"Entain trades on a current year PER of 15x and an EV/EBITDA of c7.5x excluding BetMGM. Valuing BetMGM at c2-3x NGR would value "core" Entain on a single-digit PER. The current valuation failing to reflect the improving trends at both "core" Entain and its 50% stake in BetMGM. BUY," the broker said. Entain shares were up 13.6% at 853.2p by 1449 BST.