Intrinsic value of Churchill Downs - CHDN

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$162.85

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$162.85

 
Intrinsic value

$115.43

 
Up/down potential

-29%

 
Rating

sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CHDN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.00
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  1,309
  1,338
  1,371
  1,408
  1,450
  1,496
  1,546
  1,600
  1,659
  1,722
  1,789
  1,861
  1,938
  2,020
  2,106
  2,198
  2,295
  2,398
  2,507
  2,622
  2,743
  2,871
  3,005
  3,147
  3,297
  3,454
  3,620
  3,794
  3,978
  4,171
  4,374
Variable operating expenses, $m
 
  342
  348
  356
  364
  373
  382
  393
  404
  416
  429
  360
  375
  391
  407
  425
  444
  464
  485
  507
  531
  555
  581
  609
  638
  668
  700
  734
  770
  807
  846
Fixed operating expenses, $m
 
  816
  836
  857
  879
  901
  923
  946
  970
  994
  1,019
  1,044
  1,071
  1,097
  1,125
  1,153
  1,182
  1,211
  1,241
  1,273
  1,304
  1,337
  1,370
  1,405
  1,440
  1,476
  1,513
  1,550
  1,589
  1,629
  1,670
Total operating expenses, $m
  1,114
  1,158
  1,184
  1,213
  1,243
  1,274
  1,305
  1,339
  1,374
  1,410
  1,448
  1,404
  1,446
  1,488
  1,532
  1,578
  1,626
  1,675
  1,726
  1,780
  1,835
  1,892
  1,951
  2,014
  2,078
  2,144
  2,213
  2,284
  2,359
  2,436
  2,516
Operating income, $m
  194
  180
  186
  196
  208
  223
  241
  261
  285
  311
  341
  457
  493
  532
  574
  620
  670
  723
  780
  842
  908
  978
  1,054
  1,134
  1,219
  1,310
  1,407
  1,510
  1,619
  1,735
  1,858
EBITDA, $m
  320
  335
  343
  354
  369
  386
  407
  430
  457
  487
  520
  557
  596
  640
  687
  738
  793
  852
  915
  983
  1,055
  1,132
  1,215
  1,303
  1,396
  1,496
  1,601
  1,714
  1,833
  1,959
  2,093
Interest expense (income), $m
  40
  43
  44
  46
  48
  50
  53
  56
  59
  62
  66
  69
  73
  78
  82
  87
  92
  98
  103
  109
  116
  123
  130
  137
  145
  153
  162
  172
  181
  191
  202
Earnings before tax, $m
  168
  137
  142
  150
  160
  172
  188
  206
  226
  249
  275
  387
  419
  454
  492
  533
  577
  625
  677
  732
  792
  856
  924
  997
  1,074
  1,157
  1,245
  1,339
  1,438
  1,544
  1,656
Tax expense, $m
  60
  37
  38
  40
  43
  47
  51
  55
  61
  67
  74
  105
  113
  123
  133
  144
  156
  169
  183
  198
  214
  231
  249
  269
  290
  312
  336
  361
  388
  417
  447
Net income, $m
  108
  100
  104
  109
  117
  126
  137
  150
  165
  182
  201
  283
  306
  331
  359
  389
  421
  457
  494
  535
  578
  625
  674
  727
  784
  844
  909
  977
  1,050
  1,127
  1,209

