Codere Online Luxembourg, S.A. (CDRO) vs Churchill Downs, Incorporated (CHDN)

Codere Online Luxembourg, S.A. and Churchill Downs, Incorporated are both Gambling companies. Churchill Downs, Incorporated is the larger, with a market value of $5.5B against $445.6M — 12.4× the size. Codere Online Luxembourg, S.A. has negative trailing earnings, so its P/E is not meaningful; Churchill Downs, Incorporated trades at 13.7×. Churchill Downs, Incorporated has the higher net margin (13.8% vs −16.7%) and the higher return on invested capital (7.75% vs 0.00%). Across the 16 metrics below, Churchill Downs, Incorporated leads on 10 and Codere Online Luxembourg, S.A. on 6.

Valuation

Metric CDRO CHDN Gambling median
P/E n/m 13.65 16.33
P/S n/m 1.87 0.86
P/B n/m 4.16 3.20
Price to free cash flow n/m 15.98 18.30
EV/EBITDA 4.38 10.49 9.68
EV/Sales (0.32) 3.36 1.63
Earnings yield (6.89%) 7.32% (0.02%)
Free cash flow yield 0.00% 6.26% 4.45%

Profitability

Metric CDRO CHDN Gambling median
Gross margin 0.00% 34.18% 51.63%
Operating margin 0.00% 24.13% (1.47%)
Net margin (16.71%) 13.80% (3.01%)
Free cash flow margin 0.00% 18.98% 2.54%
Return on equity 0.00% 34.67% 10.65%
Return on assets 0.00% 5.54% (1.07%)
Return on invested capital 0.00% 7.75% 0.00%

Growth

Metric CDRO CHDN Gambling median
Revenue growth (TTM) — 5.73% 5.73%
EPS growth (last fiscal year) (66.67%) (6.87%) —
Revenue growth, 5-year CAGR 24.26% 22.65% 23.46%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CDRO CHDN Gambling median
Debt to equity 0.06 3.56 0.13
Current ratio 1.37 0.36 1.06
Net debt to EBITDA (9.87) 5.24 0.25

Dividend

Metric CDRO CHDN Gambling median
Dividend yield — 0.30% —
Payout ratio 0.00 0.08 0.00

Size

Metric CDRO CHDN Gambling median
Market cap 445.61m 5.53b 673.72m

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