ownership interests in twenty-five facilities in eighteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. 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.
Company Website
SEC Reports
Industry: Resorts & Casinos
Compare:LVS, SCHYY, GXYEY, WYNMF, SJMHF
ยป More Articles for PENN

Headlines

Articles On GuruFocus.com
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 
Penn National Gaming Inc. (PENN) Chairman & CEO Peter M Carlino sells 12,425 Shares Jan 14 2011 
Penn National Gaming Inc. (PENN) CFO William J Clifford sells 50,000 Shares Dec 03 2010 
Penn National Gaming Inc. (PENN) CFO William J Clifford sells 27,162 Shares Nov 12 2010 
Penn National Gaming Inc. (PENN) Chairman & CEO Peter M Carlino sells 11,572 Shares Nov 12 2010 
Penn National Gaming Inc. Reports Operating Results (10-Q) Nov 05 2010 

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