MGM - Penn National Gaming: Great Scale But Not As Good A Bull Case As Some Regional Peers

Valuing companies during the current virus crisis by standard metrics is a dead-end game for investors. Any comparison between what a company produced in EBITDA or EPS for 2019 against 2020 reveals very little about the management’s performance relative to the challenges posed by the blackest of black swans, the Covid-19 virus. That’s why we need to look elsewhere in the active profile of a company’s strategic decision process for a better clue to whether its stock is trading at an attractive entry point, or whether it is overvalued or fully valued. Our case in