Intrinsic value of Churchill Downs - CHDN

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$182.00

  Intrinsic Value

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  Value-price divergence*

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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 3.0

 

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
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
Revenue, $m
  1,309
  1,311
  1,415
  1,522
  1,634
  1,750
  1,870
  1,996
  2,126
  2,262
  2,403
  2,550
  2,703
  2,862
  3,029
  3,202
  3,383
  3,573
  3,770
  3,977
  4,193
  4,419
  4,655
  4,903
  5,162
  5,433
  5,717
  6,015
  6,327
  6,654
  6,997
Variable operating expenses, $m
 
  1,159
  1,244
  1,332
  1,423
  1,518
  1,617
  1,720
  1,826
  1,938
  2,053
  2,089
  2,215
  2,346
  2,482
  2,624
  2,773
  2,928
  3,090
  3,259
  3,436
  3,621
  3,815
  4,018
  4,230
  4,453
  4,685
  4,929
  5,185
  5,453
  5,734
Fixed operating expenses, $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
Total operating expenses, $m
  1,114
  1,159
  1,244
  1,332
  1,423
  1,518
  1,617
  1,720
  1,826
  1,938
  2,053
  2,089
  2,215
  2,346
  2,482
  2,624
  2,773
  2,928
  3,090
  3,259
  3,436
  3,621
  3,815
  4,018
  4,230
  4,453
  4,685
  4,929
  5,185
  5,453
  5,734
Operating income, $m
  194
  152
  171
  191
  211
  232
  253
  276
  299
  324
  349
  460
  488
  517
  547
  578
  611
  645
  680
  718
  757
  797
  840
  885
  932
  981
  1,032
  1,086
  1,142
  1,201
  1,263
EBITDA, $m
  320
  310
  335
  360
  387
  414
  443
  472
  503
  535
  569
  604
  640
  678
  717
  758
  801
  846
  893
  942
  993
  1,046
  1,102
  1,161
  1,222
  1,286
  1,354
  1,424
  1,498
  1,575
  1,657
Interest expense (income), $m
  40
  64
  75
  87
  99
  111
  124
  138
  152
  167
  182
  198
  215
  232
  250
  269
  288
  309
  330
  352
  375
  400
  425
  452
  480
  509
  540
  572
  605
  640
  677
Earnings before tax, $m
  168
  89
  96
  104
  112
  120
  129
  138
  147
  157
  167
  262
  273
  285
  297
  309
  323
  336
  351
  366
  381
  398
  415
  433
  452
  472
  492
  514
  537
  560
  585
Tax expense, $m
  60
  24
  26
  28
  30
  32
  35
  37
  40
  42
  45
  71
  74
  77
  80
  84
  87
  91
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  145
  151
  158
Net income, $m
  108
  65
  70
  76
  82
  88
  94
  101
  108
  115
  122
  191
  199
  208
  217
  226
  235
  245
  256
  267
  278
  290
  303
  316
  330
  344
  359
  375
  392
  409
  427

