| Snowflake Score | |
|---|---|
| Valuation | 3/6 |
| Future Growth | 2/6 |
| Past Performance | 5/6 |
| Financial Health | 1/6 |
| Dividends | 4/6 |
GLPI Overview
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.
Gaming and Leisure Properties Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$47.38 |
| 52 Week High | US$35.10 |
| 52 Week Low | US$51.46 |
| Beta | 1.01 |
| 1 Month Change | -0.34% |
| 3 Month Change | 1.65% |
| 1 Year Change | 27.23% |
| 3 Year Change | 37.10% |
| 5 Year Change | 39.35% |
| Change since IPO | 15.00% |
Recent News & Updates
Casino REITs: New King Of Vegas
VICI Properties is the new King of Vegas following a blockbuster $17B acquisition of fellow casino REIT MGM Growth Properties, combining to form one of the world's largest real estate owners. The mega-merger will give the combined firm a dominant competitive position in the critical Las Vegas market and appears to be a win-win for both VICI and MGP shareholders. Despite their strong returns since emerging in the mid-2010s and steady performance throughout the pandemic, casino REITs have traded at persistent discounts relative to their net lease REIT peers. Thriving in a "lower for longer" environment, casino REITs' "bond-like" lease structure does result in elevated risks from inflation and interest rates, and the sector is not entirely immune from COVID risks. With an average dividend yield above 5%, we view casino REITs as a more compelling - and perhaps "under the radar" - alternative to other seemingly "cheap" sectors facing stiffer secular headwinds.
Here's Why I Think Gaming and Leisure Properties (NASDAQ:GLPI) Might Deserve Your Attention Today
Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling...
Gaming And Leisure Properties Is A Good Growth Story
Prior to the COVID-19 pandemic, Gaming and Leisure Properties exhibited attractive growth. The crisis slowed things down, but the company looks, as a whole, quite robust at the moment. Shares are also attractively priced and indicate nice upside potential moving forward.
Shareholder Returns
| GLPI | US REITs | US Market | |
|---|---|---|---|
| 7D | -1.3% | -0.3% | -0.6% |
| 1Y | 27.2% | 32.5% | 33.8% |
Return vs Industry: GLPI underperformed the US REITs industry which returned 32.5% over the past year.
Return vs Market: GLPI underperformed the US Market which returned 33.8% over the past year.
Price Volatility
| GLPI volatility | |
|---|---|
| GLPI Beta | 1.01 |
| Industry Beta | 0.82 |
| Market Beta | 1 |
Stable Share Price: GLPI is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: GLPI's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| n/a | 560 | Peter Carlino | https://www.glpropinc.com |
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.
Gaming and Leisure Properties Fundamentals Summary
| GLPI fundamental statistics | |
|---|---|
| Market Cap | US$11.10b |
| Earnings (TTM) | US$561.44m |
| Revenue (TTM) | US$1.23b |
19.8x
P/E Ratio9.0x
P/S RatioIs GLPI overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| GLPI income statement (TTM) | |
|---|---|
| Revenue | US$1.23b |
| Cost of Revenue | US$107.75m |
| Gross Profit | US$1.12b |
| Expenses | US$557.83m |
| Earnings | US$561.44m |
Last Reported Earnings
Jun 30, 2021
Next Earnings Date
n/a
| Earnings per share (EPS) | 2.47 |
| Gross Margin | 91.22% |
| Net Profit Margin | 45.76% |
| Debt/Equity Ratio | 213.2% |
How did GLPI perform over the long term?
See historical performance and comparisonDividends
5.3%
Current Dividend Yield49%
Payout RatioValuation
Is Gaming and Leisure Properties undervalued compared to its fair value and its price relative to the market?
41.5%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: GLPI ($47.38) is trading below our estimate of fair value ($81.04)
Significantly Below Fair Value: 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 (19.8x) compared to the US REITs industry average (50.1x).
PE vs Market: GLPI is poor value based on its PE Ratio (19.8x) compared to the US market (17.8x).
Price to Earnings Growth Ratio
PEG Ratio: GLPI is poor value based on its PEG Ratio (4.5x)
Price to Book Ratio
PB vs Industry: GLPI is overvalued based on its PB Ratio (4.1x) compared to the US REITs industry average (2x).
