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Churchill Downs

BST:CHR
Snowflake Description

Solid track record and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CHR
BST
$5B
Market Cap
  1. Home
  2. DE
  3. Consumer Services
Company description

Churchill Downs Incorporated operates as a racing, gaming, and online entertainment company in the United States. The last earnings update was 54 days ago. More info.


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  • Churchill Downs has significant price volatility in the past 3 months.
CHR Share Price and Events
7 Day Returns
3.3%
BST:CHR
0.1%
DE Hospitality
0.3%
DE Market
1 Year Returns
17%
BST:CHR
-52.1%
DE Hospitality
-11.7%
DE Market
CHR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Churchill Downs (CHR) 3.3% 15.9% 35.7% 17% 185.8% 365.5%
DE Hospitality 0.1% -9.9% -9.2% -52.1% -28.9% -25.1%
DE Market 0.3% -2.3% -1.1% -11.7% 12.2% 6.1%
1 Year Return vs Industry and Market
  • CHR outperformed the Hospitality industry which returned -52.1% over the past year.
  • CHR outperformed the Market in Germany which returned -11.7% over the past year.
Price Volatility
CHR
Industry
5yr Volatility vs Market

Value

 Is Churchill Downs undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Churchill Downs to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Churchill Downs.

BST:CHR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.8%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BST:CHR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.92 (1 + (1- 21%) (33.11%))
1.108
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.108 * 5.96%)
6.83%

Discounted Cash Flow Calculation for BST:CHR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Churchill Downs is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

BST:CHR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.83%)
2019 -24.30 Analyst x3 -22.75
2020 331.50 Analyst x2 290.47
2021 456.39 Est @ 37.68% 374.34
2022 577.07 Est @ 26.44% 443.05
2023 684.27 Est @ 18.58% 491.77
2024 773.72 Est @ 13.07% 520.51
2025 845.05 Est @ 9.22% 532.15
2026 900.16 Est @ 6.52% 530.62
2027 941.87 Est @ 4.63% 519.71
2028 973.07 Est @ 3.31% 502.59
Present value of next 10 years cash flows $4,182.46
BST:CHR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $973.07 × (1 + 0.23%) ÷ (6.83% – 0.23%)
$14,772.86
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $14,772.86 ÷ (1 + 6.83%)10
$7,630.21
BST:CHR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $4,182.46 + $7,630.21
$11,812.67
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $11,812.67 / 39.60
$298.27
BST:CHR Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BST:CHR represents 0.87608x of NasdaqGS:CHDN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.87608x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 298.27 x 0.87608
€261.31
Value per share (EUR) From above. €261.31
Current discount Discount to share price of €100.32
= -1 x (€100.32 - €261.31) / €261.31
61.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Churchill Downs is available for.
Intrinsic value
>50%
Share price is €100.32 vs Future cash flow value of €261.31
Current Discount Checks
For Churchill Downs to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Churchill Downs's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Churchill Downs's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Churchill Downs's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Churchill Downs's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BST:CHR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $4.45
NasdaqGS:CHDN Share Price ** NasdaqGS (2019-06-17) in USD $114.51
Germany Hospitality Industry PE Ratio Median Figure of 10 Publicly-Listed Hospitality Companies 18.98x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.7x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Churchill Downs.

BST:CHR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:CHDN Share Price ÷ EPS (both in USD)

= 114.51 ÷ 4.45

25.76x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Churchill Downs is overvalued based on earnings compared to the DE Hospitality industry average.
  • Churchill Downs is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Churchill Downs's expected growth come at a high price?
Raw Data
BST:CHR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 25.76x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
-2.6%per year
Germany Hospitality Industry PEG Ratio Median Figure of 5 Publicly-Listed Hospitality Companies 1.31x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.47x

*Line of best fit is calculated by linear regression .

