GLPI — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($49.66)
DCF	$47.57	-4.2%
Graham Number	$32.94	-33.7%
Reverse DCF	—	implied g: 19.7%
DDM	$64.27	+29.4%
EV/EBITDA	$50.26	+1.2%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $520.28M

Near-term growth (yrs 1–5)(%)Rev: 4.5% / EPS: 19.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.24%

Computed WACC: 5.24%

Cost of equity (Re)8.03%(Rf 4.30% + β 0.68 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)65.20%

Debt weight (D/V)34.80%

Results

Intrinsic Value / share$164.14

Current Price$49.66

Upside / Downside+230.6%

Net Debt (used)$7.28B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	11.2%	15.2%	19.2%	23.2%	27.2%
7.0%	$53.78	$68.35	$85.03	$104.05	$125.64
8.0%	$38.07	$49.62	$62.83	$77.88	$94.96
9.0%	$27.26	$36.74	$47.57	$59.90	$73.88
10.0%	$19.39	$27.36	$36.46	$46.81	$58.55
11.0%	$13.42	$20.25	$28.04	$36.89	$46.92

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $2.95

Book Value / share($)Yahoo: $16.35

Results

Graham Number$32.94

Current Price$49.66

Margin of Safety-33.7%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.24%

Terminal growth rate(%)

Computed WACC: 5.24%

Cost of equity (Re)8.03%(Rf 4.30% + β 0.68 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)65.20%

Debt weight (D/V)34.80%

Results

Current Price$49.66

Implied Near-term FCF Growth4.7%

Historical Revenue Growth4.5%

Historical Earnings Growth19.2%

Base FCF (TTM)$520.28M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $3.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$64.27

Current Price$49.66

Upside / Downside+29.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.48B

Target EV/EBITDA multipleCurrent: 14.5×

Net Debt($B)Default: $7.28B

Results

Implied Equity Value / share$50.26

Current Price$49.66

Upside / Downside+1.2%

Implied EV$21.52B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$3.28B	$5.28B	$7.28B	$9.28B	$11.28B
10.5x	$43.42	$36.36	$29.30	$22.23	$15.17
12.5x	$53.90	$46.84	$39.78	$32.72	$25.65
14.5x	$64.38	$57.32	$50.26	$43.20	$36.14
16.5x	$74.86	$67.80	$60.74	$53.68	$46.62
18.5x	$85.34	$78.28	$71.22	$64.16	$57.10

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