PENN Entertainment Inc

PENN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$27.00	Ngn	Jvhgqlh

Penn Earnings: ESPN Partnership Upgrades the Company’s Long-Term Digital Position

Dan Wasiolek

Aug 9, 2023

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.

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