Penn National Gaming Inc Stock Research

Market Summary

USD27.99+0.32

Market Closed

1.16%

PENN Alerts

Big fall in earnings (Y/Y)

PENN Stock Price

PENN RSI Chart

PENN Valuation

Market Cap

4.4B

Price/Earnings (Trailing)

19.86

Price/Sales (Trailing)

0.69

EV/EBITDA

1.9

Price/Free Cashflow

5.02

PENN Price/Sales (Trailing)

PENN Profitability

EBT Margin

2.74%

Return on Equity

6.17%

Return on Assets

1.27%

Free Cashflow Yield

19.91%

PENN Fundamentals

PENN Revenue

Revenue (TTM)

6.4B

Revenue Y/Y

0.83%

Revenue Q/Q

-2.42%

PENN Earnings

Earnings (TTM)

222.1M

Earnings Y/Y

-53.78%

Earnings Q/Q

-83.16%

Price Action

52 Week Range

25.4945.05

(Low)(High)

Last 7 days

1.3%

Last 30 days

-11.8%

Last 90 days

-8.3%

Trailing 12 Months

-35.2%

PENN Financial Health

Current Ratio

1.74

Debt/Equity

0.75

Debt/Cashflow

0.29

PENN Investor Care

Shares Dilution (1Y)

0.96%

Diluted EPS (TTM)

1.29

Peers (Alternatives to Penn National Gaming)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
MAR	48.6B	20.8B	-8.01%	-8.41%	20.62	2.34	49.91%	114.56%
MGM	15.6B	13.1B	-4.99%	-2.47%	10.58	1.19	35.61%	17.44%
WYNN	12.1B	3.8B	-1.01%	30.98%	-28.51	3.22	-0.18%	43.92%
MID-CAP
CHDN	9.1B	1.8B	-0.21%	6.21%	20.61	5	13.31%	76.40%
MTN	8.9B	2.8B	-8.60%	-12.99%	26.37	3.13	29.86%	54.02%
WH	6.6B	1.5B	-15.18%	-23.37%	18.59	4.4	-4.28%	45.49%
PENN	4.4B	6.4B	-11.76%	-35.16%	19.86	0.69	8.41%	-47.22%
SEAS	3.8B	1.7B	-13.69%	-23.73%	12.91	2.17	15.13%	13.52%
FUN	2.4B	1.8B	-3.76%	-19.73%	7.83	1.32	35.81%	734.13%
SIX	2.0B	1.4B	-14.25%	-44.66%	18.24	1.46	-9.26%	-16.16%
SMALL-CAP
TH	1.5B	431.2M	1.77%	176.22%	34.02	3.56	65.06%	370.62%
MCRI	1.4B	477.9M	-7.91%	-16.98%	15.6	2.86	20.86%	27.73%
GDEN	1.2B	1.1B	2.14%	-28.56%	14.21	1.04	2.30%	-49.10%
FLL	237.4M	176.3M	-30.30%	-29.66%	-85.56	1.31	3.79%	-127.31%
CNTY	213.8M	434.1M	-23.42%	-39.98%	13.38	0.49	18.60%	-31.64%

Financials for Penn National Gaming

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	0.2%	6,402	6,389	6,275	6,194	5,905
S&GA Expenses	-6.0%	1,110	1,181	1,280	1,322	1,353
EBITDA	10.8%	1,465	1,322	1,385	1,500	-
EBITDA Margin	10.6%	0.23*	0.21*	0.22*	0.24*	-
Earnings Before Taxes	-0.5%	175	176	357	527	539
EBT Margin	-0.7%	0.03*	0.03*	0.06*	0.09*	-
Interest Expenses	14.4%	722	631	578	536	515
Net Income	-9.8%	222	246	209	382	421
Net Income Margin	-10.0%	0.03*	0.04*	0.04*	0.06*	-
Free Cahsflow	0.1%	878	877	828	941	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-0.2%	17,502	17,535	17,881	18,071	16,872
Current Assets	-2.2%	2,013	2,059	2,059	2,113	2,224
Cash Equivalents	-6.0%	1,624	1,728	1,708	1,806	1,864
Net PPE	0.0%	4,516	4,517	4,540	4,580	4,582
Goodwill	1.0%	2,690	2,662	2,800	2,847	2,823
Liabilities	-0.1%	13,906	13,919	14,115	14,118	12,775
Current Liabilities	0.9%	1,159	1,148	1,086	1,123	1,133
LT Debt, Current	0.7%	56.00	56.00	56.00	100	100
LT Debt, Non Current	-0.3%	2,721	2,730	2,730	2,694	2,637
Shareholder's Equity	-0.5%	3,598	3,617	3,766	3,953	4,098
Retained Earnings	15.6%	155	134	10.00	-15.90	-86.50
Additional Paid-In Capital	0.4%	4,220	4,202	4,187	4,170	4,240
Shares Outstanding	-4.4%	158	165	168	-	-
Minority Interest	0%	-1.10	-1.10	-0.80	-0.80	-0.70

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	0.1%	878	877	828	941	896
Share Based Compensation	-0.3%	58.00	58.00	53.00	48.00	35.00
Cashflow From Investing	77.2%	-258	-1,132	-1,236	-1,234	-1,221
Cashflow From Financing	-15.2%	-853	-740	-156	41.00	340
Buy Backs	17.8%	601	510	342	175	0.00

Risks for PENN

What is the probability of a big loss on PENN?

