Intrinsic value of Speedway Motorsports - TRK

Previous Close

$17.15

  Intrinsic Value

$6.80

stock screener

  Rating & Target

str. sell

-60%

Previous close

$17.15

 
Intrinsic value

$6.80

 
Up/down potential

-60%

 
Rating

str. sell

We calculate the intrinsic value of TRK 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 0001), $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 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  463
  473
  485
  499
  514
  531
  549
  569
  590
  612
  636
  662
  690
  719
  750
  783
  818
  854
  893
  934
  978
  1,023
  1,071
  1,122
  1,176
  1,232
  1,291
  1,353
  1,419
  1,488
Variable operating expenses, $m
  238
  242
  248
  254
  260
  268
  275
  284
  293
  303
  279
  291
  303
  316
  329
  344
  359
  375
  392
  410
  429
  449
  470
  493
  516
  541
  567
  594
  623
  653
Fixed operating expenses, $m
  171
  174
  178
  182
  186
  190
  194
  199
  203
  208
  212
  217
  222
  226
  231
  237
  242
  247
  253
  258
  264
  270
  275
  282
  288
  294
  301
  307
  314
  321
Total operating expenses, $m
  409
  416
  426
  436
  446
  458
  469
  483
  496
  511
  491
  508
  525
  542
  560
  581
  601
  622
  645
  668
  693
  719
  745
  775
  804
  835
  868
  901
  937
  974
Operating income, $m
  54
  57
  60
  63
  68
  73
  79
  86
  93
  101
  145
  155
  165
  177
  189
  203
  217
  232
  249
  266
  285
  305
  326
  348
  372
  397
  424
  452
  482
  514
EBITDA, $m
  146
  150
  154
  160
  166
  174
  182
  191
  201
  212
  224
  237
  251
  266
  283
  300
  319
  339
  360
  382
  406
  432
  459
  488
  518
  550
  584
  620
  659
  699
Interest expense (income), $m
  13
  12
  13
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  58
  61
  65
  69
  73
Earnings before tax, $m
  42
  44
  46
  49
  53
  57
  62
  67
  74
  81
  123
  131
  140
  150
  160
  172
  184
  197
  211
  226
  242
  259
  277
  297
  317
  339
  362
  387
  413
  441
Tax expense, $m
  11
  12
  12
  13
  14
  15
  17
  18
  20
  22
  33
  35
  38
  40
  43
  46
  50
  53
  57
  61
  65
  70
  75
  80
  86
  92
  98
  104
  112
  119
Net income, $m
  31
  32
  34
  36
  38
  42
  45
  49
  54
  59
  89
  96
  102
  109
  117
  125
  134
  144
  154
  165
  177
  189
  202
  217
  232
  248
  265
  282
  302
  322

