Entain - Enters 2021 with good US momentum

Davy Research
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There are no surprises in the Entain results given that its FY20 performance was already well understood (detailed trading update on January 21st). It enters 2021 with decent momentum across its core online and US businesses. Continued progress in the latter will be the primary driver of company valuation in the current year. For FY21, we are likely to reduce our estimates by a low-single- digit percentage, driven by a longer period of retail closures than previously expected.