BST:CHR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 25.76x ÷ -2.6%

-10.02x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Churchill Downs earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Churchill Downs's assets?
Raw Data
BST:CHR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $11.54
NasdaqGS:CHDN Share Price * NasdaqGS (2019-06-17) in USD $114.51
Germany Hospitality Industry PB Ratio Median Figure of 13 Publicly-Listed Hospitality Companies 2.06x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.76x
BST:CHR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:CHDN Share Price ÷ Book Value per Share (both in USD)

= 114.51 ÷ 11.54

9.93x

* Primary Listing of Churchill Downs.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Churchill Downs is overvalued based on assets compared to the DE Hospitality industry average.
X
Value checks
We assess Churchill Downs's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Hospitality industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Hospitality industry average (and greater than 0)? (1 check)
  5. Churchill Downs has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Churchill Downs expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-2.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Churchill Downs expected to grow at an attractive rate?
  • Churchill Downs's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Churchill Downs's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Churchill Downs's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
BST:CHR Future Growth Rates Data Sources
Data Point Source Value (per year)
BST:CHR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -2.6%
BST:CHR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 8.8%
Germany Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 18.9%
Germany Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BST:CHR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BST:CHR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 1,361 331 171 4
2019-12-31 1,314 307 162 4
BST:CHR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,085 212 180
2018-12-31 1,009 198 183
2018-09-30 969 183 210
2018-06-30 945 209 165
2018-03-31 904 206 134
2017-12-31 883 215 122
2017-09-30 496 205 104
2017-06-30 602 228 99
2017-03-31 702 226 95
2016-12-31 822 231 96
2016-09-30 1,303 230 88
2016-06-30 1,279 237 83

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Churchill Downs's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Churchill Downs's revenue is expected to grow by 8.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BST:CHR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Churchill Downs Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:CHR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 4.22 4.22 4.22 1.00
2019-12-31 3.99 3.99 3.99 1.00
BST:CHR Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 4.45
2018-12-31 4.42
2018-09-30 4.93
2018-06-30 3.76
2018-03-31 2.93
2017-12-31 2.59
2017-09-30 2.17
2017-06-30 2.03
2017-03-31 1.94
2016-12-31 1.94
2016-09-30 1.76
2016-06-30 1.65

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Churchill Downs will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Churchill Downs's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Churchill Downs has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Churchill Downs performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Churchill Downs's growth in the last year to its industry (Hospitality).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Churchill Downs has delivered over 20% year on year earnings growth in the past 5 years.
  • Churchill Downs's 1-year earnings growth exceeds its 5-year average (34.3% vs 30.9%)
  • Churchill Downs's earnings growth has exceeded the DE Hospitality industry average in the past year (34.3% vs -2.6%).
Earnings and Revenue History
Churchill Downs's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Churchill Downs Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:CHR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,085.10 180.40 97.00
2018-12-31 1,009.00 182.60 90.50
2018-09-30 968.90 209.70 87.60
2018-06-30 944.50 164.80 85.80
2018-03-31 904.40 134.30 82.90
2017-12-31 882.60 122.30 83.10
2017-09-30 495.80 103.70 62.80 -29.30
2017-06-30 602.30 99.20 70.50 -20.50
2017-03-31 701.50 95.10 74.90 -10.80
2016-12-31 822.40 95.70 79.40
2016-09-30 1,302.70 87.70 97.80 38.70
2016-06-30 1,279.10 83.30 94.90 39.80
2016-03-31 1,249.80 68.90 92.40 40.00
2015-12-31 798.60 70.20 75.60
2015-09-30 1,108.02 43.35 85.98 30.00
2015-06-30 1,001.64 42.73 79.05 20.10
2015-03-31 895.98 45.19 76.02 10.20
2014-12-31 812.20 46.10 76.00
2014-09-30 806.95 54.38 73.31
2014-06-30 818.54 59.93 76.72
2014-03-31 798.59 52.40 79.75
2013-12-31 779.03 54.16 83.07
2013-09-30 773.89 61.78 78.67
2013-06-30 753.78 58.65 75.71
2013-03-31 741.00 57.37 74.49
2012-12-31 731.30 57.63 72.23
2012-09-30 723.14 59.19 68.55
2012-06-30 724.60 72.87 67.07

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Churchill Downs has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Churchill Downs used its assets more efficiently than the DE Hospitality industry average last year based on Return on Assets.
  • Churchill Downs has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Churchill Downs's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Hospitality industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Churchill Downs has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Churchill Downs's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Churchill Downs's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Churchill Downs's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Churchill Downs's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Churchill Downs's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Churchill Downs Company Filings, last reported 2 months ago.

