Loading...

Penn National Gaming

DB:PN1
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PN1
DB
$2B
Market Cap
  1. Home
  2. DE
  3. Consumer Services
Company description

Penn National Gaming, Inc. owns and manages gaming and racing facilities, and operates video gaming terminals with a focus on slot machine entertainment. The last earnings update was 41 days ago. More info.


Add to Portfolio Compare Print
PN1 Share Price and Events
7 Day Returns
-1.2%
DB:PN1
-1%
DE Hospitality
0.2%
DE Market
1 Year Returns
-37.7%
DB:PN1
-52.6%
DE Hospitality
-10.9%
DE Market
PN1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Penn National Gaming (PN1) -1.2% -7.9% -10.3% -37.7% 35.9% 100.7%
DE Hospitality -1% -10.9% -11.5% -52.6% -32.4% -25.2%
DE Market 0.2% -2.5% -2% -10.9% 8.9% 6.3%
1 Year Return vs Industry and Market
  • PN1 outperformed the Hospitality industry which returned -52.6% over the past year.
  • PN1 underperformed the Market in Germany which returned -10.9% over the past year.
Price Volatility
PN1
Industry
5yr Volatility vs Market

PN1 Value

 Is Penn National Gaming undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Penn National Gaming to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Penn National Gaming.

DB:PN1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:PN1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.919 (1 + (1- 21%) (466.82%))
3.216
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (2 * 5.96%)
12.15%

Discounted Cash Flow Calculation for DB:PN1 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Penn National Gaming is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:PN1 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 12.15%)
2019 287.06 Analyst x5 255.97
2020 318.17 Analyst x6 252.97
2021 468.00 Analyst x2 331.80
2022 478.00 Analyst x1 302.18
2023 485.41 Est @ 1.55% 273.62
2024 491.00 Est @ 1.15% 246.79
2025 495.30 Est @ 0.88% 221.99
2026 498.67 Est @ 0.68% 199.29
2027 501.39 Est @ 0.55% 178.67
2028 503.65 Est @ 0.45% 160.03
Present value of next 10 years cash flows $2,423.31
DB:PN1 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $503.65 × (1 + 0.23%) ÷ (12.15% – 0.23%)
$4,234.88
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,234.88 ÷ (1 + 12.15%)10
$1,345.63
DB:PN1 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,423.31 + $1,345.63
$3,768.94
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $3,768.94 / 116.58
$32.33
DB:PN1 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:PN1 represents 0.8847x of NasdaqGS:PENN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.8847x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 32.33 x 0.8847
€28.60
Value per share (EUR) From above. €28.60
Current discount Discount to share price of €17.46
= -1 x (€17.46 - €28.60) / €28.60
38.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Penn National Gaming is available for.
Intrinsic value
39%
Share price is €17.46 vs Future cash flow value of €28.6
Current Discount Checks
For Penn National Gaming to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Penn National Gaming's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Penn National Gaming's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Penn National Gaming's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Penn National Gaming's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:PN1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.86
NasdaqGS:PENN Share Price ** NasdaqGS (2019-06-18) in USD $19.74
Germany Hospitality Industry PE Ratio Median Figure of 10 Publicly-Listed Hospitality Companies 18.82x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.63x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Penn National Gaming.

DB:PN1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:PENN Share Price ÷ EPS (both in USD)

= 19.74 ÷ 0.86

22.91x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Penn National Gaming is overvalued based on earnings compared to the DE Hospitality industry average.
  • Penn National Gaming is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Penn National Gaming's expected growth come at a high price?
Raw Data
DB:PN1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.91x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
26.3%per year
Germany Hospitality Industry PEG Ratio Median Figure of 5 Publicly-Listed Hospitality Companies 1.3x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

DB:PN1 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.91x ÷ 26.3%

0.87x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Penn National Gaming is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Penn National Gaming's assets?
Raw Data
DB:PN1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $15.97
NasdaqGS:PENN Share Price * NasdaqGS (2019-06-18) in USD $19.74
Germany Hospitality Industry PB Ratio Median Figure of 13 Publicly-Listed Hospitality Companies 2.04x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.77x
DB:PN1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:PENN Share Price ÷ Book Value per Share (both in USD)

= 19.74 ÷ 15.97

1.24x

* Primary Listing of Penn National Gaming.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Penn National Gaming is good value based on assets compared to the DE Hospitality industry average.
X
Value checks
We assess Penn National Gaming's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Hospitality industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Hospitality industry average (and greater than 0)? (1 check)
  5. Penn National Gaming has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PN1 Future Performance

