GDEN - Golden Entertainment called a deleveraging story by Union Gaming

Union Gaming reiterates a Buy rating on Golden Entertainment (GDEN) and lifts its price target to $22 after taking in the casino operator's Q3 earnings report. "GDEN is one of a few companies in our coverage universe that required no external capital during the COVID closures, leaving its cap structure virtually in the same condition as it was at the beginning the year. With Adjusted EBITDA in 3Q20 above prior year levels and more to come as STRAT continues to recover and Nevada bars ramp after an extend closure, GDEN is in a position to resume its rapid deleveraging," writes analyst John DeCree. Union Gaming's $22PT is based on a 7.5X multiple to the new 2022 EBITDA estimate and implies a free cash flow yield of ~20%. The average Wall Street PT is $21.50.Dig into Golden Entertainment's Q3 earnings report

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Golden Entertainment called a deleveraging story by Union Gaming