PENN Entertainment（PENN）株式概要
PENN Entertainment, Inc.はその子会社とともに、米国内外で総合エンターテインメント、スポーツコンテンツ、カジノゲーミング体験を提供している。 詳細
報酬
リスク分析
リスクチェックの結果、PENN 、リスクは検出されなかった。
PENN Community Fair Values
Create NarrativeSee what 27 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Top Community Narratives
PENN Entertainment
78.5% 割安 内在価値ディスカウント
Beat down stock due for revaluation in '26
View narrativeFR
Published 9 Feb
PENN Entertainment, Inc. 競合他社
価格と性能
| 過去の株価 | |
|---|---|
| 現在の株価 | US$17.11 |
| 52週高値 | US$22.36 |
| 52週安値 | US$11.65 |
| ベータ | 1.38 |
| 1ヶ月の変化 | -10.56% |
| 3ヶ月変化 | -21.08% |
| 1年変化 | -14.58% |
| 3年間の変化 | -26.63% |
| 5年間の変化 | -77.51% |
| IPOからの変化 | 1,953.18% |
最新ニュース
ナラティブ更新 • Sep 09
PENN: Regional Casino Projects And Online Expansion Will Drive Next Rerating
The analyst fair value estimate for PENN Entertainment has been adjusted to $30 from $28 as analysts factor in recent price target increases across the Street, supported by views on regional gaming trends, new property contributions, and expectations for future earnings revisions. Analyst Commentary Recent Street research on PENN Entertainment shows a cluster of more positive views, with several bullish analysts revisiting their models and price targets.
ナラティブ更新 • Aug 26
PENN: Regional Casino Projects And Conversions Will Drive Future Upside Potential
Analysts have lifted the fair value estimate for PENN Entertainment from $22.32 to $24.39, citing a series of higher price targets across the Street that reflect updated views on regional casino trends, recent earnings beats and company specific growth projects. Analyst Commentary Recent research on PENN Entertainment shows a mix of optimism and caution as analysts reassess the stock after company updates and sector previews.
ナラティブ更新 • Aug 12
PENN: Regional Casino Momentum And Digital Uncertainty Will Shape Future Free Cash Flow
Analysts have nudged their fair value estimate for PENN Entertainment higher to about $18, reflecting a series of recent price target increases into the low to high $20s. They highlight regional gaming strength, progress on growth projects and a more constructive earnings outlook.ナラティブ更新 • Jul 29
PENN: Mixed Digital Trends Will Limit Free Cash Flow Repricing
The analyst fair value estimate for PENN Entertainment has moved from $16.00 to about $17.02, reflecting broadly higher Street price targets as analysts point to refined focus, recent development projects, expectations for solid regional casino trends, and upcoming earnings. Analyst Commentary Recent research on PENN Entertainment points to a more constructive tone overall, with several firms revising price targets higher and highlighting progress on development projects and regional casino operations.Recent updates
ナラティブ更新 • Sep 09
PENN: Regional Casino Projects And Online Expansion Will Drive Next Rerating
The analyst fair value estimate for PENN Entertainment has been adjusted to $30 from $28 as analysts factor in recent price target increases across the Street, supported by views on regional gaming trends, new property contributions, and expectations for future earnings revisions. Analyst Commentary Recent Street research on PENN Entertainment shows a cluster of more positive views, with several bullish analysts revisiting their models and price targets.ナラティブ更新 • Aug 26
PENN: Regional Casino Projects And Conversions Will Drive Future Upside Potential
Analysts have lifted the fair value estimate for PENN Entertainment from $22.32 to $24.39, citing a series of higher price targets across the Street that reflect updated views on regional casino trends, recent earnings beats and company specific growth projects. Analyst Commentary Recent research on PENN Entertainment shows a mix of optimism and caution as analysts reassess the stock after company updates and sector previews.ナラティブ更新 • Aug 12
PENN: Regional Casino Momentum And Digital Uncertainty Will Shape Future Free Cash Flow