 How is Penn National Gaming expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
26.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Penn National Gaming expected to grow at an attractive rate?
  • Penn National Gaming's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Penn National Gaming's earnings growth is expected to exceed the Germany market average.
  • Penn National Gaming's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:PN1 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:PN1 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 26.3%
DB:PN1 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 4.7%
Germany Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 18.9%
Germany Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:PN1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:PN1 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 5,756 643 315 1
2021-12-31 5,664 732 295 6
2020-12-31 5,487 643 249 12
2019-12-31 5,303 586 177 12
DB:PN1 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 4,025 412 89
2018-12-31 3,531 353 94
2018-09-30 3,138 423 -203
2018-06-30 3,152 471 551
2018-03-31 3,140 460 514
2017-12-31 3,122 478 473
2017-09-30 3,095 447 817
2017-06-30 3,055 432 71
2017-03-31 3,031 425 84
2016-12-31 3,018 408 101
2016-09-30 3,017 413 87
2016-06-30 2,996 393 49

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Penn National Gaming's earnings are expected to grow significantly at over 20% yearly.
  • Penn National Gaming's revenue is expected to grow by 4.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:PN1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Penn National Gaming Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PN1 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 2.88 2.88 2.88 1.00
2021-12-31 2.50 2.68 2.23 4.00
2020-12-31 2.10 2.30 1.86 10.00
2019-12-31 1.49 1.74 1.37 10.00
DB:PN1 Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.86
2018-12-31 0.96
2018-09-30 -2.22
2018-06-30 6.05
2018-03-31 5.65
2017-12-31 5.21
2017-09-30 9.12
2017-06-30 0.80
2017-03-31 0.99
2016-12-31 1.21
2016-09-30 1.06
2016-06-30 0.60

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Penn National Gaming is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Penn National Gaming's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Penn National Gaming has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PN1 Past Performance

  How has Penn National Gaming performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Penn National Gaming's growth in the last year to its industry (Hospitality).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Penn National Gaming has delivered over 20% year on year earnings growth in the past 5 years.
  • Penn National Gaming's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Penn National Gaming's 1-year earnings growth is negative, it can't be compared to the DE Hospitality industry average.
Earnings and Revenue History
Penn National Gaming's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Penn National Gaming Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PN1 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 4,025.31 89.07 700.28
2018-12-31 3,530.64 93.52 523.55
2018-09-30 3,138.17 -202.51 509.24
2018-06-30 3,152.00 550.71 512.48
2018-03-31 3,140.35 513.80 508.76
2017-12-31 3,121.91 473.46 511.88
2017-09-30 3,094.84 817.16 498.40
2017-06-30 3,054.91 70.54 485.18
2017-03-31 3,031.40 84.33 466.30
2016-12-31 3,018.38 100.65 461.75
2016-09-30 3,016.62 86.83 463.85
2016-06-30 2,996.28 48.53 463.42
2016-03-31 2,930.67 20.36 472.11
2015-12-31 2,838.36 0.62 470.31
2015-09-30 2,755.75 -140.98 462.81
2015-06-30 2,662.40 -160.75 464.89
2015-03-31 2,613.59 -182.66 454.08
2014-12-31 2,590.53 -183.82 445.75
2014-09-30 2,443.00 -703.55 452.35
2014-06-30 2,511.50 -654.60 467.15
2014-03-31 2,620.72 -647.56 488.14
2013-12-31 2,777.89 -592.80 516.14
2013-09-30 3,017.86 93.10 632.74
2013-06-30 3,010.47 96.95 639.22
2013-03-31 2,961.65 162.89 625.74
2012-12-31 2,688.82 146.84 498.50
2012-09-30 2,832.10 190.12 477.89
2012-06-30 2,835.97 210.02 449.17

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Penn National Gaming has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Penn National Gaming used its assets less efficiently than the DE Hospitality industry average last year based on Return on Assets.
  • Penn National Gaming's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Penn National Gaming's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Hospitality industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Penn National Gaming has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PN1 Health

 How is Penn National Gaming's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Penn National Gaming's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Penn National Gaming's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Penn National Gaming's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Penn National Gaming's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Penn National Gaming Company Filings, last reported 2 months ago.