Future Growth
How is Gaming and Leisure Properties forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?
4.4%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: GLPI's forecast earnings growth (4.4% per year) is above the savings rate (2%).
Earnings vs Market: GLPI's earnings (4.4% per year) are forecast to grow slower than the US market (14.8% per year).
High Growth Earnings: GLPI's earnings are forecast to grow, but not significantly.
Revenue vs Market: GLPI's revenue is expected to decline over the next 3 years (-1.3% per year).
High Growth Revenue: GLPI's revenue is forecast to decline over the next 3 years (-1.3% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: GLPI's Return on Equity is forecast to be high in 3 years time (22.5%)
Past Performance
How has Gaming and Leisure Properties performed over the past 5 years?
12.7%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: GLPI has high quality earnings.
Growing Profit Margin: GLPI's current net profit margins (45.8%) are higher than last year (36.9%).
Past Earnings Growth Analysis
Earnings Trend: GLPI's earnings have grown by 12.7% per year over the past 5 years.
Accelerating Growth: GLPI's earnings growth over the past year (35.8%) exceeds its 5-year average (12.7% per year).
Earnings vs Industry: GLPI earnings growth over the past year (35.8%) exceeded the REITs industry 3.9%.
Return on Equity
High ROE: Whilst GLPI's Return on Equity (20.8%) is high, this metric is skewed due to their high level of debt.
Financial Health
How is Gaming and Leisure Properties's financial position?
Financial Position Analysis
Short Term Liabilities: GLPI's short term assets ($292.7M) exceed its short term liabilities ($85.5M).
Long Term Liabilities: GLPI's short term assets ($292.7M) do not cover its long term liabilities ($6.3B).
Debt to Equity History and Analysis
Debt Level: GLPI's debt to equity ratio (213.2%) is considered high.
Reducing Debt: GLPI's debt to equity ratio has increased from 189.1% to 213.2% over the past 5 years.
Debt Coverage: GLPI's debt is not well covered by operating cash flow (10.4%).
Interest Coverage: GLPI's interest payments on its debt are not well covered by EBIT (2.9x coverage).
Balance Sheet
Dividend
What is Gaming and Leisure Properties's current dividend yield, its reliability and sustainability?
5.28%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: GLPI's dividend (5.28%) is higher than the bottom 25% of dividend payers in the US market (1.33%).
High Dividend: GLPI's dividend (5.28%) is in the top 25% of dividend payers in the US market (3.6%)
Stability and Growth of Payments
Stable Dividend: GLPI has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: GLPI's dividend payments have increased, but the company has only paid a dividend for 8 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (48.6%), GLPI's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: GLPI's dividends in 3 years are forecast to be covered by earnings (81.2% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
7.4yrs
Average management tenure
CEO
Peter Carlino (75 yo)
7.83yrs
Tenure
US$11,665,763
Compensation
Mr. Peter M. Carlino has been the Chairman of the Board and Chief Executive Officer of Gaming and Leisure Properties, Inc. since November 2013 and serves as its President. He serves as Principal Financial...
CEO Compensation Analysis
Compensation vs Market: Peter's total compensation ($USD11.67M) is about average for companies of similar size in the US market ($USD11.33M).
Compensation vs Earnings: Peter's compensation has been consistent with company performance over the past year.
Leadership Team
Experienced Management: GLPI's management team is seasoned and experienced (7.4 years average tenure).
Board Members
Experienced Board: GLPI's board of directors are considered experienced (4.5 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 been diluted in the past year, with total shares outstanding growing by 7.6%.
Top Shareholders
Company Information
Gaming and Leisure Properties, Inc.'s employee growth, exchange listings and data sources
Key Information
- Name: Gaming and Leisure Properties, Inc.
- Ticker: GLPI
- Exchange: NasdaqGS
- Founded: NaN
- Industry: Specialized REITs
- Sector: Real Estate
- Market Cap: US$11.101b
- Shares outstanding: 234.30m
- 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
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/09/19 22:12 |
| End of Day Share Price | 2021/09/17 00:00 |
| Earnings | 2021/06/30 |
| Annual Earnings | 2020/12/31 |
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.