Intrinsic value of Churchill Downs - CHDN

Previous Close

$223.55

  Intrinsic Value

$141.22

stock screener

  Rating & Target

sell

-37%

Previous close

$223.55

 
Intrinsic value

$141.22

 
Up/down potential

-37%

 
Rating

sell

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 3.4

 

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
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
Revenue, $m
  1,309
  1,348
  1,391
  1,438
  1,489
  1,544
  1,603
  1,666
  1,734
  1,806
  1,882
  1,963
  2,049
  2,140
  2,236
  2,337
  2,444
  2,558
  2,677
  2,803
  2,935
  3,075
  3,222
  3,377
  3,540
  3,711
  3,891
  4,081
  4,280
  4,489
  4,710
Variable operating expenses, $m
 
  344
  352
  361
  371
  382
  393
  406
  419
  432
  447
  380
  396
  414
  432
  452
  473
  495
  518
  542
  568
  595
  623
  653
  685
  718
  753
  789
  828
  868
  911
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
  1,160
  1,188
  1,218
  1,250
  1,283
  1,316
  1,352
  1,389
  1,426
  1,466
  1,424
  1,467
  1,511
  1,557
  1,605
  1,655
  1,706
  1,759
  1,815
  1,872
  1,932
  1,993
  2,058
  2,125
  2,194
  2,266
  2,339
  2,417
  2,497
  2,581
Operating income, $m
  194
  188
  203
  220
  239
  262
  287
  315
  345
  379
  416
  539
  582
  628
  678
  732
  790
  852
  918
  988
  1,063
  1,143
  1,228
  1,319
  1,415
  1,517
  1,626
  1,741
  1,863
  1,992
  2,129
EBITDA, $m
  320
  344
  361
  380
  403
  428
  456
  487
  522
  559
  600
  644
  692
  743
  798
  858
  921
  989
  1,061
  1,138
  1,221
  1,308
  1,401
  1,500
  1,605
  1,716
  1,834
  1,960
  2,092
  2,233
  2,381
Interest expense (income), $m
  40
  43
  45
  47
  50
  53
  56
  59
  63
  66
  70
  75
  79
  84
  89
  94
  100
  106
  112
  119
  126
  133
  141
  149
  158
  167
  177
  187
  197
  208
  220
Earnings before tax, $m
  168
  146
  158
  173
  190
  209
  231
  256
  283
  313
  345
  464
  503
  544
  589
  638
  690
  746
  805
  869
  937
  1,010
  1,087
  1,170
  1,257
  1,350
  1,449
  1,554
  1,666
  1,784
  1,909
Tax expense, $m
  60
  39
  43
  47
  51
  56
  62
  69
  76
  84
  93
  125
  136
  147
  159
  172
  186
  201
  217
  235
  253
  273
  294
  316
  339
  365
  391
  420
  450
  482
  515
Net income, $m
  108
  106
  115
  126
  138
  153
  169
  187
  206
  228
  252
  339
  367
  397
  430
  466
  504
  544
  588
  634
  684
  737
  794
  854
  918
  986
  1,058
  1,135
  1,216
  1,302
  1,393

