DB:2GL

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Gaming and Leisure Properties

Executive Summary

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.


Snowflake Analysis

Acceptable track record second-rate dividend payer.


Similar Companies

Share Price & News

How has Gaming and Leisure Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 2GL's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

2.7%

2GL

-3.3%

DE REITs

0.05%

DE Market


1 Year Return

26.9%

2GL

8.1%

DE REITs

3.4%

DE Market

Return vs Industry: 2GL exceeded the German REITs industry which returned 8.1% over the past year.

Return vs Market: 2GL exceeded the German Market which returned 3.4% over the past year.


Shareholder returns

2GLIndustryMarket
7 Day2.7%-3.3%0.05%
30 Day-12.3%-3.9%5.5%
90 Day86.6%6.0%19.9%
1 Year36.3%26.9%8.7%8.1%5.7%3.4%
3 Yearn/a-2.9%-15.8%3.4%-4.7%
5 Yearn/a2.7%-18.1%10.4%-4.5%

Price Volatility Vs. Market

How volatile is Gaming and Leisure Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Gaming and Leisure Properties undervalued compared to its fair value and its price relative to the market?

45.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 2GL (€30) is trading below our estimate of fair value (€55.4)

Significantly Below Fair Value: 2GL is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 2GL is poor value based on its PE Ratio (28x) compared to the DE REITs industry average (8.3x).

PE vs Market: 2GL is poor value based on its PE Ratio (28x) compared to the German market (20.9x).


Price to Earnings Growth Ratio

PEG Ratio: 2GL is poor value based on its PEG Ratio (6x)


Price to Book Ratio

PB vs Industry: 2GL is overvalued based on its PB Ratio (3.7x) compared to the DE REITs industry average (1.5x).


Next Steps

Future Growth

How is Gaming and Leisure Properties forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

4.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 2GL's forecast earnings growth (4.7% per year) is above the savings rate (0.2%).

Earnings vs Market: 2GL's earnings (4.7% per year) are forecast to grow slower than the German market (22.4% per year).

High Growth Earnings: 2GL's earnings are forecast to grow, but not significantly.

Revenue vs Market: 2GL's revenue (2% per year) is forecast to grow slower than the German market (6% per year).

High Growth Revenue: 2GL's revenue (2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 2GL's Return on Equity is forecast to be high in 3 years time (22.6%)


Next Steps

Past Performance

How has Gaming and Leisure Properties performed over the past 5 years?

19.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 2GL has high quality earnings.

Growing Profit Margin: 2GL's current net profit margins (34.3%) are higher than last year (30.5%).


Past Earnings Growth Analysis

Earnings Trend: 2GL's earnings have grown by 19.7% per year over the past 5 years.

Accelerating Growth: 2GL's earnings growth over the past year (17.6%) is below its 5-year average (19.7% per year).

Earnings vs Industry: 2GL earnings growth over the past year (17.6%) underperformed the REITs industry 25.3%.


Return on Equity

High ROE: 2GL's Return on Equity (19.6%) is considered low.


Next Steps

Financial Health

How is Gaming and Leisure Properties's financial position?


Financial Position Analysis

Short Term Liabilities: 2GL's short term assets ($564.1M) exceed its short term liabilities ($98.2M).

Long Term Liabilities: 2GL's short term assets ($564.1M) do not cover its long term liabilities ($6.8B).


Debt to Equity History and Analysis

Debt Level: 2GL's debt to equity ratio (310.8%) is considered high.

Reducing Debt: 2GL had negative shareholder equity 5 years ago, but is now positive and has therefore improved.

Debt Coverage: 2GL's debt is not well covered by operating cash flow (11.6%).

Interest Coverage: 2GL's interest payments on its debt are not well covered by EBIT (2.5x coverage).


Balance Sheet


Next Steps

Dividend

What is Gaming and Leisure Properties's current dividend yield, its reliability and sustainability?

1.38%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: 2GL's dividend (1.38%) is higher than the bottom 25% of dividend payers in the German market (1.25%).

High Dividend: 2GL's dividend (1.38%) is low compared to the top 25% of dividend payers in the German market (3.78%).


Stability and Growth of Payments

Stable Dividend: 2GL has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 2GL has only been paying a dividend for 6 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (95.1%), 2GL's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 2GL's dividends in 3 years are forecast to be thoroughly covered by earnings (0.4% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.3yrs

Average management tenure


CEO

Peter Carlino (74yo)

7.42yrs

Tenure

US$11,433,673

Compensation

Mr. Peter M. Carlino has been Chairman of the Board and Chief Executive Officer of Gaming and Leisure Properties, Inc. since February 2013 and serves as its President. Mr. Carlino has been the President at ...


CEO Compensation Analysis

Compensation vs Market: Peter's total compensation ($USD11.43M) is above average for companies of similar size in the German market ($USD3.71M).

Compensation vs Earnings: Peter's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Peter Carlino
Chairman7.42yrsUS$11.43m5.21% $321.9m
Steven Snyder
Senior VP & CFO2.17yrsUS$3.85m0.23% $14.3m
Matthew Demchyk
Senior Vice President of Investments1.42yrsUS$2.81m0.025% $1.6m
Desiree Burke
Senior VP & Chief Accounting Officer6.25yrsUS$2.41m0.040% $2.5m
Brandon Moore
Senior VP6.5yrsUS$2.47m0.063% $3.9m
Hayes Croushore
Investor Relationsno datano datano data
Steven Ladany
Senior Vice President of Financeno datano datano data
Kara Smith
Senior Vice Presidentno datano datano data
Brad Cohen
Senior Managing Directorno datano datano data

6.3yrs

Average Tenure

55yo

Average Age

Experienced Management: 2GL's management team is seasoned and experienced (6.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Peter Carlino
Chairman7.42yrsUS$11.43m5.21% $321.9m
James Perry
Independent Director3.33yrsUS$290.86k0.0090% $557.7k
Barry Schwartz
Independent Director3.17yrsUS$290.02k0.013% $834.1k
Earl Shanks
Independent Director3.33yrsUS$290.05k0.030% $1.9m
Joseph Marshall
Lead Independent Directorno dataUS$313.80k0.021% $1.3m
Evan Urdang
Independent Director6.75yrsUS$302.55k0.055% $3.4m
Carol Lynton
Independent Director0.58yrno data0.0019% $116.9k

3.3yrs

Average Tenure

70yo

Average Age

Experienced Board: 2GL's board of directors are considered experienced (3.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Gaming and Leisure Properties, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Gaming and Leisure Properties, Inc.
  • Ticker: 2GL
  • Exchange: DB
  • Founded:
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Market Cap: US$7.060b
  • Listing Market Cap: US$6.183b
  • Shares outstanding: 215.12m
  • Website: https://www.glpropinc.com

Number of Employees


Location

  • Gaming and Leisure Properties, Inc.
  • 845 Berkshire Boulevard
  • Suite 200
  • Wyomissing
  • Pennsylvania
  • 19610
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GLPINasdaqGS (Nasdaq Global Select)YesCommon SharesUSUSDOct 2013
2GLDB (Deutsche Boerse AG)YesCommon SharesDEEUROct 2013

Biography

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/15 21:42
End of Day Share Price2020/07/15 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.