Churchill Downs Analyst Bullish About Kentucky Derby, New Virginia Gaming Resort: 'Sustainable Double-Digit Growth'
Churchill Downs Analyst Bullish About Kentucky Derby, New Virginia Gaming Resort: 'Sustainable Double-Digit Growth'
Horse racetrack owner Churchill Downs Inc (NASDAQ:CHDN) gets an upgrade from an analyst ahead of the opening of a new gaming resort in Northern Virginia and its ownership of the Kentucky Derby race.
馬場業主Churchill Downs Inc（納斯達克股票代碼：CHDN）在北弗吉尼亞開設新的ARVR遊戲度假村和擁有肯塔基德比賽前，受到分析師的升級評級。
The Churchill Downs Analyst: Bank of America analyst Shaun C. Kelley upgraded Churchill Downs stock from Neutral to Buy and raised the price target from $145 to $155.
美國銀行分析師Shaun C. Kelley將Churchill Downs股票評級從中立升級爲買入，並將價格目標從145美元提高至155美元。
Read Also: Mystik Dan Triumphs At Kentucky Derby, Marking Third Consecutive Year Horse With 15-1 Odds Or Worse Wins Race
閱讀也可以: Mystik Dan在肯塔基德比賽中獲勝，標誌着15-1賠率或更低的馬匹連續第三年獲勝
The Analyst Takeaways: Strong organic growth and a pipeline of developments that could add to the company's return on investment has Kelley "back on the horse" when it comes to Churchill Downs stock, the analyst said in a new investor note.
分析師指出，強勁的有機增長和一系列可能增加公司投資回報的開發項目，讓Kelley對Churchill Downs股票重新充滿信心。
"We think CHDN's double-digit growth sets them apart from gaming peers and other consumer stocks," Kelley said.
「我們認爲CHDN的兩位數增長使其與其他消費板塊和遊戲同行相比有所區別，」Kelley說。
An item that sets Churchill Downs apart is its growth pipeline, led by The Rose in Northern Virginia, Kelley said. The new gaming resort set to open in September is another catalyst.
Kelley說，突出Churchill Downs的一項特點是由The Rose在北弗吉尼亞州領導的增長管道。這個新的遊戲度假勝地將在9月開放，這是另一個促進因素。
Kelley said Churchill Downs can have "sustainable double-digit growth" driven by a recent casino opening, the upcoming Rose opening, a new property in Kentucky in 2025 and additional opportunities for the Kentucky Derby.
Kelley說，Churchill Downs可以通過最近的賭場開業、即將到來的The Rose開業、2025年肯塔基州的新物業和肯塔基德比的其他機會實現可持續的兩位數增長。
The Rose open comes after "a strong opening of the Terre Haute casino" in the second quarter, Kelley added. Churchill Downs also has a new historical racing machine property in Kentucky, coming in 2025.
Kelley補充說，The Rose是在第二季度「特雷霍特賭場開業表現強勁」之後開業。Churchill Downs還在肯塔基州擁有一個新的歷史賽車機器物業，計劃在2025年開業。
"We are excited about the potential for the Rose in particular given the densities and low competition in Northern VA and beyond 2025 can see growth carry on from additional HRM's in Virginia and NH."
「特別是考慮到美國北弗吉尼亞州及其它區域的密度和低競爭，我們對The Rose的潛力感到興奮，並且隨着2025年後弱點全國其他歷史賽車機器的開業，增長將會繼續。」
The analyst said regional gaming trends have performed better than expected and EBITDA margins have been boosted for the company.
該分析師指出，區域型遊戲行業的趨勢表現比預期要好得多，而公司的EBITDA利潤率得到提高。
While Churchill Downs has a higher multiple of 11.4x 2025 estimated EBITDA, Kelley says the company's pipeline could add double-digit EBITDA growth with competitors struggling to post organic growth.
雖然Churchill Downs的2025年預計EBITDA倍數爲11.4倍，但Kelley表示，相較於競爭對手難以實現有機增長，該公司的管道可帶來雙位數的EBITDA增長。
"Given the earlier phase of HRM buildouts, the monopoly that is the Derby, and lower than sector balance sheet leverage, consumer cyclicality could prove limited."
「考慮到賽馬遊戲建設的早期階段、肯塔基州德比的壟斷地位和低於板塊的賬面槓桿，消費週期性波動可能會受到限制。」
CHDN Price Action: Churchill Downs stock is up 2.04% to $136.38 on Monday versus a 52-week trading range of $106.45 to $146.64. Churchill Downs stock is close to 10% over the last year and up more than 1% year-to-date in 2024.
CHDN股票行情：週一，Churchill Downs股票上漲2.04%，至136.38美元，接近52周交易區間的106.45美元至146.64美元。Churchill Downs股票在過去一年中上漲近10%，2024年至今上漲逾1%。
- EXCLUSIVE: Madden Gaming Veteran Leads Play-To-Earn Horse Racing Game Photo Finish Into New Growth Phase: 'More People Racing All Day, Every Day'
- 獨家：《麥登NFL》遊戲老手帶領「賽馬遊戲」Photo Finish進入新的增長階段：「更多人每天、每時參賽」
Photo: Shutterstock
Photo: shutterstock