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  49
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,254
  2,252
  2,308
  2,371
  2,441
  2,518
  2,603
  2,694
  2,793
  2,899
  3,012
  3,133
  3,263
  3,400
  3,546
  3,700
  3,864
  4,037
  4,220
  4,413
  4,617
  4,833
  5,059
  5,298
  5,550
  5,815
  6,094
  6,388
  6,697
  7,022
  7,364
Adjusted assets (=assets-cash), $m
  2,205
  2,252
  2,308
  2,371
  2,441
  2,518
  2,603
  2,694
  2,793
  2,899
  3,012
  3,133
  3,263
  3,400
  3,546
  3,700
  3,864
  4,037
  4,220
  4,413
  4,617
  4,833
  5,059
  5,298
  5,550
  5,815
  6,094
  6,388
  6,697
  7,022
  7,364
Revenue / Adjusted assets
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
Average production assets, $m
  1,046
  1,069
  1,095
  1,125
  1,159
  1,195
  1,235
  1,279
  1,325
  1,376
  1,430
  1,487
  1,548
  1,614
  1,683
  1,756
  1,834
  1,916
  2,003
  2,095
  2,191
  2,294
  2,401
  2,515
  2,634
  2,760
  2,892
  3,032
  3,178
  3,333
  3,495
Working capital, $m
  -222
  -262
  -269
  -276
  -284
  -293
  -303
  -314
  -325
  -337
  -351
  -365
  -380
  -396
  -413
  -431
  -450
  -470
  -491
  -514
  -538
  -563
  -589
  -617
  -646
  -677
  -710
  -744
  -780
  -818
  -857
Total debt, $m
  922
  941
  980
  1,025
  1,074
  1,129
  1,188
  1,252
  1,322
  1,397
  1,477
  1,562
  1,653
  1,750
  1,853
  1,962
  2,077
  2,199
  2,328
  2,464
  2,608
  2,760
  2,920
  3,088
  3,266
  3,453
  3,650
  3,857
  4,074
  4,304
  4,545
Total liabilities, $m
  1,569
  1,588
  1,627
  1,672
  1,721
  1,776
  1,835
  1,899
  1,969
  2,044
  2,124
  2,209
  2,300
  2,397
  2,500
  2,609
  2,724
  2,846
  2,975
  3,111
  3,255
  3,407
  3,567
  3,735
  3,913
  4,100
  4,297
  4,504
  4,721
  4,951
  5,192
Total equity, $m
  685
  664
  681
  699
  720
  743
  768
  795
  824
  855
  889
  924
  962
  1,003
  1,046
  1,092
  1,140
  1,191
  1,245
  1,302
  1,362
  1,426
  1,493
  1,563
  1,637
  1,716
  1,798
  1,884
  1,976
  2,072
  2,172
Total liabilities and equity, $m
  2,254
  2,252
  2,308
  2,371
  2,441
  2,519
  2,603
  2,694
  2,793
  2,899
  3,013
  3,133
  3,262
  3,400
  3,546
  3,701
  3,864
  4,037
  4,220
  4,413
  4,617
  4,833
  5,060
  5,298
  5,550
  5,816
  6,095
  6,388
  6,697
  7,023
  7,364
Debt-to-equity ratio
  1.346
  1.420
  1.440
  1.460
  1.490
  1.520
  1.550
  1.580
  1.600
  1.630
  1.660
  1.690
  1.720
  1.740
  1.770
  1.800
  1.820
  1.850
  1.870
  1.890
  1.910
  1.940
  1.960
  1.980
  1.990
  2.010
  2.030
  2.050
  2.060
  2.080
  2.090
Adjusted equity ratio
  0.288
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  100
  104
  109
  117
  126
  137
  150
  165
  182
  201
  283
  306
  331
  359
  389
  421
  457
  494
  535
  578
  625
  674
  727
  784
  844
  909
  977
  1,050
  1,127
  1,209
Depreciation, amort., depletion, $m
  126
  155
  157
  159
  161
  163
  166
  169
  172
  176
  179
  100
  104
  108
  113
  118
  123
  129
  134
  141
  147
  154
  161
  169
  177
  185
  194
  203
  213
  224
  235
Funds from operations, $m
  186
  255
  260
  268
  277
  289
  303
  319
  337
  358
  380
  383
  410
  440
  472
  507
  545
  585
  629
  675
  725
  779
  836
  896
  961
  1,030
  1,103
  1,181
  1,263
  1,351
  1,444
Change in working capital, $m
  -41
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
Cash from operations, $m
  227
  239
  267
  275
  286
  298
  313
  330
  349
  370
  393
  397
  425
  456
  489
  525
  564
  605
  650
  698
  749
  804
  862
  924
  990
  1,061
  1,135
  1,215
  1,299
  1,388
  1,483
Maintenance CAPEX, $m
  0
  -70
  -72
  -74
  -76
  -78
  -80
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -129
  -134
  -141
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -203
  -213
  -224
New CAPEX, $m
  -55
  -23
  -27
  -30
  -33
  -37
  -40
  -43
  -47
  -50
  -54
  -58
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -113
  -119
  -126
  -132
  -139
  -147
  -154
  -162
Cash from investing activities, $m
  -51
  -93
  -99
  -104
  -109
  -115
  -120
  -126
  -133
  -139
  -146
  -154
  -161
  -169
  -177
  -186
  -196
  -205
  -216
  -226
  -238
  -249
  -262
  -274
  -288
  -303
  -317
  -333
  -350
  -367
  -386
Free cash flow, $m
  176
  146
  169
  172
  177
  184
  193
  203
  216
  231
  247
  243
  264
  287
  311
  339
  368
  400
  434
  472
  512
  554
  600
  649
  702
  758
  818
  881
  949
  1,021
  1,097
Issuance/(repayment) of debt, $m
  -144
  33
  39
  44
  49
  54
  59
  64
  70
  75
  80
  85
  91
  97
  103
  109
  115
  122
  129
  136
  144
  152
  160
  169
  177
  187
  197
  207
  218
  229
  241
Issuance/(repurchase) of shares, $m
  -37
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -183
  33
  39
  44
  49
  54
  59
  64
  70
  75
  80
  85
  91
  97
  103
  109
  115
  122
  129
  136
  144
  152
  160
  169
  177
  187
  197
  207
  218
  229
  241
Total cash flow (excl. dividends), $m
  -7
  178
  208
  216
  226
  238
  252
  268
  286
  305
  327
  329
  355
  383
  414
  448
  483
  522
  564
  608
  655
  706
  760
  818
  879
  945
  1,014
  1,088
  1,167
  1,250
  1,338
Retained Cash Flow (-), $m
  -68
  -14
  -16
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -71
  -74
  -78
  -82
  -87
  -91
  -96
  -101
Prev. year cash balance distribution, $m
 