100%

Probability that Penn National Gaming stock will be more than 20% underwater in next one year

86.5%

Probability that Penn National Gaming stock will be more than 30% underwater in next one year.

75%

Probability that Penn National Gaming stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does PENN drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Penn National Gaming was unfortunately bought at previous high price.

Drawdowns

Returns for PENN

Cumulative Returns on PENN

8.9%

10-Year Cumulative Returns

9.2%

7-Year Cumulative Returns

1.6%

5-Year Cumulative Returns

28.4%

3-Year Cumulative Returns

What are the long-term rolling returns for PENN?

FIve years rolling returns for Penn National Gaming.

Annualized Returns

Which funds bought or sold PENN recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	added	6.16	49,273	404,273	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-16.22	-113,494	1,079,510	-%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-36.09	-42,000	93,000	-%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	sold off	-100	-	-	-%
2023-02-28	Voya Investment Management LLC	added	87.98	2,752,280	5,426,280	0.01%
2023-02-27	Parallax Volatility Advisers, L.P.	reduced	-14.51	-434,510	5,199,490	0.01%
2023-02-24	SRS Capital Advisors, Inc.	new	-	891	891	-%
2023-02-22	CVA Family Office, LLC	reduced	-21.95	-1,248	4,752	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	added	10.16	276,000	1,733,000	0.02%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-37.31	-203,656	426,344	0.01%

Latest Funds Activity

Are funds buying PENN calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own PENN

No. of Funds

PENN Alerts

Big fall in earnings (Y/Y)

Penn National Gaming News

Schedule 13G FIlings of Penn National Gaming

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	hg vora capital management, llc	6.6%	10,250,000	SC 13G
Feb 14, 2023	bamco inc /ny/	4.59%	7,126,507	SC 13G/A
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 09, 2023	vanguard group inc	9.21%	14,290,117	SC 13G/A
Feb 02, 2023	invesco ltd.	3.3%	5,129,187	SC 13G/A
Jan 24, 2023	blackrock inc.	9.6%	14,940,346	SC 13G/A
Feb 14, 2022	bamco inc /ny/	5.87%	9,952,599	SC 13G/A
Feb 14, 2022	invesco ltd.	7.0%	11,839,358	SC 13G
Feb 10, 2022	vanguard group inc	10.53%	17,857,600	SC 13G/A
Feb 09, 2022	fmr llc	-	0	SC 13G/A

PENN Fair Value

Penn National Gaming fair value in different scenarios

The table shows the Fair Value estimates for Penn National Gaming for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	- -	- -	- -	- -	- -
Current Inflation	20.93 -25.22%	25.57 -8.65%	34.46 23.12%	44.51 59.02%	52.12 86.21%
Very High Inflation	- -	- -	- -	- -	- -

Historical Penn National Gaming Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Penn National Gaming

View All Filings

Date Filed	Form Type	Document
Mar 14, 2023	4	Insider Trading
Mar 10, 2023	4	Insider Trading
Mar 10, 2023	4	Insider Trading
Mar 10, 2023	4	Insider Trading
Mar 10, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Feb 23, 2023	10-K	Annual Report

Latest Insider Trading transactions for PENN

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-14	LaBombard Christine	acquired	-	-	5,053	svp and cao
2023-03-14	LaBombard Christine	sold	-	-	-5,053	svp and cao
2023-03-09	LaBombard Christine	sold (taxes)	-49,002	30.1	-1,628	svp and cao
2023-03-09	George Todd	sold (taxes)	-252,358	30.1	-8,384	evp, operations
2023-03-09	Rogers Christopher Byron	sold (taxes)	-97,102	30.1	-3,226	evp and chief strategy officer
2023-03-08	Snowden Jay A	back to issuer	-	-	-48.00	president and ceo
2023-03-08	Snowden Jay A	acquired	-	-	38,301	president and ceo
2023-02-28	Rogers Christopher Byron	acquired	-	-	5,627	evp and chief strategy officer
2023-02-28	George Todd	acquired	-	-	19,275	evp, operations
2023-02-28	Hendrix Felicia	back to issuer	-	-	-9.00	evp and cfo

About Penn National Gaming

Jay A. Snowden

www.pngaming.com

22000

Penn National Gaming, Inc., together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals. It operates through five segments: Northeast, South, West, Midwest, Interactive. The company offers casino gaming, online gaming, live racing, sports betting, and digital sports content. As of December 31, 2021, the company owned, managed, or had ownership interests in 44 gaming and racing properties in 20 states. It owns various trademarks and service marks, including, Ameristar, Argosy, Boomtown, Greektown, Hollywood Casino, Hollywood Gaming, Tropicana Las Vegas, L'Auberge, M Resort, and My Choice. 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.