Analysts have nudged their fair value estimate for PENN Entertainment higher to about $18, reflecting a series of recent price target increases into the low to high $20s. They highlight regional gaming strength, progress on growth projects and a more constructive earnings outlook.ナラティブ更新 • Jul 29
PENN: Mixed Digital Trends Will Limit Free Cash Flow Repricing
The analyst fair value estimate for PENN Entertainment has moved from $16.00 to about $17.02, reflecting broadly higher Street price targets as analysts point to refined focus, recent development projects, expectations for solid regional casino trends, and upcoming earnings. Analyst Commentary Recent research on PENN Entertainment points to a more constructive tone overall, with several firms revising price targets higher and highlighting progress on development projects and regional casino operations.ナラティブ更新 • Jul 15
PENN: New Casino Openings And Governance Shifts Will Shape Future Performance
The analyst price target for PENN Entertainment has moved from approximately $20.44 to about $22.32, with analysts pointing to a series of recent target revisions across the Street. These revisions reflect their views on regional gaming trends, ongoing growth projects, and the potential for earnings estimate changes.ナラティブ更新 • Jul 01
PENN: New Regional Casinos And Interactive Turnaround Will Drive Next Rerating
The analyst fair value estimate for PENN Entertainment has shifted from $24.00 to $28.00, with analysts pointing to higher expected returns from new regional properties and broader sector interest as key drivers behind the price target reset. Analyst Commentary Recent research on PENN Entertainment highlights a cluster of supportive views, with several bullish analysts revisiting their price targets and underlying assumptions after reviewing the company’s regional portfolio and project pipeline.Seeking Alpha • Jun 29
PENN Entertainment: A Cautious Buy As The Turnaround Takes Shape
Summary PENN Entertainment is transitioning from a digital-betting disappointment to a credible turnaround story, supported by improved sentiment and Q1 outperformance. Retail casino stability remains foundational; Q2 results are pivotal for confirming the turnaround, with management raising 2026 retail revenue and EBITDAR guidance. Interactive segment losses have narrowed, with a more disciplined digital strategy and profitability targeted by Q4 2026, excluding Alberta launch costs. Valuation is reasonable on recovery earnings, but leverage remains elevated; I rate PENN a cautious buy, contingent on free cash flow delivery and continued deleveraging. Read the full article on Seeking Alphaナラティブ更新 • Jun 17
PENN: Brick And Mortar Expansion And Governance Shifts Will Shape Stock Outlook
Analysts have made a modest upward adjustment to the PENN Entertainment price target to $20.44 from $20.22, reflecting updated views on revenue, profit margins and valuation following a series of recent research meetings and target increases across the Street. Analyst Commentary Recent research on PENN Entertainment stock has centered on refreshed price targets and feedback from meetings with management, giving you a clearer picture of how the Street is thinking about valuation, execution and potential growth.ナラティブ更新 • Jun 02
PENN: Management Credibility Concerns Will Restrain Free Cash Flow Repricing
Analysts have increased their average price target on PENN Entertainment by $1, citing updated models that incorporate slightly higher revenue growth, modestly stronger profit margins, and a marginally lower future P/E assumption based on recent updates from several major firms. Analyst Commentary Recent research on PENN Entertainment reflects a mix of optimism and caution, with several firms revisiting their models and adjusting price targets following the latest company updates and quarterly results.ナラティブ更新 • May 18
PENN: Free Cash Flow And Interactive Break Even Will Guide Measured Outlook
