Rational Investing

	Total Market Capitalization of All Firms	$128,326 mm
	Average Market Capitalization	$10,694 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.7
	Standard Deviation of MM Ratio	0.6
	Average Beta	1.6
	Average EV To Revenue	3.2
	Average EV To EBITDAM	23.8
	Average Price To Free Cash Flow	29.0

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
PENN	Penn National Gaming Inc.	2.58	3,623	1.3	30.9	15.5	7	2.4	Mar 20
0027.HK	Galaxy Entertainment Group Lim	2.37	30,561	4.4	54.7	30	5	1.5	Dec 19
ERI	Eldorado Resorts Inc	2.37	3,192	3.3	41.2	14.8	-20	2.4	Mar 20
MLCO	Melco Resorts & Entertainment	2.34	8,188	3.4	16.6	30	-25	0.8	Mar 20
MTN	Vail Resorts Inc.	2.01	7,349	4.2	26.3	16.7	-6	1.2	Apr 20
WYNN	Wynn Resorts Ltd	1.89	8,324	4.5	77.3	30	-25	1.5	Mar 20
LVS	Las Vegas Sands Corp.	1.66	35,812	4.9	46.3	30	-28	1.5	Mar 20
MGM	MGM Resorts International	1.32	9,057	2.3	16.9	30	-24	2.1	Mar 20
2282.HK	MGM China Holdings Ltd	1.14	4,942	0.8	10.1	34.0	15	1.5	Dec 19
CZR	Caesars Entertainment Corp	1.12	8,274	4.2	12.3	30	-16	1.8	Mar 20
G13.SI	Genting Singapore PLC	1.08	6,782	2.9	2	11.8	-3	0.8	Dec 19
BYD	Boyd Gaming Corp.	0.92	2,221	1.9	13.2	13.3	-18	2.1	Mar 20