DB:PN1 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,861.81 10,742.83 400.28
2018-12-31 731.22 9,560.64 479.60
2018-09-30 70.46 4,546.30 244.55
2018-06-30 27.76 4,587.64 200.15
2018-03-31 -33.64 4,728.85 218.00
2017-12-31 -73.15 4,789.06 277.95
2017-09-30 260.01 4,871.95 264.91
2017-06-30 -517.53 4,909.28 224.40
2017-03-31 -540.73 4,930.53 259.49
2016-12-31 -543.32 4,932.25 229.51
2016-09-30 -553.86 5,198.34 201.77
2016-06-30 -606.92 5,211.55 221.36
2016-03-31 -649.10 5,254.93 214.24
2015-12-31 -678.04 5,278.71 237.01
2015-09-30 -676.20 5,265.03 223.49
2015-06-30 -686.31 4,859.27 233.12
2015-03-31 -696.63 4,890.64 237.73
2014-12-31 -708.01 4,866.62 208.67
2014-09-30 798.24 1,232.43 230.71
2014-06-30 787.75 1,063.67 251.30
2014-03-31 778.15 1,074.94 287.70
2013-12-31 -550.85 4,582.82 293.00
2013-09-30 2,392.23 2,403.52 267.87
2013-06-30 2,329.62 2,484.33 235.14
2013-03-31 2,318.61 2,627.14 247.70
2012-12-31 2,250.93 2,734.43 260.47
2012-09-30 2,198.88 2,179.01 217.43
2012-06-30 2,143.15 2,109.03 204.13
  • Penn National Gaming's level of debt (364.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (138.1% vs 364.1% today).
  • Debt is not well covered by operating cash flow (6.1%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Penn National Gaming's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Penn National Gaming has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PN1 Dividends

 What is Penn National Gaming's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Penn National Gaming dividends. Estimated to be 0% next year.
If you bought €2,000 of Penn National Gaming shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Penn National Gaming's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Penn National Gaming's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:PN1 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
Germany Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 8.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:PN1 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 0.00 2.00
2020-12-31 0.00 3.00
2019-12-31 0.00 3.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Penn National Gaming has not reported any payouts.
  • Unable to verify if Penn National Gaming's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Penn National Gaming's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Penn National Gaming has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Penn National Gaming's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Penn National Gaming's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Penn National Gaming afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Penn National Gaming has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PN1 Management

 What is the CEO of Penn National Gaming's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tim Wilmott
COMPENSATION $8,878,353
AGE 59
TENURE AS CEO 5.6 years
CEO Bio

Mr. Timothy J. Wilmott, also known as Tim, has been the Chief Executive Officer of Penn National Gaming, Inc. since November 01, 2013. Mr. Wilmott served as President of Penn National Gaming, Inc. from February 04, 2008 to March 29, 2017. Mr. Wilmott served as Chief Operating Officer of Penn National Gaming, Inc. since February 04, 2008 to November 2013. He has over 20 years of experience in managing and developing gaming operations in diverse regulated jurisdictions including Arizona, California, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nevada, New Jersey and North Carolina, as well as internationally. He served as the President of Sun BanCorp. Inc. Mr. Wilmott served as the Chief Operating Officer of Harrah's Entertainment Inc. from January 2003 to January 5, 2007 and served as Eastern Division President from 1997 to January 2003. Prior to that, Mr. Wilmott held various management positions at Harrah’s properties from 1988 through 1997. He served as President and General Manager of Harrah's Atlantic City, Inc. since August 1995. In this role, he oversaw the operations of one of the nation's most profitable land-based casinos. From August 1997 to 2002, he was promoted to the position of Eastern Division President. In this role, he oversaw the operations of eight Harrah's properties in the eastern United States. Mr. Wilmott is Chairman of the American Gaming Association. He has been a Director of American Gaming Association since January 2010 and Penn National Gaming Inc. since September 2014. He served as a Director of Sun BanCorp. Inc. He graduated with distinction from the Wharton School of Business at the University of Pennsylvania, where he received his Masters of Business Administration in Corporate Finance. Mr. Wilmott graduated Magna Cum Laude from Lehigh University, where he earned Masters and Bachelor's degrees in Industrial Engineering. He is Director at Darden Restaurants Inc. since September 19, 2018.

