The analysis focuses on DraftKings (DKNG), citing its recent quarterly earnings which showed revenue growth and improvements in key metrics like Monthly Unique Payers (MUPs) and Average Revenue per MUP (ARP MUP). Despite a revision to the fiscal year 2025 revenue and Adjusted EBITDA guidance, lowering expectations, the company's management remains optimistic about growth, particularly in expanding into new states like California. The stock is currently trading at a forward P/E of 41.34 and a forward P/FCF of 13, which, according to the analysis, suggests it is undervalued. This is supported by a DCF valuation framework which estimates an intrinsic value per share of $52.55, significantly higher than the current market price of $30.94. The analyst views this as a potentially attractive entry point for investors, highlighting both upside potential and manageable downside risk.