NasdaqGS:GLPI

Stock Analysis Report

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

Fundamentals

Fair value with acceptable track record.


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


Market Performance


7 Day Return

0.5%

GLPI

1.5%

US REITs

0.4%

US Market


1 Year Return

12.2%

GLPI

19.9%

US REITs

6.9%

US Market

Return vs Industry: GLPI underperformed the US REITs industry which returned 19.9% over the past year.

Return vs Market: GLPI exceeded the US Market which returned 6.9% over the past year.


Shareholder returns

GLPIIndustryMarket
7 Day0.5%1.5%0.4%
30 Day-0.05%1.6%-1.1%
90 Day3.0%7.8%-0.5%
1 Year20.7%12.2%25.2%19.9%9.3%6.9%
3 Year46.8%17.9%36.0%18.6%45.8%36.4%
5 Year76.3%21.2%64.7%30.0%62.9%45.1%

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

Valuation

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

43.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: GLPI ($38.77) is trading below our estimate of fair value ($68.35)

Significantly Undervalued: GLPI is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: GLPI is good value based on its PE Ratio (24.7x) compared to the REITs industry average (36.2x).

PE vs Market: GLPI is poor value based on its PE Ratio (24.7x) compared to the US market (17.6x).


Price to Earnings Growth Ratio

Low PEG Ratio: GLPI is poor value based on its PEG Ratio (3.4x)


Price to Book Ratio

PB vs Industry: GLPI is overvalued based on its PB Ratio (3.9x) compared to the US REITs industry average (2x).


Next Steps

Future Growth

How is Gaming and Leisure Properties forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

7.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GLPI's forecast earnings growth (7.3% per year) is above the savings rate (2.7%).

Earnings vs Market: GLPI's earnings (7.3% per year) are forecast to grow slower than the US market (14.6% per year).

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

Revenue vs Market: GLPI's revenue (1% per year) is forecast to grow slower than the US market (7.2% per year).

High Growth Revenue: GLPI's revenue (1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: GLPI's Return on Equity is forecast to be high in 3 years time (25.3%)


Next Steps

Past Performance

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

26.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: GLPI's earnings have grown significantly by 26.7% per year over the past 5 years.

Accelerating Growth: GLPI's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: GLPI had negative earnings growth (-11.1%) over the past year, making it difficult to compare to the REITs industry average (17.6%).


Return on Equity

High ROE: GLPI's Return on Equity (15.6%) is considered low.


Return on Assets

ROA vs Industry: GLPI has a higher Return on Assets than the REITs industry average last year.


Return on Capital Employed

ROCE Improving: GLPI has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Gaming and Leisure Properties's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: GLPI has a high level of physical assets or inventory.

Debt Coverage by Assets: GLPI's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

Asset Level: GLPI's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if GLPI has a sufficient allowance for bad loans.

Low Risk Liabilities: GLPI reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if GLPI has an acceptable proportion of non-loan assets held.

Low Risk Deposits: GLPI has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if GLPI has an appropriate level of bad loans.


Next Steps

Dividend

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

7.02%

Current Dividend Yield


Dividend Yield vs Market

company7.0%marketbottom25%1.4%markettop25%3.7%industryaverage3.6%forecastin3Years7.2%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: GLPI's dividend (7.02%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: GLPI's dividend (7.02%) is in the top 25% of dividend payers in the US market (3.73%)

Stable Dividend: Whilst dividend payments have been stable, GLPI has been paying a dividend for less than 10 years.

Growing Dividend: GLPI's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (107.4%), GLPI's dividend payments are not well covered by earnings.


Future Payout to Shareholders

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


Next Steps

Management

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

5.5yrs

Average management tenure


CEO

Peter Carlino (73yo)

6.7yrs

Tenure

US$12,448,237

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 ($USD12.45M) is about average for companies of similar size in the US market ($USD6.81M).

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


Management Age and Tenure

5.5yrs

Average Tenure

56yo

Average Age

Experienced Management: GLPI's management team is seasoned and experienced (5.5 years average tenure).


Board Age and Tenure

2.6yrs

Average Tenure

69yo

Average Age

Experienced Board: GLPI's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: GLPI insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$187,85020 Aug 19
Matthew Demchyk
EntityIndividual
Role
Chief Investment Officer
Senior Vice President of Investments
Shares5,000
Max PriceUS$37.57
BuyUS$146,00001 Mar 19
Matthew Demchyk
EntityIndividual
Role
Chief Investment Officer
Senior Vice President of Investments
Shares4,000
Max PriceUS$36.50
BuyUS$36,49022 Feb 19
Matthew Demchyk
EntityIndividual
Role
Chief Investment Officer
Senior Vice President of Investments
Shares1,000
Max PriceUS$36.49
BuyUS$171,35014 Dec 18
Evan Urdang
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5,000
Max PriceUS$34.27
BuyUS$33,33021 Nov 18
Joseph Marshall
EntityIndividual
Role
Lead Director
Lead Independent Director
Shares1,000
Max PriceUS$33.33
BuyUS$368,50013 Nov 18
David Handler
EntityIndividual
Shares11,000
Max PriceUS$33.50
BuyUS$472,08006 Nov 18
Evan Urdang
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares14,000
Max PriceUS$33.72

Ownership Breakdown


Management Team

  • Peter Carlino (73yo)

    Chairman

    • Tenure: 6.7yrs
    • Compensation: US$12.45m
  • Desiree Burke (54yo)

    Senior VP & Chief Accounting Officer

    • Tenure: 5.5yrs
    • Compensation: US$2.34m
  • Matthew Demchyk

    Senior Vice President of Investments

    • Tenure: 0.7yrs
  • Steven Snyder (58yo)

    Senior VP & CFO

    • Tenure: 1.4yrs
    • Compensation: US$3.85m
  • Brandon Moore (44yo)

    Senior VP

    • Tenure: 5.8yrs
    • Compensation: US$2.38m
  • Kara Smith

    Senior Vice President

    • Tenure: 0yrs
  • Hayes Croushore

    Investor Relations

    • Tenure: 0yrs
  • Brad Cohen

    Senior Managing Director

    • Tenure: 0yrs
  • Steven Ladany

    Senior Vice President of Finance

    • Tenure: 0yrs

Board Members

  • Jim Perry (69yo)

    Independent Director

    • Tenure: 2.6yrs
    • Compensation: US$283.34k
  • Peter Carlino (73yo)

    Chairman

    • Tenure: 6.7yrs
    • Compensation: US$12.45m
  • Barry Schwartz (70yo)

    Independent Director

    • Tenure: 2.4yrs
    • Compensation: US$287.51k
  • Earl Shanks (62yo)

    Independent Director

    • Tenure: 2.6yrs
    • Compensation: US$287.51k
  • Chip Marshall (66yo)

    Lead Independent Director

    • Tenure: 0yrs
    • Compensation: US$312.30k
  • Evan Urdang (69yo)

    Independent Director

    • Tenure: 6yrs
    • Compensation: US$302.51k

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: GLPI
  • Exchange: NasdaqGS
  • Founded:
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Market Cap: US$8.323b
  • Shares outstanding: 214.68m
  • 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 a ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/20 00:34
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.