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
  2,384
  2,572
  2,768
  2,970
  3,181
  3,401
  3,628
  3,865
  4,112
  4,368
  4,636
  4,914
  5,204
  5,507
  5,822
  6,152
  6,496
  6,855
  7,231
  7,624
  8,034
  8,464
  8,914
  9,385
  9,878
  10,395
  10,936
  11,503
  12,098
  12,721
Adjusted assets (=assets-cash), $m
  2,205
  2,384
  2,572
  2,768
  2,970
  3,181
  3,401
  3,628
  3,865
  4,112
  4,368
  4,636
  4,914
  5,204
  5,507
  5,822
  6,152
  6,496
  6,855
  7,231
  7,624
  8,034
  8,464
  8,914
  9,385
  9,878
  10,395
  10,936
  11,503
  12,098
  12,721
Revenue / Adjusted assets
  0.594
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
Average production assets, $m
  1,046
  1,196
  1,290
  1,388
  1,490
  1,596
  1,706
  1,820
  1,939
  2,062
  2,191
  2,325
  2,465
  2,610
  2,762
  2,920
  3,086
  3,258
  3,439
  3,627
  3,824
  4,030
  4,246
  4,471
  4,708
  4,955
  5,214
  5,486
  5,770
  6,068
  6,381
Working capital, $m
  -222
  -515
  -556
  -598
  -642
  -688
  -735
  -784
  -835
  -889
  -944
  -1,002
  -1,062
  -1,125
  -1,190
  -1,258
  -1,330
  -1,404
  -1,482
  -1,563
  -1,648
  -1,737
  -1,830
  -1,927
  -2,029
  -2,135
  -2,247
  -2,364
  -2,486
  -2,615
  -2,750
Total debt, $m
  922
  903
  1,043
  1,189
  1,341
  1,498
  1,662
  1,832
  2,009
  2,194
  2,385
  2,585
  2,793
  3,009
  3,235
  3,471
  3,717
  3,974
  4,243
  4,523
  4,817
  5,124
  5,445
  5,781
  6,133
  6,501
  6,887
  7,291
  7,715
  8,159
  8,625
Total liabilities, $m
  1,569
  1,781
  1,921
  2,067
  2,219
  2,376
  2,540
  2,710
  2,887
  3,072
  3,263
  3,463
  3,671
  3,887
  4,113
  4,349
  4,595
  4,852
  5,121
  5,401
  5,695
  6,002
  6,323
  6,659
  7,011
  7,379
  7,765
  8,169
  8,593
  9,037
  9,503
Total equity, $m
  685
  603
  651
  700
  752
  805
  860
  918
  978
  1,040
  1,105
  1,173
  1,243
  1,317
  1,393
  1,473
  1,556
  1,643
  1,734
  1,829
  1,929
  2,033
  2,141
  2,255
  2,374
  2,499
  2,630
  2,767
  2,910
  3,061
  3,218
Total liabilities and equity, $m
  2,254
  2,384
  2,572
  2,767
  2,971
  3,181
  3,400
  3,628
  3,865
  4,112
  4,368
  4,636
  4,914
  5,204
  5,506
  5,822
  6,151
  6,495
  6,855
  7,230
  7,624
  8,035
  8,464
  8,914
  9,385
  9,878
  10,395
  10,936
  11,503
  12,098
  12,721
Debt-to-equity ratio
  1.346
  1.500
  1.600
  1.700
  1.780
  1.860
  1.930
  2.000
  2.050
  2.110
  2.160
  2.200
  2.250
  2.290
  2.320
  2.360
  2.390
  2.420
  2.450
  2.470
  2.500
  2.520
  2.540
  2.560
  2.580
  2.600
  2.620
  2.640
  2.650
  2.670
  2.680
Adjusted equity ratio
  0.288
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  65
  70
  76
  82
  88
  94
  101
  108
  115
  122
  191
  199
  208
  217
  226
  235
  245
  256
  267
  278
  290
  303
  316
  330
  344
  359
  375
  392
  409
  427
Depreciation, amort., depletion, $m
  126
  158
  164
  170
  176
  183
  189
  197
  204
  212
  219
  144
  152
  161
  170
  180
  190
  201
  212
  224
  236
  249
  262
  276
  291
  306
  322
  339
  356
  375
  394
Funds from operations, $m
  186
  223
  234
  246
  258
  271
  284
  297
  311
  326
  342
  335
  352
  369
  387
  406
  426
  447
  468
  491
  514
  539
  565
  592
  620
  650
  681
  714
  748
  784
  821
Change in working capital, $m
  -41
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -128
  -135
Cash from operations, $m
  227
  224
  275
  288
  302
  316
  331
  347
  363
  380
  397
  393
  412
  432
  453
  474
  497
  521
  546
  572
  599
  628
  658
  689
  722
  757
  793
  831
  871
  912
  956
Maintenance CAPEX, $m
  0
  -68
  -74
  -80
  -86
  -92
  -99
  -105
  -112
  -120
  -127
  -135
  -144
  -152
  -161
  -170
  -180
  -190
  -201
  -212
  -224
  -236
  -249
  -262
  -276
  -291
  -306
  -322
  -339
  -356
  -375
New CAPEX, $m
  -55
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -152
  -158
  -165
  -173
  -180
  -188
  -197
  -206
  -216
  -226
  -236
  -247
  -259
  -271
  -284
  -298
  -313
Cash from investing activities, $m
  -51
  -159
  -168
  -178
  -188
  -198
  -209
  -219
  -231
  -244
  -256
  -269
  -284
  -298
  -313
  -328
  -345
  -363
  -381
  -400
  -421
  -442
  -465
  -488
  -512
  -538
  -565
  -593
  -623
  -654
  -688
Free cash flow, $m
  176
  65
  107
  110
  114
  118
  123
  127
  131
  136
  141
  123
  129
  134
  140
  146
  152
  158
  164
  171
  178
  186
  193
  202
  210
  219
  228
  237
  247
  258
  269
Issuance/(repayment) of debt, $m
  -144
  137
  140
  146
  152
  158
  164
  170
  177
  184
  192
  200
  208
  217
  226
  236
  246
  257
  269
  281
  293
  307
  321
  336
  352
  368
  386
  404
  424
  444
  465
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
  137
  140
  146
  152
  158
  164
  170
  177
  184
  192
  200
  208
  217
  226
  236
  246
  257
  269
  281
  293
  307
  321
  336
  352
  368
  386
  404
  424
  444
  465
Total cash flow (excl. dividends), $m
  -7
  202
  247
  256
  266
  276
  286
  297
  308
  320
  333
  323
  337
  351
  366
  381
  398
  415
  433
  452
  472
  493
  515
  538
  562
  587
  614
  642
  671
  702
  734
Retained Cash Flow (-), $m
  -68
  -45
  -48
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -70
  -73
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -158
Prev. year cash balance distribution, $m
 
  59
  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
  199
  207
  215
  223
  231
  240
  249
  258
  268
  255
  266
  277
  289
  301
  314
  328
  342
  357
  372
  389
  406
  424
  443
  462
  483
  505
  528
  552
  577
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  201
  172
  164
  156
  146
  136
  126
  115
  104
  93
  75
  66
  57
  49
  41
  34
  27
  22
  17
  13
  10
  7
  5
  4
  2
  2
  1
  1
  0
  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 27.8
Price to Sales 2.3
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 17.5
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 $1212 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 8.2% 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 7.2%, 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 88.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 8.3% 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 91.2%.

Life of production assets of 16.2 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 -39.3%. 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 - $617 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 $3.0 billion.


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COMPANY NEWS

▶ 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]
▶ [$$] Mario Gabelli's Latest Stock Buys and Sales   [Jan-13-17 09:32AM  at Barrons.com]
▶ Hedge Funds Are Buying Churchill Downs, Inc. (CHDN)   [Nov-28-16 01:13PM  at Insider Monkey]
▶ Churchill Downs Racetrack targets $16 million Clubhouse renovation   [Oct-18-16 02:55PM  at bizjournals.com]
▶ [$$] 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]
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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