PENN Entertainment Inc

PENN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$11.00	Jpj	Glvqzsyyf

Penn Earnings: Nov. 14 ESPN Bet Launch in Focus, as Regional Competition Remains Intense

Dan Wasiolek

Nov 2, 2023

No-moat Penn's shares popped 15% from oversold conditions as investors eagerly await the Nov. 14 launch of ESPN Bet. We plan to lower our $29 fair value estimate by around $2 to account for largely near-term investments behind the ESPN partnership. We view shares as undervalued and think investors have too much angst over the company's debt position, which we view as manageable.

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