Churchill Downs Inc
NASDAQ:CHDN
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Intrinsic Value
The intrinsic value of one CHDN stock under the Base Case scenario is 170.24 USD. Compared to the current market price of 141.87 USD, Churchill Downs Inc is Undervalued by 17%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
Valuation Backtest
Churchill Downs Inc
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Fundamental Analysis
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Churchill Downs Inc. (CDI) is a storied American gaming and entertainment company that has become synonymous with thoroughbred horse racing. Established in 1875, CDI is perhaps best known for its iconic Churchill Downs racetrack in Louisville, Kentucky, which hosts the legendary Kentucky Derby, one of the most prestigious horse races in the world. Beyond horse racing, CDI has evolved into a diversified gaming enterprise with interests in wagering and gaming operations across the United States. The company operates multiple racetracks and casinos, and through strategic acquisitions, it has expanded its reach into emerging markets like sports betting and online gaming, positioning itself for g...
Churchill Downs Inc. (CDI) is a storied American gaming and entertainment company that has become synonymous with thoroughbred horse racing. Established in 1875, CDI is perhaps best known for its iconic Churchill Downs racetrack in Louisville, Kentucky, which hosts the legendary Kentucky Derby, one of the most prestigious horse races in the world. Beyond horse racing, CDI has evolved into a diversified gaming enterprise with interests in wagering and gaming operations across the United States. The company operates multiple racetracks and casinos, and through strategic acquisitions, it has expanded its reach into emerging markets like sports betting and online gaming, positioning itself for growth in an evolving industry landscape.
Investors looking at Churchill Downs Inc. will find a company poised for potential growth and resilience against market fluctuations. The company's strong brand recognition, coupled with its diversified portfolio that now includes several types of gaming operations, suggests a robust business model catering to a wide range of entertainment options. CDI's emphasis on innovative technology and digital platforms can enhance customer engagement, particularly in the booming online sports betting sector. With a commitment to operational excellence and a historic legacy bolstering its market presence, CDI presents itself as a compelling investment opportunity in a rapidly growing entertainment landscape.
Churchill Downs Incorporated (CDI) operates across several core business segments, primarily revolving around horse racing and gaming. Here are the main segments:
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Horse Racing: This is the foundation of CDI's business, with the company owning and operating the famous Churchill Downs racetrack in Louisville, Kentucky, which hosts the Kentucky Derby. This segment includes live racing events, simulcast racing, and pari-mutuel wagering.
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Gaming: CDI operates various gaming facilities, including casinos and racinos (combination of racetracks and casinos). This segment generates revenue through slot machines, table games, and associated hospitality services.
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Online Wagering: The company has a growing presence in the online betting space, facilitating online wagering on horse races and other events. This includes services such as Replica Racing, that allow users to engage in betting through digital platforms.
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Entertainment: Apart from racing and gaming, CDI also engages in entertainment-related activities. This includes hosting events, concerts, and other forms of entertainment at their venues, which enhances customer experience and loyalty.
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Retail and Breeding Operations: CDI has some involvement in the breeding and sale of thoroughbred horses, contributing to their overall horse racing operations.
These segments work together to create a diversified revenue stream, making CDI a pivotal player in the horse racing and gaming industry. The company's strategy often focuses on expanding its gaming capabilities and enhancing the customer experience to drive growth.
Churchill Downs Inc. (CDI) possesses several unique competitive advantages that help differentiate it from its rivals in the gaming and entertainment industry:
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Iconic Brand and Heritage: The Churchill Downs racetrack is synonymous with the Kentucky Derby, one of the most prestigious horse races in the world. This heritage and brand recognition provide a competitive edge in marketing and attracting visitors.
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Diverse Revenue Streams: CDI operates various segments, including horse racing, online betting, and gaming operations. This diversification mitigates risks associated with market fluctuations and allows for revenue generation from multiple sources.
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Strong Portfolio of Properties: In addition to Churchill Downs, the company owns and operates several racetracks and casinos, expanding its market presence and allowing for cross-promotion of events and services.
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Technological Adaptation: CDI has invested in technology to enhance its betting operations, including online wagering platforms. This technological edge allows them to cater to changing consumer preferences and create a seamless betting experience.
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Robust Marketing and Partnerships: Partnerships with sports leagues, sponsorships, and innovative marketing strategies enhance visibility and attract a broader audience, particularly younger demographics interested in sports betting.
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Regulatory Expertise: The company’s experience in navigating the complex regulatory landscape of gaming and horse racing gives it an advantage over new entrants and less experienced competitors.
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Strong Customer Loyalty: Through loyalty programs and a focus on customer experience, CDI fosters a dedicated customer base that is more likely to return, enhancing lifetime value.
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Strategic Acquisitions: CDI has pursued strategic acquisitions that strengthen its market position, expand its offerings, and enhance operational efficiencies.
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Focus on Live Experiences: The company emphasizes the live racing experience, which is difficult for online competitors to replicate. Events like the Kentucky Derby attract significant crowds and create memorable experiences for attendees.
