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Intrinsic value of Churchill Downs, Incorporated (CHDN)

Previous Close$210.17
Intrinsic Value
Upside potential
Previous Close
$210.17

VALUATION INPUT DATA (original, your and others' valuations)

ParameterOrig.Your
Date of valuation (DoV)  
Intrinsic value (IV) at DoV, $/sh  
IV at current val. algorithm, $/sh46.04 

The original valuation is based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

Registered users can save their valuation input data

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

Company description

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Churchill Downs, Online Wagering, and Gaming. The company owns and operates Derby City Gaming, a historical racing machine in Louisville, Kentucky; online horse racing wagering platform, TwinSpires.com; and offers sports betting and iGaming through BetAmerica platform. It also operates 5 racetracks, including Churchill Downs Racetrack in Louisville, Kentucky; Arlington International Race Course in Arlington Heights with 12 off-track betting (OTB) facilities in Illinois; Fair Grounds Race Course in New Orleans along with 14 OTBs in Louisiana; and Calder Race Course in Miami Gardens, Florida. In addition, the company operates 8 casinos, which provides brick-and-mortar casino gaming services with approximately 11,000 slot machines and video lottery terminals and 200 table games; and operates hotels. Further, it offers streaming video of live horse races, replays, and an assortment of racing and handicapping information; and provides the Bloodstock Research Information Services platform for horse racing statistical data. Additionally, the company manufactures and operates pari-mutuel wagering systems for racetracks, OTBs, and other pari-mutuel wagering businesses; and provides totalizator services. Churchill Downs Incorporated was founded in 1928 and is headquartered in Louisville, Kentucky.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %51.5NaN
Revenue, $1597NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m1313NaN
Operating income, $m284NaN
EBITDA, $m393NaN
Interest expense (income), $mNaN
Earnings before tax, $m344NaN
Tax expense, $m95NaN
Net income, $m249NaN

BALANCE SHEET

Cash and short-term investments, $m356NaN
Total assets, $m3014NaN
Adjusted assets (=assets-cash), $m2658NaN
Average production assets, $m1755NaN
Working capital, $m107NaN
Total debt, $m2006NaN
Total liabilities, $m2707NaN
Total equity, $m307NaN
Debt-to-equity ratio6.534NaN
Adjusted equity ratio-0.014NaN

CASH FLOW

Net income, $m249NaN
Depreciation, amort., depletion, $m109NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m336NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-92NaN
Free cash flow, $m427NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m107
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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