Churchill Downs Inc (CHDN)

Services-Racing, Including Track Operation

Latest Price

$75.68

TTM P/E

Normalized P/E

Div Yield

Book Value

19.24

P/B Ratio

3.93

Valuation metrics

EPS: $5.49

Book value / share: $14.51

Formula: √(22.5 × EPS × BVPS)

Graham Number

$42.33

44% downside

Base FCF: $420M (median of recent 5yr)

Growth: 17%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$186.93

+147% upside

EPS: $5.49

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$82.35

+9% upside

87.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	6.20M	$555.0M	8.86%	-251.1K	2026-06-30
Vanguard Portfolio Management LLC	3.21M	$287.0M	4.58%	+251.4K	2026-06-30
Vanguard Capital Management LLC	2.99M	$267.0M	4.27%	+243.3K	2026-06-30
FMR LLC	2.95M	$264.0M	4.21%	+1.24M	2026-06-30
London Co of Virginia	2.46M	$220.0M	3.52%	-129.3K	2026-06-30
State Street Corp	2.05M	$183.0M	2.93%	+46.7K	2026-06-30
Jane Street Group, LLC	1.93M	$173.0M	2.76%	+1.48M	2026-06-30
Citadel Advisors LLC	1.84M	$165.0M	2.63%	+527.3K	2026-06-30
Arrowstreet Capital, Limited Partnership	1.44M	$129.0M	2.06%	+67.7K	2026-06-30
Balyasny Asset Management L.P.	1.43M	$128.0M	2.05%	+824.2K	2026-06-30