Churchill Downs Incorporated (CHDN)

Industry: Gambling, Resorts & Casinos Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
VAC	16	Marriott Vacations	4,585	13.43	13.43	9.91	6.48	12.69	7.77
BYD	17	Boyd Gaming Corpor	4,071	3.73	3.73	2.43	1.52	8.53	3.51
888.L	18	888 Holdings plc	3,945	-	-	4.70	3.32	14.55	10.13
SGMS	19	Scientific Games C	3,921	7.87	7.87	10.07	10.07	5.16	2.41
IGT	20	International Game	3,278	16.54	16.54	9.69	9.33	15.34	15.07
LNW	21	Light & Wonder, In	3,221	17.67	17.67	5.78	4.84	7.53	4.81
0LK3.L	22	Vail Resorts, Inc.	2,964	19.67	15.97	11.48	10.48	-	13.37
CHDN	23	Churchill Downs In	2,884	16.91	16.91	11.70	8.18	29.96	9.75
4715.KL	24	Genting Malaysia B	2,839	78.76	78.76	9.33	4.05	12.12	15.31
PTEC.L	25	Playtech plc	2,785	0.82	0.58	4.62	4.94	-	-
SGHC	26	Super Group (SGHC)	2,674	28.58	28.58	13.39	13.39	11.21	13.28
LTMC.MI	27	Lottomatica Group	2,613	40.73	40.73	10.52	10.52	18.95	14.23
BALY	28	Bally's Corporatio	2,520	-	-	5.35	3.72	17.83	-
BRSL	29	Brightstar Lottery	2,494	10.56	10.56	9.14	9.14	8.96	12.29
RNK.L	30	The Rank Group Plc	2,046	7.08	7.51	2.84	3.01	4.83	6.20
RRR	31	Red Rock Resorts,	1,995	18.97	18.97	4.42	3.53	6.78	3.90

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.43	13.43	5.78	4.84	8.96	7.77
Full Range Median Multiple	16.54	15.97	9.14	4.94	11.21	10.13
Industry Multiple	20.34	20.07	7.58	6.56	11.11	9.41
Market Implied Multiple	18.64	18.64	12.39	8.66	31.73	10.33
Company (CHDN) Multiple	16.91	16.91	11.70	8.18	29.96	9.75
(*) Net Income / EBITDA / Revenue	403	403	1,004	1,436	392	1,205
Winsorized Enterprise Value	N/A	N/A	5,798	6,953	3,512	9,364
Full Range Median Enterprise Value	N/A	N/A	9,178	7,097	4,395	12,203
(-) Net Debt	4,926	4,926	4,926	4,926	4,926	4,926
Winsorized Equity Value	5,414	5,414	872	2,027	-1,414	4,439
Full Range Median Equity Value	6,670	6,439	4,252	2,171	-531	7,277
(/) Shares Outstanding	70	70	70	70	70	70
Winsorized Fair Value	$77.01	$77.01	$12.41	$28.84	$-20.11	$63.14
Full Range Median Fair Value	$94.88	$91.59	$60.48	$30.88	$-7.55	$103.52
Current Price	$106.88	$106.88	$106.88	$106.88	$106.88	$106.88
Upside / Downside	-27.95%	-27.95%	-88.39%	-73.02%	-118.81%	-40.93%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$53.91	$53.91	$8.69	$20.18	$-14.08	$44.20
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy