2025-06-16-Jefferies-恩泰因（ENT）_BetMGM指引升级_7页_107kb

Entain Equity Research Summary:

This report from Jefferies provides an upgrade to BetMGM's FY2025 financial guidance, leading to a "Buy" rating. Key highlights include an updated NGR (Net Revenue Growth) projection at $2,600m or more, previously $2,400-2,600m, and an EBITDA expectation of at least $100m, significantly higher than previous estimates. The price target is set at 1,140p, representing a 52% upside from the high-low range. Entain is described as a multinational sports betting and gaming company with brands like Ladbrokes and Coral, holding a 50/50 joint venture with MGM in the US. Valuation shows an EV/EBITDA multiple of 8.4x for FY2025, but risks include regulatory concerns, limited consumer adoption, and regulatory overhang in the UK. Analysts, such as James Wheatcroft and David Katz, confirmed positive sentiment based on strong performance, with a next update scheduled for BetMGM's 2Q2025 results on July 29.