BST:CHR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 456.90 1,501.60 119.70
2018-12-31 473.30 884.30 133.30
2018-09-30 514.70 885.10 131.30
2018-06-30 453.20 885.70 254.60
2018-03-31 343.60 886.60 202.70
2017-12-31 640.30 1,129.20 51.70
2017-09-30 626.30 1,124.00 57.80
2017-06-30 601.30 1,071.70 41.80
2017-03-31 688.90 968.30 54.90
2016-12-31 685.00 921.70 45.30
2016-09-30 695.40 920.20 56.90
2016-06-30 679.80 925.70 55.10
2016-03-31 619.40 987.20 51.10
2015-12-31 617.20 781.80 74.50
2015-09-30 766.17 591.52 51.11
2015-06-30 756.44 619.51 59.24
2015-03-31 698.74 701.05 49.53
2014-12-31 700.00 764.10 67.94
2014-09-30 715.00 385.94 42.04
2014-06-30 709.09 375.28 46.67
2014-03-31 704.63 368.57 47.16
2013-12-31 704.79 370.16 44.71
2013-09-30 724.23 329.71 43.75
2013-06-30 708.92 160.83 38.92
2013-03-31 654.14 189.71 39.29
2012-12-31 644.30 215.76 37.18
2012-09-30 654.36 72.44 30.00
2012-06-30 645.60 69.72 31.79
  • Churchill Downs's level of debt (322.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (52.3% vs 322.8% today).
  • Debt is not well covered by operating cash flow (14.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.5x coverage).
X
Financial health checks
We assess Churchill Downs's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Churchill Downs has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Churchill Downs's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.47%
Current annual income from Churchill Downs dividends. Estimated to be 0.48% next year.
If you bought €2,000 of Churchill Downs shares you are expected to receive €9 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Churchill Downs's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Churchill Downs's dividend is below the markets top 25% of dividend payers in Germany (3.91%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BST:CHR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Germany Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BST:CHR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.54 1.00
2019-12-31 0.55 1.00
BST:CHR Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-27 0.543 0.575
2018-10-31 0.543 0.616
2017-10-26 0.507 0.582
2017-02-28 0.440 0.740
2016-10-27 0.440 0.895
2016-02-24 0.383 0.837
2015-10-28 0.383 0.826
2014-10-28 0.333 0.871
2013-10-29 0.290 0.963
2012-11-20 0.240 0.966
2012-08-06 0.200 1.002
2011-12-05 0.200 1.071
2010-12-20 0.167 1.177
2009-11-19 0.167 1.383

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Churchill Downs is not paying a notable dividend for Germany, therefore no need to check if the payments are stable.
  • Churchill Downs is not paying a notable dividend for Germany, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Churchill Downs's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Churchill Downs's dividends as it is not paying a notable one for Germany.
Future Payout to shareholders
  • No need to calculate the sustainability of Churchill Downs's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Churchill Downs's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Churchill Downs afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Churchill Downs has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Churchill Downs's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bill Carstanjen
COMPENSATION $21,120,369
AGE 50
TENURE AS CEO 4.8 years
CEO Bio

