Score Media and Gaming Inc. TSCRD

PENN analyst target $120..would equal to $45.80/Score share

[pigsandsheep]

See below analyst projection of Penn to $120...that would mean that the .24/share of Penn that score shareholders would get would be worth $28.8 plus the $17 in cash for a total of $45 of value for SCR.

PENN reported a broad-based EBITDAR beat (even ahead of its pre-release), but all attention was focused on the acquisition of Canadian based operator theScore (SCR, NR) for ~US$2.0B. We remain bullish on PENN's Interactive opportunity with clear revenue and cost synergies with the addition of theScore to the Barstool Sportsbook and brand. While valuation is high relative to theScore today, we see them as a meaningful player in the emerging Canadian market and think PENN management has proven themselves as disciplined stewards of capital (see the Barstool deal most recently). We tweak forward estimates with no major changes (estimates exclude SCR for now). PT moves to $120 (from $115) on Canadian upside from the deal.