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Churchill Downs Incorporated (CHDN)

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$122.01
Delayed price
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Upturn Advisory Summary

02/07/2025: CHDN (1-star) is currently NOT-A-BUY. Pass it for now.

Upturn Star Rating

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Not Recommended Performance

These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.

AI Based Fundamental Rating

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Moderate Performance

These Stocks/ETFs, based on Upturn Advisory, typically align with the market average, offering steady but unremarkable returns.

Analysis of Past Performance

Type Stock
Historic Profit -4.23%
Avg. Invested days 44
Today’s Advisory PASS
Upturn Star Rating Upturn stock ratingUpturn stock rating
Upturn Advisory Performance Upturn Advisory Performance 3.0
Stock Returns Performance Upturn Returns Performance 1.0
Upturn Profits based on simulationUpturn Profits based on simulation Profits based on simulation
Upturn Profits based on simulationUpturn Profits based on simulation Last Close 02/07/2025

Key Highlights

Company Size Mid-Cap Stock
Market Capitalization 9.06B USD
Price to earnings Ratio 22.26
1Y Target Price 163.02
Price to earnings Ratio 22.26
1Y Target Price 163.02
Volume (30-day avg) 470420
Beta 0.96
52 Weeks Range 110.78 - 149.77
Updated Date 02/9/2025
52 Weeks Range 110.78 - 149.77
Updated Date 02/9/2025
Dividends yield (FY) 0.33%
Basic EPS (TTM) 5.48

Revenue by Products

Product revenue - Year on Year

Earnings Date

Report Date -
When -
Estimate -
Actual -

Profitability

Profit Margin 15.45%
Operating Margin (TTM) 20.02%

Management Effectiveness

Return on Assets (TTM) 6.25%
Return on Equity (TTM) 41.37%

Valuation

Trailing PE 22.26
Forward PE -
Enterprise Value 13648337369
Price to Sales(TTM) 3.36
Enterprise Value 13648337369
Price to Sales(TTM) 3.36
Enterprise Value to Revenue 5.11
Enterprise Value to EBITDA 13.12
Shares Outstanding 73496704
Shares Floating 66541009
Shares Outstanding 73496704
Shares Floating 66541009
Percent Insiders 10.12
Percent Institutions 79.2

AI Summary

Churchill Downs Incorporated: A Comprehensive Overview

Company Profile

History and Background: Founded in 1875, Churchill Downs Incorporated (CHDN) is a prominent player in the horse racing industry. Headquartered in Louisville, Kentucky, the company is best known for hosting the prestigious Kentucky Derby, the first leg of the Triple Crown.

Core Business Areas:

  • Live and Historical Racing: Hosting horse races at its flagship Churchill Downs Racetrack, as well as owning and operating racetracks in Kentucky, Louisiana, and Arkansas.
  • TwinSpires Interactive: An online and mobile wagering platform offering horse racing betting across the US.
  • Gaming Operations: Casinos and video lottery terminals at racetracks in Kentucky and Louisiana.

Leadership and Corporate Structure: CEO Bill Carstanjen leads a team of experienced executives with expertise in horse racing, gaming, and technology. The company operates with a decentralized structure, empowering individual tracks and businesses to make decisions tailored to their specific markets.

Top Products and Market Share

Top Products:

  • Kentucky Derby: The marquee event generates significant revenue through ticket sales, sponsorships, and broadcast rights.
  • TwinSpires: The online platform offers a diverse range of betting options and attracts a growing customer base.
  • Casino Operations: Casinos provide a steady stream of income through slot machines, table games, and other offerings.

Market Share:

  • Live Racing: CHDN holds a dominant position in the Kentucky market and enjoys a strong presence in the broader Midwest and Southeast regions.
  • Online Wagering: TwinSpires competes with established players like TVG and NYRA Bets, holding a market share in the single digits.
  • Gaming: CHDN operates in a fragmented regional market, facing competition from local casinos and tribal gaming operations.

Product Performance: The Kentucky Derby consistently ranks as the most-watched horse race globally, while TwinSpires has witnessed steady customer growth. Gaming revenue has shown resilience despite competition.

