Penn Stock Analyst Turns Bullish On ESPN Bet Strength, Casino Improvements: 'Favorable Risk-Reward'
Penn Stock Analyst Turns Bullish On ESPN Bet Strength, Casino Improvements: 'Favorable Risk-Reward'
PENN Entertainment (NASDAQ:PENN) received a Wall Street upgrade Friday on a positive outlook for both its casino and sports betting segments.
佩恩國民博彩（納斯達克：PENN）在週五獲得了華爾街的升級，對其賭場和體育博彩業務的前景持積極態度。
The PENN Analyst: JPMorgan analyst Joseph Greff upgraded shares of Penn from Neutral to Overweight and raised the price target from $19 to $27.
佩恩的分析師：摩根大通的分析師約瑟夫·格雷夫將佩恩的股票評級從中立上調至增持，並將目標價從19美元上調至27美元。
Read Also: PENN Entertainment Stock Climbs Despite Q3 Earnings Miss: What's Going On?
另悉：儘管第三季度收益不及預期，佩恩國民博彩股票仍然上漲：發生了什麼？
The Analyst Takeaways: Penn has a favorable risk-reward going forward, Greff said in a new investor note.
分析師的要點：格雷夫在一份新的投資者報告中表示，佩恩在風險回報方面前景良好。
The analyst said there is a sightline to the "bottoming of its regional land-based casino cashflow generation" and a path to modest growth for its retail projects.
分析師表示，有跡象表明其區域型實體賭場的現金流產生即將觸底，併爲其零售項目的適度增長鋪平了道路。
"In addition, we see reasonably set expectations for near-term Interactive (OSB and iGaming) losses for the 4Q24 and 2025 with buy-side expectations for modestly positive EBITDA generation in 2026," Greff said.
格雷夫表示，「此外，我們看到對2024年第四季度和2025年的互動（OSb和iGaming）損失的合理預期，買方預計2026年將實現適度的正EBITDA。」
Greff said ESPN Bet continues to be one of the biggest drivers for the stock.
格雷夫表示，ESPN投注仍然是推動該股票的最大動力之一。
"We see a scenario of modestly positive segment EBITDA as not priced in the shares and, importantly, is not that much more than PENN's estimated annual market access fees."
「我們看到適度正向的細分EBITDA情景未被股價反映，更重要的是，它並不比佩恩估計的年度市場準入費用高出多少。」
Penn pays Walt Disney Co (NYSE:DIS) for the rights to the ESPN name and brand. Greff said if ESPN Bet is not profitable, the company could shut it down and "milk the $60m-ish of market access fees."
佩恩向華特迪士尼公司（紐交所：DIS）支付費用以獲得ESPN名稱和品牌的使用權。格雷夫表示，如果ESPN Bet未能盈利，公司可能會關閉它並 "榨取6000萬美元左右的市場準入費。"
The analyst said company commentary said monthly active users were up 144% year-over-year for ESPN Bet with average handle per user up 64% month-over-month. Enhancements made by Penn to further integrate the ESPN brand into the platform ahead of the NFL season look to have paid off, the analyst added.
分析師表示，公司評論稱ESPN Bet的月活躍用戶數同比增長了144%，而每位用戶的平均處理額環比增長了64%。分析師補充道，佩恩爲在NFL賽季之前進一步整合ESPN品牌到平台中所做的改進似乎見到了成效。
The analyst said if ESPN Bet isn't successful, there is still value of the company's land-based casinos and market access fees that sportsbooks pay the company, assigning a value of $26 for this segment.
分析師表示，如果ESPN Bet沒有成功，公司仍然擁有價值，包括其土地賭場和體育博彩對公司支付的市場準入費，爲此部分賦予的價值爲26美元。
Penn's $850 million being spent in 2024 and 2025 on four retail growth projects is highlighted by the analyst, which includes replacing a riverboat facility with a land-based casino and hotel, developing a new land-based casino and adding hotels for the Hollywood Columbus and M Resort properties.
分析師指出，佩恩在2024年和2025年將在四個零售增長項目上花費85000萬美元，其中包括用陸基賭場和酒店替換一座遊船設施，開發新的陸地賭場，併爲好萊塢哥倫布和m Resort項目增設酒店。
"Net-net we see a favorable fundamentally driven risk-reward given improving free cash flow ... and shrinking Interactive losses."
「總體來看，由於自由現金流改善和互動虧損縮小，我們看到一個有利的基本面驅動的風險回報。」
PENN Price Action: Penn stock is up 3.60% to $20.73 on Friday versus a 52-week trading range of $13.50 to $27.21. Penn stock is down 20% year-to-date in 2024.
PENN股價動態：佩恩股票在週五上漲了3.60%，達到20.73美元，而52周交易區間爲13.50美元到27.21美元。佩恩股票在2024年至今下跌了20%。
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Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。
