+ Watch PNK
on My Watchlist
The Company is a developer, owner and operator of casinos and related hospitality and entertainment facilities.
80+ PE? Uh... do their slots run on food stamps or something? Who thinks this is a growth business in a depression? Oh, right, CNBC says we'll recover in the latter half of 2009. Sorry, I forgot.
They are growing. In the year-end report, revenues increased 18% and EBITDA increased 38% year over year. The 80 P/E is the result of non cash impairment charges to things like goodwill which is not a real asset anyway, and capital expenditures on new projects. GAAP earnings are a bad way to value companies with large capital expenditures, or those that take non cash impairment charges.
All good points.
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