Analysts have inched their average price targets on PENN Entertainment higher by low single digit dollar amounts, pointing to improving free cash flow expectations and early progress toward break-even in the interactive business as key supports for the updated valuation assumptions. Analyst Commentary Recent research on PENN Entertainment shows a mix of optimism around free cash flow potential and break-even targets for the interactive segment, alongside ongoing skepticism about execution and management credibility.ナラティブ更新 • May 02
PENN: Free Cash Flow Expansion Will Drive Future Upside Potential
Analysts have raised the fair value estimate for PENN Entertainment to $20.22 from $19.11. The change reflects updated expectations for revenue growth, higher profit margins, and a slightly lower future P/E assumption, which are also evident in a series of recent $1 to $2 price target increases across major firms.ナラティブ更新 • Apr 16
PENN: Interactive Break Even And Free Cash Flow Progress Will Shape Balanced Outlook
The analyst price target for PENN Entertainment in this narrative update changes by $1 to $16, with analysts citing improved free cash flow expectations, progress toward break-even in interactive operations, and recent Q4 model updates as key drivers behind their revised assumptions. Analyst Commentary Recent research on PENN Entertainment reflects a mix of cautious and constructive views, with price targets spread across the mid to low $20s and the mid-teens.ナラティブ更新 • Apr 02
PENN: Free Cash Flow And Interactive Breakeven Will Support Upside Potential
Analysts have nudged the fair value estimate for PENN Entertainment to $19.11 from $18.44, reflecting updated price targets in the $16 to $22 range and recent research pointing to improving free cash flow trends and progress toward break-even in the interactive business. Analyst Commentary Recent Street research on PENN Entertainment highlights a mix of optimism around execution in the interactive segment and free cash flow, alongside ongoing questions about management credibility and the durability of the turnaround.ナラティブ更新 • Mar 18
PENN: Break Even Interactive Operations Will Drive The Next Rerating
The updated fair value estimate for PENN Entertainment moves to $24.00, reflecting analysts' revised price targets in the $16.00 to $22.00 range and their focus on break-even interactive operations and improved free cash flow. Analyst Commentary Recent research on PENN Entertainment has tilted more constructive, with several bullish analysts adjusting ratings and price targets following the latest Q4 report.ナラティブ更新 • Mar 04
PENN: Execution On Interactive Break Even And Free Cash Flow Will Guide Outlook
Analysts have nudged their price targets on PENN Entertainment higher into a roughly $16 to $22 range, pointing to improved free cash flow expectations, early profitability from the ESPN partnership, and a clearer path toward break-even in interactive operations. Analyst Commentary Recent research on PENN Entertainment shows a mixed backdrop, with several firms lifting price targets into the mid to high teens and low $20s, while others trim targets or flag execution risks.ナラティブ更新 • Feb 18
PENN: Interactive Execution And Buybacks Will Support Upside As Expectations Reset
Analysts have adjusted their fair value estimate for PENN Entertainment slightly lower to about $18.44 per share, reflecting trimmed Street price targets alongside updated assumptions for the discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent Street research on PENN Entertainment has centered on adjusted price targets and caution around the company’s online and interactive operations, which directly feeds into how analysts think about fair value, execution risk, and growth potential.ナラティブ更新 • Feb 04
PENN: Interactive Execution And Buybacks Will Drive Future Upside From Reset Expectations