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
  2,270
  2,342
  2,422
  2,507
  2,600
  2,699
  2,805
  2,919
  3,040
  3,168
  3,304
  3,449
  3,602
  3,764
  3,935
  4,115
  4,306
  4,507
  4,718
  4,942
  5,177
  5,424
  5,685
  5,959
  6,247
  6,551
  6,870
  7,205
  7,558
  7,929
Adjusted assets (=assets-cash), $m
  2,205
  2,270
  2,342
  2,422
  2,507
  2,600
  2,699
  2,805
  2,919
  3,040
  3,168
  3,304
  3,449
  3,602
  3,764
  3,935
  4,115
  4,306
  4,507
  4,718
  4,942
  5,177
  5,424
  5,685
  5,959
  6,247
  6,551
  6,870
  7,205
  7,558
  7,929
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
  1,077
  1,112
  1,149
  1,190
  1,234
  1,281
  1,331
  1,385
  1,443
  1,504
  1,568
  1,637
  1,709
  1,786
  1,867
  1,953
  2,043
  2,139
  2,239
  2,345
  2,457
  2,574
  2,698
  2,828
  2,965
  3,109
  3,260
  3,420
  3,587
  3,763
Working capital, $m
  -222
  -264
  -273
  -282
  -292
  -303
  -314
  -327
  -340
  -354
  -369
  -385
  -402
  -419
  -438
  -458
  -479
  -501
  -525
  -549
  -575
  -603
  -631
  -662
  -694
  -727
  -763
  -800
  -839
  -880
  -923
Total debt, $m
  922
  953
  1,004
  1,060
  1,121
  1,186
  1,256
  1,331
  1,411
  1,496
  1,587
  1,683
  1,784
  1,892
  2,006
  2,127
  2,254
  2,388
  2,530
  2,679
  2,837
  3,002
  3,177
  3,361
  3,554
  3,757
  3,971
  4,196
  4,433
  4,681
  4,943
Total liabilities, $m
  1,569
  1,600
  1,651
  1,707
  1,768
  1,833
  1,903
  1,978
  2,058
  2,143
  2,234
  2,330
  2,431
  2,539
  2,653
  2,774
  2,901
  3,035
  3,177
  3,326
  3,484
  3,649
  3,824
  4,008
  4,201
  4,404
  4,618
  4,843
  5,080
  5,328
  5,590
Total equity, $m
  685
  670
  691
  714
  740
  767
  796
  828
  861
  897
  935
  975
  1,017
  1,063
  1,110
  1,161
  1,214
  1,270
  1,329
  1,392
  1,458
  1,527
  1,600
  1,677
  1,758
  1,843
  1,932
  2,027
  2,126
  2,230
  2,339
Total liabilities and equity, $m
  2,254
  2,270
  2,342
  2,421
  2,508
  2,600
  2,699
  2,806
  2,919
  3,040
  3,169
  3,305
  3,448
  3,602
  3,763
  3,935
  4,115
  4,305
  4,506
  4,718
  4,942
  5,176
  5,424
  5,685
  5,959
  6,247
  6,550
  6,870
  7,206
  7,558
  7,929
Debt-to-equity ratio
  1.346
  1.420
  1.450
  1.480
  1.520
  1.550
  1.580
  1.610
  1.640
  1.670
  1.700
  1.730
  1.750
  1.780
  1.810
  1.830
  1.860
  1.880
  1.900
  1.930
  1.950
  1.970
  1.990
  2.000
  2.020
  2.040
  2.060
  2.070
  2.090
  2.100
  2.110
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
  106
  115
  126
  138
  153
  169
  187
  206
  228
  252
  339
  367
  397
  430
  466
  504
  544
  588
  634
  684
  737
  794
  854
  918
  986
  1,058
  1,135
  1,216
  1,302
  1,393
Depreciation, amort., depletion, $m
  126
  155
  158
  160
  163
  166
  169
  173
  176
  180
  184
  105
  110
  115
  120
  125
  131
  137
  144
  150
  157
  165
  173
  181
  190
  199
  209
  219
  230
  241
  253
Funds from operations, $m
  186
  262
  273
  286
  301
  319
  338
  359
  383
  408
  436
  444
  477
  512
  550
  591
  635
  681
  731
  785
  842
  902
  966
  1,035
  1,108
  1,185
  1,267
  1,353
  1,445
  1,543
  1,646
Change in working capital, $m
  -41
  -8
  -8
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
Cash from operations, $m
  227
  270
  282
  296
  311
  329
  349
  372
  396
  422
  451
  460
  494
  530
  569
  611
  656
  704
  755
  809
  868
  929
  995
  1,065
  1,139
  1,218
  1,302
  1,390
  1,484
  1,584
  1,689
Maintenance CAPEX, $m
  0
  -70
  -72
  -75
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -125
  -131
  -137
  -144
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -230
  -241
New CAPEX, $m
  -55
  -32
  -34
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -101
  -106
  -112
  -117
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -176
Cash from investing activities, $m
  -51
  -102
  -106
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -158
  -166
  -174
  -183
  -192
  -201
  -211
  -221
  -232
  -245
  -256
  -269
  -282
  -297
  -311
  -327
  -343
  -360
  -378
  -397
  -417
Free cash flow, $m
  176
  168
  175
  183
  194
  206
  220
  235
  253
  272
  293
  294
  320
  348
  378
  410
  445
  482
  522
  565
  611
  660
  713
  769
  828
  892
  959
  1,030
  1,106
  1,187
  1,273
Issuance/(repayment) of debt, $m
  -144
  45
  51
  56
  60
  65
  70
  75
  80
  85
  91
  96
  102
  108
  114
  121
  127
  134
  142
  149
  157
  166
  174
  184
  193
  203
  214
  225
  237
  249
  261
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
  45
  51
  56
  60
  65
  70
  75
  80
  85
  91
  96
  102
  108
  114
  121
  127
  134
  142
  149
  157
  166
  174
  184
  193
  203
  214
  225
  237
  249
  261
Total cash flow (excl. dividends), $m
  -7
  213
  226
  239
  254
  271
  290
  310
  333
  357
  384
  390
  422
  455
  492
  530
  572
  616
  664
  715
  769
  826
  887
  952
  1,022
  1,095
  1,173
  1,255
  1,343
  1,436
  1,534
Retained Cash Flow (-), $m
  -68
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -109
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
 