Total Addressable Market

The total addressable market for CHDN encompasses several segments:

  • Live Racing: The US horse racing industry generates annual revenues exceeding $11 billion.
  • Online Wagering: The US online horse racing betting market is estimated at around $2 billion and is projected to grow significantly.
  • Gaming: The US casino industry boasts a market size of over $40 billion.

Financial Performance

Recent Performance: CHDN has delivered consistent revenue growth in recent years. Net income and earnings per share have also shown positive trends. Profit margins remain healthy, indicating operational efficiency.

Year-over-Year Comparison: The company has demonstrated consistent year-over-year revenue and earnings growth, outperforming industry averages.

Cash Flow and Balance Sheet: CHDN maintains a solid cash flow position and a healthy balance sheet with manageable debt levels.

Dividends and Shareholder Returns

Dividend History: CHDN has a history of paying dividends, with a recent annual dividend yield of around 2%.

Shareholder Returns: Over the past year, CHDN's stock has provided positive returns to shareholders, outperforming the broader market.

Growth Trajectory

Historical Growth: CHDN has experienced consistent revenue and earnings growth over the past five years.

Future Projections: The company expects continued growth driven by expansion in online wagering, strategic acquisitions, and potential new market entries.

Recent Initiatives: CHDN is actively investing in technology upgrades, expanding its online presence, and pursuing strategic partnerships to fuel growth.

Market Dynamics

Industry Trends: The horse racing industry is facing challenges like declining attendance and increased competition. However, online wagering and innovative technologies offer promising growth opportunities.

Competitive Landscape: CHDN faces competition from established racetracks, online betting platforms, and regional casinos.

Company Positioning: CHDN is well-positioned with its iconic brand, strong online presence, and diversified business model.

Competitors

Key Competitors: PENN Entertainment (PENN), Wynn Resorts (WYNN), Las Vegas Sands (LVS), NYRA Bets (NYRA)

Market Share Comparison: CHDN holds a leading position in the Kentucky market and maintains a competitive presence in online wagering. However, it faces strong competition in the broader gaming and online betting sectors.

Competitive Advantages: Brand recognition, strong online platform, diversified business model, and strategic partnerships.

Potential Challenges and Opportunities

Key Challenges:

  • Declining attendance at racetracks
  • Intense competition in online wagering and gaming
  • Regulatory changes

Potential Opportunities:

  • Expansion of online betting
  • Strategic acquisitions
  • New market entries
  • Technological innovations

Recent Acquisitions

  • Big Fish Games (2021): This acquisition expanded CHDN's digital gaming portfolio and provided access to a large user base.
  • BetAmerica (2020): This acquisition strengthened CHDN's online wagering platform and expanded its reach across the US.
  • Presque Isle Downs & Casino (2019): This acquisition marked CHDN's entry into the Pennsylvania gaming market, a significant expansion move.

AI-Based Fundamental Rating

Rating: 7/10

Justification: CHDN exhibits solid fundamentals, with consistent revenue and earnings growth, healthy cash flow, and a diversified business model. The company faces challenges in the traditional horse racing industry but is well-positioned to capitalize on opportunities in online wagering and technology.

Sources and Disclaimers

Sources:

  • Churchill Downs Incorporated Investor Relations website
  • SEC filings
  • Industry reports

Disclaimer: This information is provided for educational purposes only and should not be considered financial advice. Please consult a qualified financial professional before making investment decisions.

About Churchill Downs Incorporated

Exchange NASDAQ
Headquaters Louisville, KY, United States
IPO Launch date 1993-03-29
CEO & Director Mr. William C. Carstanjen
Sector Consumer Cyclical
Industry Gambling
Full time employees 5660
Full time employees 5660

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; casino gaming; and Terre Haute Casino and The Rose Gaming Resorts. It also 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. In addition, the company manufactures and operates pari-mutuel wagering systems for racetracks, off-track betting facilities, and other pari-mutuel wagering businesses. Churchill Downs Incorporated was founded in 1875 and is headquartered in Louisville, Kentucky.

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