Mr. William C. Carstanjen, also known as Bill, has been the Chief Executive Officer of Churchill Downs Incorporated since August 2014. Mr. Carstanjen served as the Chief Operating Officer of Churchill Downs Incorporated since 2008 until August 2014 and its President since March 2011 until August 2014. Mr. Carstanjen served as Senior Vice President at Churchill Downs Incorporated. He served as an Executive Vice President of Churchill Downs Incorporated from June 2005 to January 2009 and was responsible for all its on-site operations, including racing and gaming at Arlington Park Racecourse, Calder Race Course. He was responsible for Fair Grounds Race Course and Slots and Calder Race Course of CDI since 2008. He served as Chief Development Officer at Churchill Downs Incorporated from June 2005 to January 2009 and oversaw all its Legal Affairs, Corporate Development activities and Public Affairs. Mr. Carstanjen served as General Counsel at Churchill Downs Incorporated from June 2005 to December 2006. He joined CDI in July 2005 after serving as an executive with General Electric Company. From 2004 through June 2005, he served as General Counsel and Managing Director for GE Commercial Finance - Energy Financial Services, one of eight main divisions of Commercial Finance with over $12 billion in assets and more than $300 million in annual net income. During his five years with GE, Mr. Carstanjen led negotiations of a number of structured transactions, acquisitions and dispositions, first as transactions and Finance Counsel of GE Worldwide from 2000 to 2002 to its Corporate Offices and later as Lead Lawyer for two different divisions. He served as Lead Lawyer for Energy Financial Services and served as General Counsel for GE Specialty Materials from 2002 to 2004 , a division created in 2001 and represented various GE divisions in U.S. and international mergers and acquisitions. Mr. Carstanjen served as Corporate Associate of Cravath, Swaine & Moore from 1994 to 2000, where his practice covered such areas as Banking and Structured Finance, Securities and Mergers and Acquisitions. He has been Director of Jewish Hospital & St. Mary's HealthCare, Inc. since September 2010. He has been a Director of Churchill Downs Incorporated since July 2015. He serves as a Director of Jewish Hospital & St. Mary's Foundation. An honors graduate of the University of California, Berkeley, Mr. Carstanjen earned his Law degree from Columbia University. He began his career as an attorney with Cravath, Swaine & Moore LLP in New York City, specializing in mergers and acquisitions and other corporate transactions. Mr. Carstanjen brought a wealth of experience and knowledge to his leadership role at Churchill Downs Incorporated (CDI). Throughout his tenure, Mr. Carstanjen has led CDI’s diversification strategy into online wagering and regional casino gaming, as well as led the growth of the Kentucky Oaks and Kentucky Derby events.

CEO Compensation
  • Bill's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bill's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Churchill Downs management team in years:

4.8
Average Tenure
54
Average Age
  • The tenure for the Churchill Downs management team is about average.
Management Team

Bill Carstanjen

TITLE
CEO & Director
COMPENSATION
$21M
AGE
50
TENURE
4.8 yrs

Bill Mudd

TITLE
President & COO
COMPENSATION
$11M
AGE
47
TENURE
4.8 yrs

Marcia Dall

TITLE
Executive VP & CFO
COMPENSATION
$3M
AGE
54
TENURE
3.7 yrs

Austin Miller

TITLE
Senior Vice President of Gaming Operations
COMPENSATION
$2M
AGE
54
TENURE
5.8 yrs

Chad Dobson

TITLE
Chief Accounting Officer & VP

Ben Murr

TITLE
Senior VP & CTO
TENURE
7.4 yrs

Nick Zangari

TITLE
Vice President of Treasury
TENURE
1.9 yrs

Brad Blackwell

TITLE
Senior VP
TENURE
2.3 yrs

Chuck Kenyon

TITLE
Senior Vice President of Human Resources

T. Flanery

TITLE
Senior VP & President of Churchill Downs Racetrack
AGE
54
Board of Directors Tenure

Average tenure and age of the Churchill Downs board of directors in years:

5.7
Average Tenure
63
Average Age
  • The tenure for the Churchill Downs board of directors is about average.
Board of Directors

