PENN Entertainment Inc
PENN: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$14.00 | Xchj | Xgtnsvtd |
Penn Earnings: ESPN Partnership Upgrades the Company’s Long-Term Digital Position
We have raised our fair value estimate on no-moat Penn to $29 per share from $27 on expected higher digital revenue and EBITDAR due to an exclusive 10-year partnership with ESPN (with another 10-year renewal option). Shares were up 10%-15% on the announcement, leaving them fairly valued.