GLPI

Gaming and Leisure PropertiesNasdaqGS:GLPI Stock Report

Market Cap

US$11.1b

7D

-1.3%

1Y

27.2%

Updated

19 Sep, 2021

Data

Company Financials +
GLPI fundamental analysis
Snowflake Score
Valuation3/6
Future Growth2/6
Past Performance5/6
Financial Health1/6
Dividends4/6

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

Digital Realty Trust

NYSE:DLR

US$46.6b

VICI Properties

NYSE:VICI

US$18.6b

MGM Growth Properties

NYSE:MGP

US$10.7b

EPR Properties

NYSE:EPR

US$3.7b

Price History & Performance

Summary of all time highs, changes and price drops for Gaming and Leisure Properties
Historical stock prices
Current Share PriceUS$47.38
52 Week HighUS$35.10
52 Week LowUS$51.46
Beta1.01
1 Month Change-0.34%
3 Month Change1.65%
1 Year Change27.23%
3 Year Change37.10%
5 Year Change39.35%
Change since IPO15.00%

Recent News & Updates

Aug 31

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.

Jul 26
Here's Why I Think Gaming and Leisure Properties (NASDAQ:GLPI) Might Deserve Your Attention Today

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...

Jun 30

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

GLPIUS REITsUS Market
7D-1.3%-0.3%-0.6%
1Y27.2%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

Is GLPI's price volatile compared to industry and market?
GLPI volatility
GLPI Beta1.01
Industry Beta0.82
Market Beta1

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

FoundedEmployeesCEOWebsite
n/a560Peter Carlinohttps://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

How do Gaming and Leisure Properties's earnings and revenue compare to its market cap?
GLPI fundamental statistics
Market CapUS$11.10b
Earnings (TTM)US$561.44m
Revenue (TTM)US$1.23b

19.8x

P/E Ratio

9.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
GLPI income statement (TTM)
RevenueUS$1.23b
Cost of RevenueUS$107.75m
Gross ProfitUS$1.12b
ExpensesUS$557.83m
EarningsUS$561.44m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)2.47
Gross Margin91.22%
Net Profit Margin45.76%
Debt/Equity Ratio213.2%

How did GLPI perform over the long term?

See historical performance and comparison

Dividends

5.3%

Current Dividend Yield

49%

Payout Ratio

Valuation

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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/19 22:12
End of Day Share Price2021/09/17 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.