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,478
  1,512
  1,551
  1,595
  1,643
  1,696
  1,754
  1,816
  1,884
  1,956
  2,033
  2,116
  2,204
  2,297
  2,396
  2,501
  2,612
  2,730
  2,854
  2,985
  3,124
  3,270
  3,423
  3,585
  3,756
  3,936
  4,125
  4,324
  4,533
  4,754
Adjusted assets (=assets-cash), $m
  1,478
  1,512
  1,551
  1,595
  1,643
  1,696
  1,754
  1,816
  1,884
  1,956
  2,033
  2,116
  2,204
  2,297
  2,396
  2,501
  2,612
  2,730
  2,854
  2,985
  3,124
  3,270
  3,423
  3,585
  3,756
  3,936
  4,125
  4,324
  4,533
  4,754
Revenue / Adjusted assets
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
Average production assets, $m
  1,174
  1,201
  1,232
  1,266
  1,305
  1,347
  1,393
  1,442
  1,496
  1,553
  1,615
  1,680
  1,750
  1,824
  1,903
  1,986
  2,074
  2,168
  2,266
  2,370
  2,480
  2,596
  2,718
  2,847
  2,983
  3,125
  3,276
  3,434
  3,600
  3,775
Working capital, $m
  -40
  -41
  -42
  -43
  -45
  -46
  -48
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -118
  -123
  -129
Total debt, $m
  238
  250
  264
  280
  298
  317
  338
  361
  386
  412
  441
  471
  503
  537
  574
  612
  653
  696
  741
  789
  840
  893
  949
  1,009
  1,071
  1,137
  1,206
  1,279
  1,356
  1,436
Total liabilities, $m
  541
  553
  568
  584
  601
  621
  642
  665
  689
  716
  744
  774
  807
  841
  877
  915
  956
  999
  1,045
  1,093
  1,143
  1,197
  1,253
  1,312
  1,375
  1,440
  1,510
  1,583
  1,659
  1,740
Total equity, $m
  937
  959
  983
  1,011
  1,042
  1,075
  1,112
  1,152
  1,194
  1,240
  1,289
  1,341
  1,397
  1,456
  1,519
  1,586
  1,656
  1,731
  1,809
  1,893
  1,980
  2,073
  2,170
  2,273
  2,381
  2,495
  2,615
  2,741
  2,874
  3,014
Total liabilities and equity, $m
  1,478
  1,512
  1,551
  1,595
  1,643
  1,696
  1,754
  1,817
  1,883
  1,956
  2,033
  2,115
  2,204
  2,297
  2,396
  2,501
  2,612
  2,730
  2,854
  2,986
  3,123
  3,270
  3,423
  3,585
  3,756
  3,935
  4,125
  4,324
  4,533
  4,754
Debt-to-equity ratio
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.390
  0.400
  0.410
  0.420
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.460
  0.470
  0.470
  0.480
Adjusted equity ratio
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  31
  32
  34
  36
  38
  42
  45
  49
  54
  59
  89
  96
  102
  109
  117
  125
  134
  144
  154
  165
  177
  189
  202
  217
  232
  248
  265
  282
  302
  322
Depreciation, amort., depletion, $m
  92
  93
  95
  97
  98
  100
  103
  105
  108
  111
  79
  82
  86
  89
  93
  97
  102
  106
  111
  116
  122
  127
  133
  140
  146
  153
  161
  168
  176
  185
Funds from operations, $m
  123
  125
  128
  132
  137
  142
  148
  154
  162
  169
  169
  178
  188
  199
  210
  223
  236
  250
  265
  281
  298
  316
  336
  356
  378
  401
  425
  451
  478
  507
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Cash from operations, $m
  124
  126
  130
  134
  138
  144
  149
  156
  163
  171
  171
  180
  190
  201
  213
  226
  239
  253
  269
  285
  302
  320
  340
  361
  382
  406
  430
  456
  484
  513
Maintenance CAPEX, $m
  -56
  -58
  -59
  -60
  -62
  -64
  -66
  -68
  -71
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -102
  -106
  -111
  -116
  -122
  -127
  -133
  -140
  -146
  -153
  -161
  -168
  -176
New CAPEX, $m
  -22
  -27
  -31
  -35
  -38
  -42
  -46
  -50
  -53
  -57
  -61
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -150
  -158
  -166
  -175
Cash from investing activities, $m
  -78
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -130
  -137
  -145
  -152
  -160
  -168
  -176
  -185
  -195
  -205
  -215
  -226
  -238
  -249
  -262
  -276
  -289
  -303
  -319
  -334
  -351
Free cash flow, $m
  45
  42
  40
  39
  38
  37
  38
  38
  39
  41
  33
  35
  38
  41
  45
  49
  53
  58
  64
  70
  76
  83
  91
  99
  107
  117
  127
  138
  149
  161
Issuance/(repayment) of debt, $m
  10
  12
  14
  16
  18
  19
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  41
  43
  45
  48
  51
  53
  56
  59
  62
  66
  69
  73
  77
  81
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  10
  12
  14
  16
  18
  19
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  41
  43
  45
  48
  51
  53
  56
  59
  62
  66
  69
  73
  77
  81
Total cash flow (excl. dividends), $m
  56
  54
  54
  54
  55
  57
  59
  61
  64
  67
  61
  66
  70
  75
  81
  87
  94
  101
  109
  118
  127
  136
  147
  158
  170
  183
  196
  210
  226
  242
Retained Cash Flow (-), $m
  -18
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -70
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
  -140
Prev. year cash balance distribution, $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 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
  38
  33
  29
  27
  25
  23
  22
  21
  21
  21
  12
  13
  15
  16
  18
  21
  24
  27
  30
  34
  39
  44
  49
  55
  62
  69
  76
  84
  93
  102
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  36
  30
  26
  22
  19
  17
  15
  13
  12
  11
  6
  6
  6
  5
  5
  5
  5
  5
  5
  4
  4
  4
  3
  3
  2
  2
  2
  1
  1
  1
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Speedway Motorsports, Inc. (SMI), through its operating subsidiaries, is a promoter, marketer and sponsor of motorsports activities in the United States. The Company's operations consist of promoting, marketing and sponsoring motorsports racing events, merchandising and other related activities conducted at its various speedway facilities located in the United States. Its segments include motorsports event related and all other. Its motorsports event related segment consists of National Association for Stock Car Auto Racing, Inc. (NASCAR) broadcasting and event motorsports merchandising activities. Its all other operations consist of SMIP subsidiary non-event motorsports and non-motorsports merchandising, US Legend Cars International subsidiary (Legend Cars) non-event merchandising and sanctioning body activities, Oil-Chem micro-lubricant activities, Texas Motor Speedway (TMS) natural gas mineral rights lease and related revenues, and office rentals at certain Company speedways.