CEO Compensation
  • Tim's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Tim's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Penn National Gaming management team in years:

4.5
Average Tenure
51.5
Average Age
  • The tenure for the Penn National Gaming management team is about average.
Management Team

Tim Wilmott

TITLE
CEO & Director
COMPENSATION
$9M
AGE
59
TENURE
5.6 yrs

Jay Snowden

TITLE
President & COO
COMPENSATION
$5M
AGE
42
TENURE
2.3 yrs

B.J. Fair

TITLE
Executive VP of Finance & CFO
COMPENSATION
$3M
AGE
55
TENURE
2.4 yrs

Carl Sottosanti

TITLE
Executive VP
COMPENSATION
$2M
AGE
53
TENURE
5.3 yrs

Christine LaBombard

TITLE
Senior VP & Chief Accounting Officer
AGE
48
TENURE
0.4 yrs

Richard Primus

TITLE
Senior VP & Chief Information Officer

Joe Jaffoni

TITLE
Investor Relations Contact - JCIR
TENURE
6.4 yrs

Frank Donaghue

TITLE
Chief Compliance Officer & VP of Regulatory Affairs
AGE
50
TENURE
7.9 yrs

Jennifer Weissman

TITLE
Senior VP & Chief Marketing Officer
TENURE
3.6 yrs

Christopher Rogers

TITLE
Senior Vice President of Corporate Development
Board of Directors Tenure

Average tenure and age of the Penn National Gaming board of directors in years:

4.8
Average Tenure
68.5
Average Age
  • The tenure for the Penn National Gaming board of directors is about average.
Board of Directors

David Handler

TITLE
Chairman
COMPENSATION
$310K
AGE
53

Tim Wilmott

TITLE
CEO & Director
COMPENSATION
$9M
AGE
59
TENURE
4.8 yrs

Peter Carlino

TITLE
Chairman Emeritus
COMPENSATION
$425K
AGE
72

Barbara Shattuck Kohn

TITLE
Lead Director
COMPENSATION
$320K
AGE
67

Jane Scaccetti

TITLE
Director
COMPENSATION
$310K
AGE
64
TENURE
4.2 yrs

John Jacquemin

TITLE
Director
COMPENSATION
$320K
AGE
70
TENURE
24.4 yrs

Saul Reibstein

TITLE
Director
COMPENSATION
$295K
AGE
70
TENURE
1.3 yrs

Ronald Naples

TITLE
Director
COMPENSATION
$310K
AGE
72
TENURE
6 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Penn National Gaming insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
15. May 19 Buy William Fair Individual 13. May 19 13. May 19 11,000 €17.40 €191,361
15. May 19 Buy Jay Snowden Individual 13. May 19 13. May 19 10,875 €17.37 €188,896
12. Dec 18 Buy Ronald Naples Individual 10. Dec 18 10. Dec 18 1,000 €19.99 €19,987
06. Dec 18 Buy Ronald Naples Individual 30. Nov 18 30. Nov 18 500 €19.62 €9,808
06. Dec 18 Buy Ronald Naples Individual 04. Dec 18 04. Dec 18 500 €19.49 €9,745
19. Nov 18 Buy Jane Scaccetti Individual 16. Nov 18 16. Nov 18 1,000 €18.75 €18,748
17. Aug 18 Buy Timothy Wilmott Individual 15. Aug 18 15. Aug 18 100,000 €27.25 €2,724,981
02. Aug 18 Buy Jane Scaccetti Individual 31. Jul 18 31. Jul 18 750 €26.82 €20,117
X
Management checks
We assess Penn National Gaming's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Penn National Gaming has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PN1 News

Simply Wall St News

PN1 Company Info

Description

Penn National Gaming, Inc. owns and manages gaming and racing facilities, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through four segments: Northeast, South, West, and Midwest. As of April 17, 2019, it owned, managed, or had ownership interests in 41 facilities in 18 jurisdictions. The company was formerly known as PNRC Corp. and changed its name to Penn National Gaming, Inc. in 1994. Penn National Gaming, Inc. was founded in 1972 and is based in Wyomissing, Pennsylvania.

Details
Name: Penn National Gaming, Inc.
PN1
Exchange: DB
Founded: 1972
$2,054,362,684
116,580,103
Website: http://www.pngaming.com
Address: Penn National Gaming, Inc.
825 Berkshire Boulevard,
Suite 200,
Wyomissing,
Pennsylvania, 19610,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS PENN Common Shares Nasdaq Global Select US USD 26. May 1994
DB PN1 Common Shares Deutsche Boerse AG DE EUR 26. May 1994
Number of employees
Current staff
Staff numbers
25,750
Penn National Gaming employees.
Industry
Casinos and Gaming
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/18 21:23
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/06/14
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.