By leveraging these competitive advantages, Churchill Downs Inc. can maintain and enhance its market position in the rapidly evolving gaming and entertainment landscape.
Churchill Downs Inc. (CDI) operates in a sector that faces a variety of risks and challenges. Here are some of the key considerations:
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Regulatory Risks: The gaming industry is heavily regulated, and changes in legislation can impact operations. This includes changes in gaming laws, taxation, and compliance requirements.
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Economic Sensitivity: CDI's revenue can be sensitive to economic downturns. During recessions, discretionary spending typically decreases, which can lead to lower attendance and wagering.
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Competition: The gaming and entertainment market is highly competitive, not only from other racetracks but also from casinos, online betting platforms, and other forms of entertainment.
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Technological Changes: Advancements in technology, such as online betting and mobile applications, require CDI to invest continuously. Failing to adapt could lead to a loss of market share.
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Public Health Concerns: Events like the COVID-19 pandemic can significantly impact operations. Health regulations can limit attendance, and any resurgence of public health crises could lead to further restrictions.
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Operational Risks: Maintaining high-quality offerings for racing and entertainment is crucial. Operational missteps or negative customer experiences can damage the brand and lead to decreased patronage.
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Animal Welfare Concerns: Increased scrutiny on animal welfare in horse racing can lead to reputational challenges and regulatory changes.
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Dependency on Key Events: Revenue from marquee events, such as the Kentucky Derby, can create financial volatility. A decline in interest or attendance at these events can have a disproportionate impact on overall earnings.
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Investment Risks: Any investments in expansion or new ventures carry risks. Miscalculations in market demand or operational challenges can result in financial losses.
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Market Trends: Changes in consumer preferences and demographics, such as a shift towards younger, tech-savvy audiences, could necessitate changes in strategy and development of new products or services.
To navigate these risks, CDI must employ strategic planning, invest in technology, focus on customer experience, and engage proactively with regulators and stakeholders.
Revenue & Expenses Breakdown
Churchill Downs Inc
Balance Sheet Decomposition
Churchill Downs Inc
Current Assets | 387.4m |
Cash & Short-Term Investments | 152.7m |
Receivables | 93.2m |
Other Current Assets | 141.5m |
Non-Current Assets | 6.8B |
Long-Term Investments | 650.2m |
PP&E | 2.8B |
Intangibles | 3.3B |
Other Non-Current Assets | 17.5m |
Current Liabilities | 710.1m |
Accounts Payable | 182.4m |
Accrued Liabilities | 210.4m |
Other Current Liabilities | 317.3m |
Non-Current Liabilities | 5.4B |
Long-Term Debt | 4.8B |
Other Non-Current Liabilities | 594.8m |
Earnings Waterfall
Churchill Downs Inc
Revenue
|
2.7B
USD
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Cost of Revenue
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-1.7B
USD
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Gross Profit
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933.6m
USD
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Operating Expenses
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-237.5m
USD
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Operating Income
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696.1m
USD
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Other Expenses
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-285.2m
USD
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Net Income
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410.9m
USD
|
Free Cash Flow Analysis
Churchill Downs Inc
USD | |
Free Cash Flow | USD |
CHDN Profitability Score
Profitability Due Diligence
Churchill Downs Inc's profitability score is 64/100. The higher the profitability score, the more profitable the company is.
Score
Churchill Downs Inc's profitability score is 64/100. The higher the profitability score, the more profitable the company is.
CHDN Solvency Score
Solvency Due Diligence
Churchill Downs Inc's solvency score is 21/100. The higher the solvency score, the more solvent the company is.
Score
Churchill Downs Inc's solvency score is 21/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
CHDN Price Targets Summary
Churchill Downs Inc
According to Wall Street analysts, the average 1-year price target for CHDN is 166.28 USD with a low forecast of 152.51 USD and a high forecast of 180.6 USD.
Dividends
Current shareholder yield for CHDN is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Ownership
CHDN Insider Trading
Buy and sell transactions by insiders
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Profile
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Description
Churchill Downs, Inc. operates as a provider of pari-mutuel horse racing, online account wagering on horse racing and casino gaming. The company is headquartered in Louisville, Kentucky and currently employs 5,000 full-time employees. The firm owns and operates three pari-mutuel gaming entertainment venues. The company also owns and operates TwinSpires, which is a wagering platform for horse racing, sports and iGaming in the United States. The company is also an engaged in brick-and-mortar casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals (VLTs) and 200 table games. The company has three segments. The Live and Historical Racing segment includes live and historical pari-mutuel racing at Churchill Downs Racetrack, Derby City Gaming, Oak Grove, Turfway Park, and Newport. The TwinSpires segment includes online horse racing and the online and retail sports betting and iGaming wagering business. The Gaming segment is engaged in the casino properties and associated racetrack or jai alai facilities, which support the casino license as applicable.
Contact
IPO
Employees
Officers
The intrinsic value of one CHDN stock under the Base Case scenario is 170.24 USD.
Compared to the current market price of 141.87 USD, Churchill Downs Inc is Undervalued by 17%.