  35
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  199
  192
  198
  206
  215
  227
  241
  257
  274
  294
  293
  317
  343
  371
  402
  435
  471
  510
  551
  595
  643
  693
  747
  805
  867
  932
  1,002
  1,076
  1,154
  1,238
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  185
  165
  156
  147
  139
  131
  123
  115
  106
  98
  82
  74
  66
  58
  50
  43
  36
  29
  24
  19
  14
  11
  8
  6
  4
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Churchill Downs Incorporated provides pari-mutuel horseracing, online account wagering on horseracing, and casino gaming services. It operates through Racing, Casinos, TwinSpires, Big Fish Games, and Other Investments segments. The company operates racing facilities, such as Churchill Downs Racetrack in Louisville, Kentucky; Arlington International Race Course in Arlington Heights with 10 off-track betting (OTB) facilities in Illinois; Fair Grounds Race Course in New Orleans along with 12 OTBs in Louisiana; and Calder Race Course in Miami Gardens, Florida. It also operates five casinos, which provides brick-and-mortar real-money casino gaming services with approximately 8,500 gaming positions; and operates 2 hotels. In addition, the company through TwinSpires.com engages in the advance deposit wagering business that accepts online and mobile pari-mutuel wagers, as well as offers streaming video of live horse races along with race replays and an assortment of racing and handicapping information. Further, it offers reports, statistical information, handicapping information, pedigrees, and other data to organizations, publications and individuals within the thoroughbred industry. Additionally, the company produces and distributes social casino, casual and mid-core free-to-play, and premium paid games for PC, Mac, and mobile devices. It also manufactures and operates pari-mutuel wagering systems for racetracks, OTB facilities, and other pari-mutuel wagering businesses; and provides totalisator and Internet-based interactive gaming services, as well as operates a multimedia poker periodical. Churchill Downs Incorporated was founded in 1928 and is headquartered in Louisville, Kentucky.