Analysts have reduced their fair value estimate for PENN Entertainment to $18.61 from $19.11, reflecting recent cuts to Street price targets and updated views on slightly softer long term margins and valuation multiples, while revenue growth assumptions remain broadly similar. Analyst Commentary Recent Street research on PENN Entertainment points to a more cautious stance on the shares, with several firms trimming price targets and one new initiation highlighting execution risk in the interactive business.ナラティブ更新 • Jan 21
PENN: Future Execution On Interactive Shift And Buybacks Will Shape Outlook
Analysts have reduced their fair value estimate for PENN Entertainment to $15.00 from $17.00, citing lower assumed revenue growth, a slightly higher discount rate, and a reset future P/E multiple, partly offset by a higher projected profit margin. Analyst Commentary Recent Street research on PENN Entertainment points to a more cautious tone, with several firms reassessing how much they are willing to pay for the stock and how reliably the business can deliver on its plans.ナラティブ更新 • Jan 07
PENN: Interactive Execution And Buybacks Will Drive The Next Rerating
Narrative update on PENN Entertainment Analysts have trimmed their fair value estimate for PENN Entertainment to about $25 from roughly $29, reflecting more cautious assumptions on revenue growth, profit margins, and future P/E. They are questioning whether the interactive segment can offset softer expectations in the rest of the portfolio.ナラティブ更新 • Dec 24
PENN: Interactive Segment Execution Will Drive Future Rebound From Neutral Market Sentiment
Analysts have nudged their blended fair value estimate for PENN Entertainment slightly lower, from approximately $19.44 to $19.11 per share. A more cautious view on the growth and margin contribution of the interactive segment is tempering expectations for the broader portfolio.ナラティブ更新 • Dec 10
PENN: Digital Expansion Will Gradually Offset Neutral Outlook On Core Casino Portfolio
Analysts have modestly reduced their fair value estimate for PENN Entertainment from approximately $19.67 to about $19.44 per share. This reflects tempered revenue growth expectations for the interactive segment and a view that it may not generate enough upside to offset a more mature core portfolio.ナラティブ更新 • Nov 26
PENN: Early End To ESPN Partnership Will Unlock Digital Expansion Opportunities
Analysts have lowered their price target for PENN Entertainment from $21.09 to $19.67. This change reflects concerns about slower profit margin and revenue growth, as well as doubts over the company's interactive segment delivering enough offsetting performance.ナラティブ更新 • Nov 11
PENN: Improved Margins and New Hotel Expansion Will Support Earnings Ahead
Analysts have lowered their price target for PENN Entertainment to $21.09 from $22. This change is due to a modest reduction in revenue growth expectations and a slightly higher discount rate.分析記事 • Jul 26
We Think PENN Entertainment (NASDAQ:PENN) Is Taking Some Risk With Its Debt
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...新しいナラティブ • May 06
Stock Repurchase, Retail Projects And Digital Rollout Will Shape Outlook
PENN Entertainment's stock repurchase and retail growth investments signal confidence and are expected to boost earnings and future revenue growth.分析記事 • Apr 22
PENN Entertainment (NASDAQ:PENN) Has No Shortage Of Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Seeking Alpha • Mar 11
PENN Entertainment's Turnaround May Be Prolonged - Oversold Status Triggers Rich Upside Potential (Rating Upgrade)
Summary PENN's minimal growth profile and yet to bear fruit ESPN Bet have naturally triggered the great pessimism observed in its stock prices and valuations. This is significantly worsened by the mixed near-term prospects, Interactive segment's ongoing cash burn, and the deteriorating balance sheet. On the other hand, while PENN has yet to offer any forward guidance, the consensus forward estimates appear to be rather promising, marking a potential reversal ahead. The correction have also triggered the rich triple digits upside potential, assuming that the gaming company delivers improved bottom-lines as expected. Combined with the stock's emerging bullish uptrend support since the April 2024 bottom, we are upgrading PENN to a Buy with one notable caveat. Read the full article on Seeking Alpha分析記事 • Feb 25
