DraftKings Inc Ordinary Shares - Class A
DKNG: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$64.00 | Mhwrd | Kjrccvcsf |
DraftKings: Leading Share Not Enough to Warrant a Moat Amid Regulatory and Competition Uncertainty
We have initiated coverage on DraftKings with a $26.50 fair value estimate (though shares trade 10% above our intrinsic value) and a no-moat rating. DraftKings has taken its prowess in fantasy sports, which it established in 2012, and leveraged it into one of the leading revenue shares in the U.S. sports and iGaming market, with it, FanDuel, and no-moat MGM combined holding 70%-80% of the market.