Intrinsic value of Churchill Downs - CHDN

Previous Close

$188.05

  Intrinsic Value

$111.10

stock screener

  Rating & Target

sell

-41%

  Value-price divergence*

-129%

Previous close

$188.05

 
Intrinsic value

$111.10

 
Up/down potential

-41%

 
Rating

sell

 
Value-price divergence*

-129%

*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 3.1

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,309
  1,335
  1,366
  1,401
  1,440
  1,484
  1,532
  1,584
  1,641
  1,701
  1,767
  1,837
  1,911
  1,991
  2,075
  2,164
  2,259
  2,360
  2,466
  2,578
  2,696
  2,821
  2,953
  3,092
  3,239
  3,393
  3,555
  3,726
  3,906
  4,095
  4,294
Variable operating expenses, $m
 
  341
  347
  354
  362
  370
  380
  390
  401
  412
  425
  355
  370
  385
  401
  419
  437
  456
  477
  499
  522
  546
  571
  598
  626
  656
  688
  721
  756
  792
  831
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
  1,157
  1,183
  1,211
  1,241
  1,271
  1,303
  1,336
  1,371
  1,406
  1,444
  1,399
  1,441
  1,482
  1,526
  1,572
  1,619
  1,667
  1,718
  1,772
  1,826
  1,883
  1,941
  2,003
  2,066
  2,132
  2,201
  2,271
  2,345
  2,421
  2,501
Operating income, $m
  194
  178
  182
  190
  200
  213
  229
  248
  270
  295
  323
  437
  471
  508
  549
  593
  641
  692
  747
  807
  871
  939
  1,012
  1,089
  1,172
  1,261
  1,355
  1,455
  1,561
  1,674
  1,794
EBITDA, $m
  320
  333
  339
  348
  360
  376
  395
  416
  441
  469
  501
  535
  573
  615
  660
  709
  762
  819
  880
  945
  1,015
  1,090
  1,170
  1,255
  1,346
  1,443
  1,545
  1,655
  1,770
  1,893
  2,024
Interest expense (income), $m
  40
  43
  44
  46
  48
  50
  52
  55
  58
  61
  65
  68
  72
  76
  81
  85
  90
  96
  101
  107
  113
  120
  127
  134
  142
  150
  159
  168
  177
  187
  198
Earnings before tax, $m
  168
  135
  138
  144
  152
  163
  177
  193
  212
  234
  258
  369
  399
  432
  468
  508
  550
  596
  646
  700
  757
  819
  885
  955
  1,030
  1,110
  1,196
  1,287
  1,384
  1,486
  1,596
Tax expense, $m
  60
  36
  37
  39
  41
  44
  48
  52
  57
  63
  70
  100
  108
  117
  126
  137
  149
  161
  174
  189
  204
  221
  239
  258
  278
  300
  323
  347
  374
  401
  431
Net income, $m
  108
  99
  101
  105
  111
  119
  129
  141
  155
  171
  189
  269
  291
  315
  342
  371
  402
  435
  472
  511
  553
  598
  646
  697
  752
  811
  873
  939
  1,010
  1,085
  1,165