  228
  205
  216
  229
  244
  260
  279
  299
  322
  346
  350
  379
  410
  444
  480
  519
  560
  605
  652
  703
  757
  814
  876
  941
  1,010
  1,083
  1,161
  1,244
  1,332
  1,425
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
 
  212
  176
  170
  164
  157
  150
  143
  134
  125
  115
  99
  89
  79
  70
  60
  51
  43
  35
  28
  22
  17
  13
  9
  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 is a racing, gaming and online entertainment company. The Company is engaged in brick-and-mortar casino gaming with approximately 9,030 gaming positions in seven states, and is a legal mobile and online platform for betting on horseracing in the United States. It operates through six segments: Racing, Casinos, TwinSpires, Big Fish Games, Other Investments and Corporate. Racing includes four racetracks: Churchill Downs Racetrack, Arlington International Race Course, Fair Grounds Race Course and Calder Race Course. Casinos is a provider of brick-and-mortar real-money casino gaming. TwinSpires operates mobile and online wagering business, which is a platform for betting on horseracing. Big Fish Games, Inc. is a producer and distributor of social casino, casual and mid-core free-to-play and premium paid games for personal computer (PC), Mac and mobile devices. Other Investments includes United Tote and Capital View Casino & Resort Joint Venture (Capital View).

FINANCIAL RATIOS  of  Churchill Downs (CHDN)

Valuation Ratios
P/E Ratio 34.2
Price to Sales 2.8
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 21.4
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 3% 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 15.429 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 $3.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Churchill Downs Shows Market Leadership With Jump To 92 RS Rating   [Dec-01-17 03:00AM  Investor's Business Daily]
▶ Churchill Downs to sell Big Fish Games in nearly $1B deal   [Nov-29-17 06:17PM  American City Business Journals]
▶ Time to Take a Gamble on These 5 Gaming Stocks   [Nov-17-17 05:25PM  Zacks]
▶ Here's who is leading Louisville's 2018 Breeders' Cup host committee   [07:15AM  American City Business Journals]
▶ Churchill Downs, Inc. Stock Just Cannot Seem to Lose   [Nov-06-17 06:31AM  InvestorPlace]
▶ Churchill Downs beats 3Q profit forecasts   [Nov-01-17 06:34PM  Associated Press]
▶ Churchill Downs unveils $32 million plan to improve visitor experience   [09:37AM  American City Business Journals]
▶ New Strong Buy Stocks for August 1st   [Aug-01-17 10:21AM  Zacks]
▶ Churchill Downs CEO sheds more light on $60M gaming facility, Derby's huge TV showing   [Jul-27-17 04:45PM  American City Business Journals]
▶ Churchill Downs beats 2Q profit forecasts   [12:57AM  Associated Press]
▶ Here's how much parking Churchill Downs is adding at the racetrack   [Jun-27-17 02:58PM  American City Business Journals]
▶ Churchill Downs to spend $60M on new gaming facility in Louisville   [Jun-21-17 01:39PM  American City Business Journals]
▶ Churchill Downs pursuing new wagering option in Kentucky   [Jun-20-17 10:25PM  American City Business Journals]
▶ A Wide-Open Belmont Stakes   [02:49PM  Benzinga]
▶ Churchill Downs moves online wagering operations to Kentucky   [May-30-17 02:51PM  Associated Press]
▶ Take a peek inside Churchill Downs' expanded East End HQ (PHOTOS)   [02:27PM  American City Business Journals]
▶ Churchill Downs creating nearly 100 Louisville HQ jobs by end of year   [02:11PM  American City Business Journals]
▶ 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]
Financial statements 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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