Why Investors Shouldn't Be Surprised By PENN Entertainment, Inc.'s (NASDAQ:PENN) Low P/S
PENN Entertainment, Inc.'s ( NASDAQ:PENN ) price-to-sales (or "P/S") ratio of 0.5x might make it look like a buy right...Seeking Alpha • Feb 03
PENN Entertainment: Key Investor Demands 3 Board Seats; Cites Management Failures
Summary HG Vora Capital, a major PENN holder, demands three board seats over underperformance it sees in $4b "reckless spending." PENN's core land casinos are solid assets, but online ventures are not. This could be the first act in Vora having a deal in mind. Read the full article on Seeking Alpha分析記事 • Jan 01
PENN Entertainment (NASDAQ:PENN) Has Debt But No Earnings; Should You Worry?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Seeking Alpha • Nov 26
PENN Entertainment: ESPN Bet Weakness Strains Land-Based Earnings
Summary PENN Entertainment's land-based casinos had a turbulent performance in Q3, but the performance should stabilize going forward after weather disruptions and hotel remodeling efforts. The company's online efforts with ESPN Bet continue to strain earnings without significant market share gains, causing weaker future expectations. The weak online performance expectations are already priced into the PENN stock. Read the full article on Seeking Alpha分析記事 • Oct 30
Insufficient Growth At PENN Entertainment, Inc. (NASDAQ:PENN) Hampers Share Price
With a price-to-sales (or "P/S") ratio of 0.5x PENN Entertainment, Inc. ( NASDAQ:PENN ) may be sending bullish signals...Seeking Alpha • Sep 22
PENN Entertainment Is A Speculative Buy (Technical Analysis)
Summary PENN Entertainment is a speculative buy due to recent improvements in price action, short-term bullish momentum, and institutional accumulation. PENN's price action has shifted from a long-term downtrend to a horizontal range, recapturing its 30-week EMA, indicating potential bullish behavior. Short-term momentum is bullish, while long-term momentum is bearish but could turn positive soon; volume patterns show institutional buying. Relative strength has been positive since mid-May; if PENN surpasses $21.50, consider adding to the position. Read the full article on Seeking Alpha分析記事 • Sep 07
Here's Why PENN Entertainment (NASDAQ:PENN) Is Weighed Down By Its Debt Load
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Seeking Alpha • Sep 04
PENN Entertainment's ESPN Bet Undervalued Compared With Peers
Summary PENN Entertainment's sports betting venture ESPN Bet shows strong growth potential with expansion into New York and increased sporting events, despite being undervalued compared to peers. ESPN Bet's smaller addressable population, lower initial hold, and early market entry contribute to its current undervaluation, but these issues are being addressed. PENN Entertainment's regional casino business, despite high debt, remains robust, providing a solid foundation for ESPN Bet's growth and overall company valuation. Catalysts like the New York launch and NFL season could drive significant user growth, making PENN a buy with the potential for substantial upside. Read the full article on Seeking AlphaSeeking Alpha • Aug 19
Penn Entertainment's Digital Business Has Already Eaten Near $2b Without Visible Results
Summary Penn Entertainment stock has fallen due to failed digital efforts, including $850m investment in Barstool Sportsbook, with less than 5% market share. Recent moves, including a $1.5b partnership with ESPN for ESPN Bet, have not excited investors, with stock trading below $20. S&P Global downgraded Penn's ratings to B+ due to expected digital losses of $350m to $420m, making the stock a risky investment. Read the full article on Seeking Alpha分析記事 • Aug 10
