PENN Entertainment Inc

PENN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$71.00	Xhsbc	Yscbdmng

Penn Entertainment Earnings: Digital Business Shows Improved Sales and EBITDA; Shares Undervalued

Dan Wasiolek

Aug 8, 2024

No-moat Penn’s shares increased around 6% during Aug. 8 trading, as the company’s interactive division posted solid second-quarter revenue and improving EBITDA losses. With digital performance tracking in line with our preprint model, we don’t expect a meaningful change to our $22 fair value estimate. Despite the move higher, shares remain undervalued, although we expect performance to remain volatile amid a still intense competitive online gaming environment.

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