Your receiver does have a DAC. If it can accept digital inputs then it can decode PCM as well. My guess is it can but you better check the back of your receiver to make sure.
The decision of using PCM vs. analogue really depends on the quality of the DAC. If your receiver has a better DAC, use PCM bitstream. Otherwise, use analogue.
The decision of using PCM vs. analogue really depends on the quality of the DAC. If your receiver has a better DAC, use PCM bitstream. Otherwise, use analogue.