PENN Entertainment, Inc. (NASDAQ:PENN) Second-Quarter Results: Here's What Analysts Are Forecasting For This Year
Investors in PENN Entertainment, Inc. ( NASDAQ:PENN ) had a good week, as its shares rose 2.1% to close at US$18.24...分析記事 • Jun 28
There's No Escaping PENN Entertainment, Inc.'s (NASDAQ:PENN) Muted Revenues Despite A 25% Share Price Rise
PENN Entertainment, Inc. ( NASDAQ:PENN ) shares have had a really impressive month, gaining 25% after a shaky period...Seeking Alpha • Jun 27
PENN Entertainment: After Being Bullish, I Am Now Bearish Absent A Boyd Gaming Deal
Summary PENN Entertainment, Inc. has struggled with earnings and digital results, particularly with their Barstool Sports acquisition. The company's foray into digital gaming has been costly, leading to potential interest from Boyd Gaming Corporation for an acquisition. A potential merger between PENN Entertainment and Boyd Gaming could create a powerhouse with significant cost-cutting and revenue potential. Read the full article on Seeking Alpha分析記事 • Jun 05
PENN Entertainment (NASDAQ:PENN) Has No Shortage Of Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...株主還元
| PENN | US Hospitality | US 市場 | |
|---|---|---|---|
| 7D | -0.5% | -5.6% | -0.2% |
| 1Y | -14.6% | -10.1% | 14.8% |
業界別リターン: PENN過去 1 年間で-10.1 % の収益を上げたUS Hospitality業界を下回りました。
リターン対市場: PENNは、過去 1 年間で14.8 % のリターンを上げたUS市場を下回りました。
価格変動
| PENN volatility | |
|---|---|
| PENN Average Weekly Movement | 5.0% |
| Hospitality Industry Average Movement | 6.8% |
| Market Average Movement | 6.9% |
| 10% most volatile stocks in US Market | 15.5% |
| 10% least volatile stocks in US Market | 2.9% |
安定した株価: PENN 、 US市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。
時間の経過による変動: PENNの 週次ボラティリティ ( 5% ) は過去 1 年間安定しています。
会社概要
| 設立 | 従業員 | CEO（最高経営責任者 | ウェブサイト |
|---|---|---|---|
| 1972 | 23,441 | Jay Snowden | www.pennentertainment.com |
PENN Entertainment, Inc.は、その子会社とともに、米国内外で総合エンターテインメント、スポーツコンテンツ、カジノゲーミング体験を提供している。同社は5つのセグメントで事業を展開している：北東部、南部、西部、中西部、インタラクティブ。カジノ、競馬場、オンライン・スポーツ・ベッティングのポートフォリオ、オンライン・スポーツブック「ザ・スコア・ベット」、独立型iカジノウェブサイト・アプリ「ザ・スコア・カジノ」、iカジノとザ・スコア・ベットのウェブサイト・アプリ「ハリウッド・カジノ」、社内iカジノ・ソーシャルゲームコンテンツスタジオ「PENNゲームスタジオ」、顧客ロイヤルティプログラム「PENNプレイ」などのオンラインゲーム・ポートフォリオを運営している。また、スロットマシンやテーブルゲームなどのゲーミング事業、飲食事業、ホテル事業も行っている。Ameristar、Argosy、Boomtown、Hollywood Casino、Hollywood Gaming、L'Auberge、M Resort、PENN Entertainment、PENN Play、theScore、theScore Bet、theScore esportsのブランドで商品を提供している。同社は以前Penn National Gaming, Inc.として知られ、2022年8月にPENN Entertainment, Inc.に社名を変更した。PENN Entertainment, Inc.は1972年に設立され、ペンシルベニア州ワイオミッシングに本社を置いている。
PENN Entertainment, Inc. 基礎のまとめ
| PENN 基礎統計学 | |
|---|---|
| 時価総額 | US$2.19b |
| 収益（TTM） | -US$906.70m |
| 売上高(TTM) | US$7.16b |
0.3x
P/Sレシオ-2.4x
PER（株価収益率PENN は割高か？
公正価値と評価分析を参照収益と収入
| PENN 損益計算書（TTM） | |
|---|---|
| 収益 | US$7.16b |
| 売上原価 | US$4.64b |
| 売上総利益 | US$2.52b |
| その他の費用 | US$3.42b |
| 収益 | -US$906.70m |
直近の収益報告
Jun 30, 2026
次回決算日
該当なし
| 一株当たり利益（EPS） | -7.12 |
| グロス・マージン | 35.16% |
| 純利益率 | -12.66% |
| 有利子負債／自己資本比率 | 149.7% |
PENN の長期的なパフォーマンスは？
過去の実績と比較を見る企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2026/09/10 23:04 |
| 終値 | 2026/09/10 00:00 |
| 収益 | 2026/06/30 |
| 年間収益 | 2025/12/31 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
| |
| アナリストのコンセンサス予想 | +プラス3年 |
|
|
| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
| |
| マネジメント | 10年 |
| |
| 主な進展 | 10年 |
|
* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
このレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。
シンプリー・ウォールストリート分析モデルを設計・構築した ご紹介します。
業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
PENN Entertainment, Inc. 19 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。40
| アナリスト | 機関 |
|---|---|
| Felicia Kantor Hendrix | Barclays |
| Brandt Montour | Barclays |
| Zachary Silverberg | Berenberg |