FINANCIAL RATIOS  of  Speedway Motorsports (TRK)

Valuation Ratios
P/E Ratio 17.6
Price to Sales 1.4
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow 8.9
Growth Rates
Sales Growth Rate 3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.9%
Cap. Spend. - 3 Yr. Gr. Rate 23.9%
Financial Strength
Quick Ratio 10
Current Ratio 0
LT Debt to Equity 31.8%
Total Debt to Equity 32.8%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 5.1%
Return On Equity - 3 Yr. Avg. 1.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 44.5%
Gross Margin - 3 Yr. Avg. 47.1%
EBITDA Margin 25%
EBITDA Margin - 3 Yr. Avg. 20.5%
Operating Margin 14.5%
Oper. Margin - 3 Yr. Avg. 7.1%
Pre-Tax Margin 11.9%
Pre-Tax Margin - 3 Yr. Avg. 3.7%
Net Profit Margin 7.8%
Net Profit Margin - 3 Yr. Avg. 2.5%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 33.2%
Payout Ratio 62.5%

TRK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRK stock intrinsic value calculation we used $453.589 million for the last fiscal year's total revenue generated by Speedway Motorsports. The default revenue input number comes from 0001 income statement of Speedway Motorsports. 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 TRK 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 4.3%, whose default value for TRK is calculated based on our internal credit rating of Speedway Motorsports, 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 Speedway Motorsports.
    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 TRK stock the variable cost ratio is equal to 51.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $167 million in the base year in the intrinsic value calculation for TRK 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 5.4% for Speedway Motorsports.

Corporate tax rate of 27% is the nominal tax rate for Speedway Motorsports. 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 TRK 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 TRK are equal to 253.7%.

Life of production assets of 20.4 years is the average useful life of capital assets used in Speedway Motorsports 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 TRK is equal to -8.7%. 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 - $919.223 million for Speedway Motorsports - 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 40.899 million for Speedway Motorsports 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 Speedway Motorsports at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Success of new races revs up earnings for Speedway Motorsports   [08:20AM  American City Business Journals]
▶ Speedway: 3Q Earnings Snapshot   [Nov-07-18 06:56AM  Associated Press]
▶ 5 Stocks With High Dividend Yields   [Sep-05-18 04:43PM  GuruFocus.com]
▶ Speedway Motorsports, Inc. Announces Weather Guarantee   [Aug-09-18 09:00AM  GlobeNewswire]
▶ Speedway: 2Q Earnings Snapshot   [06:45AM  Associated Press]
▶ BofA, Charlotte speedway looking for road-course revival for fall race   [Jul-09-18 02:56PM  American City Business Journals]
▶ At z02.78, Is Trakcja PRKiI SA (WSE:TRK) A Buy?   [Jun-27-18 05:21AM  Simply Wall St.]
▶ Best Dividend Paying Stocks   [May-28-18 09:02AM  Simply Wall St.]
▶ Which Charlotte companies' CEOs make the most money compared to their workers?   [Apr-30-18 07:11AM  American City Business Journals]
▶ Hedge Your Bet With These Services Dividend Payers   [Apr-28-18 03:02PM  Simply Wall St.]
▶ Best Rated NYSE Dividend Stocks   [Apr-27-18 09:02AM  Simply Wall St.]
▶ Speedway Motorsports, Inc. to Host Earnings Call   [Apr-26-18 08:30AM  ACCESSWIRE]
▶ Services Dividend Stocks Of The Month: Acme United And More   [Mar-28-18 03:02PM  Simply Wall St.]
▶ 5 Leisure Stocks That Can Lift Your Spirits This Spring   [Mar-22-18 11:20AM  InvestorPlace]
▶ Speedway Motorsports, Inc. to Host Earnings Call   [Mar-07-18 07:30AM  ACCESSWIRE]
▶ Speedway posts 4Q profit   [06:51AM  Associated Press]
▶ NYSE Favorite Dividend Stocks   [Jan-23-18 08:02AM  Simply Wall St.]
▶ Best Rated NYSE Services Dividend Stocks   [Dec-27-17 02:02PM  Simply Wall St.]
▶ Best Dividend Paying Stocks   [Dec-07-17 08:02AM  Simply Wall St.]
▶ Speedway Motorsports, Inc. to Host Earnings Call   [Oct-25-17 06:50AM  ACCESSWIRE]
▶ Speedway posts 3Q profit   [06:37AM  Associated Press]
▶ Top Ranked Value Stocks to Buy for August 25th   [Aug-25-17 06:28AM  Zacks]
▶ Top Ranked Income Stocks to Buy for August 17th   [Aug-17-17 09:53AM  Zacks]
▶ Top Ranked Income Stocks to Buy for August 14th   [Aug-14-17 08:32AM  Zacks]
▶ Speedway posts 2Q profit   [Jul-26-17 09:36PM  Associated Press]
▶ Funding talks resume between MLS bid group, city leaders   [Apr-28-17 08:30AM  American City Business Journals]
▶ Speedway reports 1Q loss   [Apr-26-17 09:18AM  Associated Press]
▶ Solar panels, cabanas part of latest changes at CLT speedway   [03:04PM  American City Business Journals]
▶ Do Sports Teams Make Good Investments?   [Mar-28-17 06:25PM  GuruFocus.com]

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