FINANCIAL RATIOS  of  Churchill Downs (CHDN)

Valuation Ratios
P/E Ratio 24.9
Price to Sales 2.1
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow 15.6
Growth Rates
Sales Growth Rate 8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.5%
Financial Strength
Quick Ratio 4
Current Ratio 0.2
LT Debt to Equity 132.6%
Total Debt to Equity 134.6%
Interest Coverage 5
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 16.6%
Return On Equity - 3 Yr. Avg. 11%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 23.9%
Gross Margin - 3 Yr. Avg. 22.8%
EBITDA Margin 25.5%
EBITDA Margin - 3 Yr. Avg. 23.3%
Operating Margin 14.9%
Oper. Margin - 3 Yr. Avg. 12%
Pre-Tax Margin 12.8%
Pre-Tax Margin - 3 Yr. Avg. 10.5%
Net Profit Margin 8.3%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 35.7%
Eff/ Tax Rate - 3 Yr. Avg. 39.3%
Payout Ratio 17.6%

CHDN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHDN stock intrinsic value calculation we used $1309 million for the last fiscal year's total revenue generated by Churchill Downs. The default revenue input number comes from 2016 income statement of Churchill Downs. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CHDN stock valuation model: a) initial revenue growth rate of 2.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.5%, whose default value for CHDN is calculated based on our internal credit rating of Churchill Downs, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Churchill Downs.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CHDN stock the variable cost ratio is equal to 25.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $796 million in the base year in the intrinsic value calculation for CHDN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.7% for Churchill Downs.

Corporate tax rate of 27% is the nominal tax rate for Churchill Downs. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CHDN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CHDN are equal to 79.9%.

Life of production assets of 14.9 years is the average useful life of capital assets used in Churchill Downs operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CHDN is equal to -19.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $685 million for Churchill Downs - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 16.431 million for Churchill Downs is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Churchill Downs at the current share price and the inputted number of shares is $2.7 billion.


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COMPANY NEWS

▶ The Real Winner Of The Kentucky Derby   [May-08-17 01:56PM  Benzinga]
▶ Long Shot Patch Eyes Kentucky Derby Win   [10:40AM  TheStreet.com]
▶ Kentucky Oaks was a cold, muddy mess and the attendance numbers show it   [07:12PM  American City Business Journals]
▶ Churchill Downs misses Street 1Q forecasts   [Apr-26-17 05:38PM  Associated Press]
▶ Louisville company expands its stock buyback program to $250 million   [07:15AM  American City Business Journals]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [Apr-19-17 11:16AM  Investor's Business Daily]
▶ Churchill Downs Races Past New Buy Zone, Gets Rating Upgrade   [11:14AM  Investor's Business Daily]
▶ 4 Stocks That Rose Despite Market's Retreat   [Apr-18-17 04:14PM  Investor's Business Daily]
▶ Here's how much Churchill Downs paid its 4 top executives in 2016   [Mar-16-17 05:25PM  at bizjournals.com]
▶ Here's how much Churchill Downs paid its 4 top executives in 2016   [05:25PM  American City Business Journals]
▶ Churchill Downs beats 4Q profit forecasts   [Feb-28-17 06:55PM  Associated Press]
▶ [$$] Mario Gabelli's Latest Stock Buys and Sales   [Jan-13-17 09:32AM  at Barrons.com]
▶ Hedge Funds Are Buying Churchill Downs, Inc. (CHDN)   [Nov-28-16 01:13PM  at Insider Monkey]
▶ Churchill Downs Racetrack targets $16 million Clubhouse renovation   [Oct-18-16 02:55PM  at bizjournals.com]
▶ [$$] Top Quant Fund Takes a Scientific Approach   [Oct-15-16 12:39AM  at Barrons.com]
▶ 3 Dividend Hikes to Look Foward to in October   [Sep-28-16 08:47AM  at Motley Fool]
▶ Why Churchill Downs Inc. Stock Jumped 14% Last Month   [Sep-12-16 06:09PM  at Motley Fool]
▶ Churchill Downs CEO talks Twinspires move, new casino, Pokemon Go   [Aug-04-16 08:30PM  at bizjournals.com]
Stock chart of CHDN Financial statements of CHDN Annual reports of CHDN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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