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Churchill Downs Incorporated ("CDI" or the "Company") has been creating extraordinary entertainment experiences for over 150 years, beginning with the Company s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of t…
$98.65
$2.34 (-2.32%)
Price from 33 days ago
23.37% operating margin is above average. ROIC at 8.76%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 7.0%, steady but not accelerating. Margins contracted 2.6pp, which offsets some of the top-line progress.
Net debt of $5.00B represents 8.8x FCF, leverage limits flexibility.
18.5x earnings, 12.5x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$2.93B
▲ +7.0% YoY
Net Income (TTM)
$383M
▼ -10.3% YoY
Op. Margin
23.37%
▼ -2.6pp YoY
ROIC
8.76%
▼ -0.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$565M
▲ +83.3% YoY
Op. Cash Flow (TTM)
$770M
▼ -0.2% YoY
Net Debt
$5.00B
Cash & Equiv.
$201M
5Y CAGR: +22.7%
5Y CAGR: +36.6%
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