Overlooked Alpha

Overlooked Alpha

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Overlooked Alpha
Overlooked Alpha
Research Notes: Lincoln And PENN Soar
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Research Notes

Research Notes: Lincoln And PENN Soar

We update on a pair of names that made big moves this week

Wall Street and Main
Aug 10, 2023
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Overlooked Alpha
Overlooked Alpha
Research Notes: Lincoln And PENN Soar
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Highlights:

  • Lincoln Educational provides an interesting case study in why valuation is necessary, but not sufficient, in small-cap investing.

  • But a big quarter from the business sets the stage for more gains ahead.

  • The agreement between PENN and Disney’s ESPN has real risk, and optimism towards the partnership seems overblown.

  • But there is logic to the deal, and a potential escape hatch if it disappoints. We still can’t quite get over the hump for PENN, but the stock remains intriguing.

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