Discounted Cash Flow

Penn Entertainment, Inc.

PENN · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $3.0b $-0 $386.1m -0.0% $1.21
2017 $3.1b (3.7%) $-0 $434.0m (12.4%) -0.0% $5.21 (330.6%)
2018 $3.6b (14.0%) $5.0k $260.2m (-40.0%) 0.0% $0.96 (-81.6%)
2019 $5.3b (47.8%) $800.0k (15900.0%) $513.3m (97.2%) 0.0% (10728.6%) $0.38 (-60.4%)
2020 $3.6b (-32.5%) $-400.0k (-150.0%) $201.8m (-60.7%) -0.0% (-174.1%) $-5.00 (-1415.8%)
2021 $5.9b (65.0%) $300.0k (175.0%) $652.0m (223.1%) 0.0% (145.5%) $2.64 (152.8%)
2022 $6.4b (8.4%) $400.0k (33.3%) $614.8m (-5.7%) 0.0% (23.0%) $1.37 (-48.1%)
2023 $6.4b (-0.6%) $1.4m (250.0%) $95.9m (-84.4%) 0.0% (252.1%) $-3.22 (-335.0%)
2024 $6.6b (3.4%) $1.8m (28.6%) $-123.4m (-228.7%) 0.0% (24.4%) $-2.05 (36.3%)
2025 $7.0b (5.8%) $2.2m (22.2%) $-139.5m (-13.0%) 0.0% (15.5%) $-5.83 (-184.4%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model