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Churchill Downs Incorporated (CHDN)



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Upturn Advisory Summary
02/07/2025: CHDN (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit -4.23% | Avg. Invested days 44 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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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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