R. Rankin

TITLE
Chairman of the Board
COMPENSATION
$374K
AGE
63
TENURE
1.2 yrs

Bill Carstanjen

TITLE
CEO & Director
COMPENSATION
$21M
AGE
50
TENURE
3.9 yrs

Robert Fealy

TITLE
Independent Director
COMPENSATION
$234K
AGE
66
TENURE
19.4 yrs

Dan Harrington

TITLE
Independent Director
COMPENSATION
$267K
AGE
62
TENURE
21.4 yrs

Karole Lloyd

TITLE
Director
COMPENSATION
$185K
AGE
59
TENURE
1.2 yrs

Ulysses Bridgeman

TITLE
Independent Director
COMPENSATION
$228K
AGE
63
TENURE
7.4 yrs

Douglas Grissom

TITLE
Director
COMPENSATION
$220K
AGE
51
TENURE
1.9 yrs

Thomas Meeker

TITLE
Director Emeritus
COMPENSATION
$2M
AGE
74

Charles Bidwill

TITLE
Director Emeritus
AGE
89
TENURE
14 yrs

G. Humphrey

TITLE
Director Emeritus
COMPENSATION
$42K
AGE
73
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Churchill Downs insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
01. May 19 Buy R. Rankin Individual 01. May 19 01. May 19 500 €90.56 €45,278
25. Mar 19 Buy Karole Lloyd Individual 22. Mar 19 22. Mar 19 1,000 €75.45 €75,453
27. Dec 18 Buy R. Rankin Individual 26. Dec 18 26. Dec 18 300 €68.40 €20,520
18. Dec 18 Buy Karole Lloyd Individual 18. Dec 18 18. Dec 18 3,000 €75.64 €226,908
17. Dec 18 Buy Richard Duchossois Individual 17. Dec 18 17. Dec 18 5,850 €75.99 €444,551
09. Nov 18 Buy Richard Duchossois Individual 07. Nov 18 09. Nov 18 16,650 €81.00 €1,332,349
06. Nov 18 Buy Richard Duchossois Individual 06. Nov 18 06. Nov 18 11,100 €79.29 €880,089
06. Nov 18 Buy R. Rankin Individual 06. Nov 18 06. Nov 18 1,200 €79.21 €95,048
X
Management checks
We assess Churchill Downs's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Churchill Downs has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Churchill Downs Incorporated operates as a racing, gaming, and online entertainment company in the United States. It operates through Racing, Casinos, Online Wagering, and Other Investments and Corporate segments. The company operates 4 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. It also operates 7 casinos, which provides brick-and-mortar casino gaming services with approximately 9,500 gaming positions; and operates 3 hotels. In addition, the company through TwinSpires.com operates mobile and online wagering business; and a platform for betting on horseracing, as well as offers streaming video of live horse races, replays, and an assortment of racing and handicapping information. Further, it offers reports, statistical information, handicapping information, pedigrees, and other data for the thoroughbred horse industry through Brisnet.com and TwinSpires.com. Additionally, the company manufactures and operates pari-mutuel wagering systems for racetracks, OTBs, and other pari-mutuel wagering businesses; and provides totalisator and Internet-based interactive gaming services. Churchill Downs Incorporated was founded in 1928 and is headquartered in Louisville, Kentucky.

Details
Name: Churchill Downs Incorporated
CHR
Exchange: BST
Founded: 1928
$4,037,056,890
39,603,527
Website: http://www.churchilldownsincorporated.com
Address: Churchill Downs Incorporated
600 North Hurstbourne Parkway,
Suite 400,
Louisville,
Kentucky, 40222,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS CHDN Common Stock Nasdaq Global Select US USD 06. Jan 1975
BST CHR Common Stock Boerse-Stuttgart DE EUR 06. Jan 1975
Number of employees
Current staff
Staff numbers
4,100
Churchill Downs employees.
Industry
Casinos and Gaming
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/17 21:25
End of day share price update: 2019/06/17 00:00
Last estimates confirmation: 2019/06/07
Last earnings filing: 2019/04/24
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.