Dover And Twin River Will Keep Surprising [Seeking Alpha]
DOVER DOWNS GAMING (DDE)
US:NYSE Investor Relations:
doverdowns.com/investor-relations
Company Research
Source: Seeking Alpha
Summary Dover Downs Entertainment (NYSE: DDE ) and Twin River Worldwide Holdings ( OTC:TRVW ) announced on Monday their proposed merger. The stock skyrocketed more than 50%, and it is just getting started. I bought Dover Downs' shares below $1. At the time, earnings were near zero, the legislation was not on its side, and it had little growth opportunities. It was an asset play with the risk of becoming a value trap. The stock's fair value back then was $3. With the merger, the price rose to $3, but the growth opportunities rose as well. DDE has lost the value trap risk and became an attractive growth play. Dover & Twin's Background Dover was founded in the '60s as a motorsports and harness racing company. It began its gaming operations in the mid '90s, and by 2002, the gaming segment was spun off. It has a market cap of less than 70 Million, but the casino alone has a replacement cost of $300 million. Its earnings have been close to zero for a while, but with the
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