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
  2,248
  2,299
  2,359
  2,425
  2,498
  2,579
  2,667
  2,762
  2,864
  2,974
  3,092
  3,217
  3,351
  3,493
  3,644
  3,803
  3,972
  4,151
  4,340
  4,540
  4,750
  4,972
  5,206
  5,452
  5,712
  5,985
  6,273
  6,575
  6,894
  7,229
Adjusted assets (=assets-cash), $m
  2,205
  2,248
  2,299
  2,359
  2,425
  2,498
  2,579
  2,667
  2,762
  2,864
  2,974
  3,092
  3,217
  3,351
  3,493
  3,644
  3,803
  3,972
  4,151
  4,340
  4,540
  4,750
  4,972
  5,206
  5,452
  5,712
  5,985
  6,273
  6,575
  6,894
  7,229
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
  1,067
  1,091
  1,119
  1,151
  1,186
  1,224
  1,266
  1,311
  1,359
  1,412
  1,467
  1,527
  1,590
  1,658
  1,729
  1,805
  1,885
  1,970
  2,060
  2,154
  2,254
  2,360
  2,471
  2,588
  2,711
  2,841
  2,977
  3,121
  3,272
  3,431
Working capital, $m
  -222
  -134
  -137
  -140
  -144
  -148
  -153
  -158
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -216
  -226
  -236
  -247
  -258
  -270
  -282
  -295
  -309
  -324
  -339
  -356
  -373
  -391
  -409
  -429
Total debt, $m
  922
  938
  974
  1,016
  1,063
  1,114
  1,171
  1,233
  1,300
  1,372
  1,450
  1,533
  1,621
  1,716
  1,816
  1,922
  2,034
  2,154
  2,280
  2,413
  2,553
  2,702
  2,858
  3,023
  3,197
  3,380
  3,572
  3,775
  3,989
  4,213
  4,449
Total liabilities, $m
  1,569
  1,585
  1,621
  1,663
  1,710
  1,761
  1,818
  1,880
  1,947
  2,019
  2,097
  2,180
  2,268
  2,363
  2,463
  2,569
  2,681
  2,801
  2,927
  3,060
  3,200
  3,349
  3,505
  3,670
  3,844
  4,027
  4,219
  4,422
  4,636
  4,860
  5,096
Total equity, $m
  685
  663
  678
  696
  715
  737
  761
  787
  815
  845
  877
  912
  949
  989
  1,030
  1,075
  1,122
  1,172
  1,225
  1,280
  1,339
  1,401
  1,467
  1,536
  1,608
  1,685
  1,766
  1,850
  1,940
  2,034
  2,132
Total liabilities and equity, $m
  2,254
  2,248
  2,299
  2,359
  2,425
  2,498
  2,579
  2,667
  2,762
  2,864
  2,974
  3,092
  3,217
  3,352
  3,493
  3,644
  3,803
  3,973
  4,152
  4,340
  4,539
  4,750
  4,972
  5,206
  5,452
  5,712
  5,985
  6,272
  6,576
  6,894
  7,228
Debt-to-equity ratio
  1.346
  1.410
  1.440
  1.460
  1.490
  1.510
  1.540
  1.570
  1.600
  1.620
  1.650
  1.680
  1.710
  1.740
  1.760
  1.790
  1.810
  1.840
  1.860
  1.880
  1.910
  1.930
  1.950
  1.970
  1.990
  2.010
  2.020
  2.040
  2.060
  2.070
  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
  99
  101
  105
  111
  119
  129
  141
  155
  171
  189
  269
  291
  315
  342
  371
  402
  435
  472
  511
  553
  598
  646
  697
  752
  811
  873
  939
  1,010
  1,085
  1,165
Depreciation, amort., depletion, $m
  126
  155
  156
  158
  160
  163
  165
  168
  171
  174
  178
  98
  102
  107
  111
  116
  121
  127
  132
  138
  145
  151
  158
  166
  174
  182
  191
  200
  209
  220
  230
Funds from operations, $m
  186
  253
  257
  263
  272
  282
  295
  309
  326
  345
  367
  368
  394
  422
  453
  487
  523
  562
  604
  649
  697
  749
  804
  863
  926
  993
  1,064
  1,139
  1,219
  1,305
  1,395
Change in working capital, $m
  -41
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
Cash from operations, $m
  227
  256
  260
  267
  275
  286
  299
  314
  332
  351
  373
  375
  401
  430
  461
  496
  532
  572
  615
  660
  709
  761
  817
  877
  940
  1,008
  1,080
  1,156
  1,237
  1,324
  1,415
Maintenance CAPEX, $m
  0
  -70
  -72
  -73
  -75
  -77
  -80
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -107
  -111
  -116
  -121
  -127
  -132
  -138
  -145
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -209
  -220
New CAPEX, $m
  -55
  -21
  -25
  -28
  -31
  -35
  -38
  -42
  -45
  -49
  -52
  -56
  -60
  -63
  -67
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -151
  -159
Cash from investing activities, $m
  -51
  -91
  -97
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -143
  -151
  -158
  -165
  -174
  -183
  -192
  -201
  -212
  -222
  -233
  -245
  -256
  -269
  -283
  -297
  -312
  -328
  -344
  -360
  -379
Free cash flow, $m
  176
  165
  164
  166
  169
  174
  181
  191
  202
  215
  230
  224
  243
  264
  287
  313
  340
  371
  403
  438
  476
  517
  561
  608
  658
  711
  768
  829
  894
  963
  1,036
Issuance/(repayment) of debt, $m
  -144
  30
  36
  42
  47
  52
  57
  62
  67
  72
  78
  83
  88
  94
  100
  106
  113
  119
  126
  133
  141
  148
  156
  165
  174
  183
  193
  203
  213
  225
  236
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
  30
  36
  42
  47
  52
  57
  62
  67
  72
  78
  83
  88
  94
  100
  106
  113
  119
  126
  133
  141
  148
  156
  165
  174
  183
  193
  203
  213
  225
  236
Total cash flow (excl. dividends), $m
  -7
  194
  201
  207
  216
  226
  238
  253
  269
  287
  307
  307
  332
  358
  387
  419
  453
  490
  529
  571
  617
  665
  717
  772
  831
  894
  961
  1,032
  1,107
  1,187
  1,273
Retained Cash Flow (-), $m
  -68
  -13
  -15
  -17
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
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
 
  216
  185
  190
  196
  204
  215
  227
  241
  257
  275
  272
  295
  319
  346
  375
  406
  440
  476
  516
  558
  603
  652
  703
  759
  818
  880
  947
  1,018
  1,094
  1,174
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
 
  201
  159
  150
  141
  132
  124
  116
  108
  100
  91
  77
  69
  62
  54
  47
  40
  33
  27
  22
  17
  13
  10
  7
  5
  4
  2
  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 28.7
Price to Sales 2.4
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 18
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% 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 -10%. 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 16.349 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 $3.1 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
Stock chart of CHDN 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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