PENN Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 6,401.7	$ 5,905.0	$ 3,578.7
Operating expenses
General and administrative	1,110.4	1,352.9	1,130.8
Depreciation and amortization	567.5	344.5	366.7
Impairment losses	118.2	0.0	623.4
Total operating expenses	5,427.7	4,845.4	3,988.9
Operating income (loss)	974.0	1,059.6	(410.2)
Other income (expenses)
Interest expense, net	(758.2)	(562.8)	(544.1)
Interest income	18.3	1.1	0.9
Income from unconsolidated affiliates	23.7	38.7	13.8
Loss on early extinguishment of debt	(10.4)	0.0	(1.2)
Other	(72.1)	2.5	106.6
Total other expenses	(798.7)	(520.5)	(424.0)
Income (loss) before income taxes	175.3	539.1	(834.2)
Income tax benefit (expense)	46.4	(118.6)	165.1
Net income (loss)	221.7	420.5	(669.1)
Less: Net (income) loss attributable to non-controlling interest	0.4	0.3	(0.4)
Net income (loss) attributable to PENN Entertainment	$ 222.1	$ 420.8	$ (669.5)
Earnings (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ 1.37	$ 2.64	$ (5.00)
Diluted earnings (loss) per share (in dollars per share)	$ 1.29	$ 2.48	$ (5.00)
Weighted-average common shares outstanding - basic (in shares)	161.2	158.7	134.0
Weighted-average common shares outstanding - diluted (in shares)	176.6	175.5	134.0
Gaming
Revenues
Total revenues	$ 5,201.7	$ 4,945.3	$ 3,051.1
Operating expenses
Cost of revenue	2,864.4	2,540.7	1,530.3
Food, beverage, hotel and other
Revenues
Total revenues	1,200.0	959.7	527.6
Operating expenses
Cost of revenue	$ 767.2	$ 607.3	$ 337.7

PENN Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 1,624.0	$ 1,863.9
Accounts receivable, net	246.4	195.0
Prepaid expenses	106.1	132.3
Other current assets	36.9	32.4
Total current assets	2,013.4	2,223.6
Property and equipment, net	4,515.5	4,582.2
Investment in and advances to unconsolidated affiliates	248.6	255.1
Goodwill	2,689.5	2,822.5
Other intangible assets, net	1,738.9	1,872.6
Lease right-of-use assets	6,103.3	4,853.0
Other assets	192.9	263.1
Total assets	17,502.1	16,872.1
Current liabilities
Accounts payable	40.1	53.3
Current maturities of long-term debt	56.2	99.5
Current portion of financing obligations	63.4	39.0
Current portion of lease liabilities	194.3	142.9
Accrued expenses and other current liabilities	804.7	798.5
Total current liabilities	1,158.7	1,133.2
Long-term debt, net of current maturities, debt discount, and debt issuance costs	2,721.3	2,637.3
Long-term portion of financing obligations	3,970.7	4,057.8
Long-term portion of lease liabilities	5,903.0	4,628.6
Deferred income taxes	33.9	189.1
Other long-term liabilities	117.9	129.0
Total liabilities	13,905.5	12,775.0
Commitments and contingencies (Note 13)
Stockholders’ equity
Treasury stock, at cost, (19,728,681 and 2,167,393 shares)	(629.5)	(28.4)
Additional paid-in capital	4,220.2	4,239.6
Retained earnings (accumulated deficit)	154.5	(86.5)
Accumulated other comprehensive loss	(168.6)	(54.4)
Total PENN Entertainment stockholders’ equity	3,597.7	4,097.8
Non-controlling interest	(1.1)	(0.7)
Total stockholders’ equity	3,596.6	4,097.1
Total liabilities and stockholders’ equity	17,502.1	16,872.1
Series B Preferred Stock
Stockholders’ equity
Preferred stock	0.0	0.0
Series C Preferred Stock
Stockholders’ equity
Preferred stock	0.0	0.0
Series D Preferred Stock
Stockholders’ equity
Preferred stock	19.4	25.8
Common Stock, Non-Exchangeable
Stockholders’ equity
Common stock	1.7	1.7
Common Stock, Exchangeable
Stockholders’ equity
Common stock	$ 0.0	$ 0.0