ISCA  International Speedway Corpora...

Exchange

NASDAQ

Sector

Consumer Services

Industry

Services-Misc. Amusement & Recreation

Market Cap.

1.52B

Vuru Grade

61.13/100

Current Price

$34.00
-0.45 (-1.31%)

Growth Price

$45.61
Undervalued by 34.13%

Company Metrics

  • P/E 22.27
  • P/S 2.32
  • P/B 1.09
  • EPS 1.53
  • Cash ROIC 2.65%
  • Cash Ratio 2.77
  • Dividend 0.43 / 1.24%
  • Avg. Vol. 155,045.00
  • Shares 44.71M
  • Market Cap. 1.52B

Company Description

International Speedway Corporation, together with its subsidiaries, promotes motorsports themed entertainment activities in the United States. It conducts racing events at its motorsports entertainment facilities. The company's motorsports entertainment facilities promote 100 stock car, open wheel, sports car, truck, motorcycle, and other racing events. It also uses its track facilities for testin... more


Download 10 Years of Financial Statements:
Income Statement   Balance Sheet   Cash Flow

News

Jayski.com: International Speedway Corp. reports first-quarter results
ESPN - Apr 4, 2017
International Speedway Corp. reported Tuesday that attendance was down about 7 percent on average for NASCAR Cup events at Phoenix, Auto Club Speedway and Martinsville, but officials are encouraged by increases in some younger demographics.
International Speedway's (ISCA) Q1 2017 Results - Earnings Call Transcript - Seeking Alpha
ISC gets boost from Daytona, but ratings, ticket sales fall elsewhere
ESPN - Apr 5, 2017
While the Daytona 500 saw increased ticket sales and improved television viewership, track operating company International Speedway Corporation reported that combined ticket sales for its three races since then -- at Phoenix, Fontana and Martinsville ...
Right After Earnings, The Intelligent Options Trade in International Speedway ...
CML News - Aug 10, 2017
This is a simple option trade that starts two-days after International Speedway Corporation (NASDAQ:ISCA) earnings and lasts for the one month to follow, that has been a winner for 3 straight years.
International Speedway Corp (ISCB) Price Moves Below the Cloud
Sheridan Daily - 19 hours ago
Shares of International Speedway Corp (ISCB) recently touched 34.4600, which places the stock below the Ichimoku cloud, indicating bearish momentum and a potential sell signal for the equity.
International Speedway Corp (ISCA) Shares Bought by TIAA CREF Investment ...
BNB Daily (blog) - Aug 14, 2017
International Speedway Corp logo TIAA CREF Investment Management LLC boosted its position in International Speedway Corp (NASDAQ:ISCA) by 6.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange ...
International Speedway Corp (NASDAQ:ISCA) Getting Somewhat Favorable Press ... - Week Herald
Insider Trading at International Speedway Corp? - The Cerbat Gem
International Speedway Corporation (ISCA) Moves Higher on Volume Spike for July 25
Equities.com - Jul 25, 2017
International Speedway Corporation (ISCA) traded on unusually high volume on Jul. 25, as the stock gained 1.45% to close at $35.10.
Tudor Investment Corp ET AL Boosts Stake in International Speedway Corporation ... - BNB Daily (blog)
International Speedway Corporation (NasdaqGS:ISCA) vs. Steelcase Inc. (NYSE ...
Evergreen Caller - 20 hours ago
Checking in on some valuation rankings, International Speedway Corporation (NasdaqGS:ISCA) has a Value Composite score of 25.
Negative Ichimoku Levels For International Speedway Corp (ISCA) Indicate ...
The Times - 16 hours ago
Shares of International Speedway Corp (ISCA) opened the last session at 34.25, touching a high of 34.53 and a low of 33.95 , yielding a change of -0.45.
International Speedway Corp (NASDAQ:ISCA) Sentiment Change Report
BZ Weekly - Aug 17, 2017
International Speedway Corp (NASDAQ:ISCA) institutional sentiment increased to 1.4 in 2016 Q4. Its up 0.30, from 1.1 in 2016Q3.
Financial Survey: International Speedway Corporation (NASDAQ:ISCA) versus ... - Week Herald
First Data to sponsor the inaugural First Data 500 at historic Martinsville ...
Nascar - Aug 2, 2017
In addition, First Data's Clover platform, a business management and point-of-sale payments solution, will be deployed at three International Speedway Corporation tracks this season: Martinsville, Phoenix Raceway, and Homestead-Miami Speedway.
Growth Rate Assumed by Market

We did a reverse valuation to calculate the growth rate the market is assuming for ISCA to be considered fairly valued at its current market price. It's useful to compare this to the growth rate we're assuming for the Growth Price.

Future Free Cash Flow Growth Rate

This is the annual growth rate we've applied to calculate ISCA's Free Cash Flow for the next 10 years. To calculate it, we looked at several time periods of the last 10 years. Feel free to adjust it, but we limit the initial growth rate to 20% and slow it down over the years. Otherwise, long-term sustainability issues come into play.

Discount Rate

The discount rate is the annual rate of return an investor requires to take the risk of investing in a single stock. To account for that risk, this should be above 8-10%, as this is the avg. annual rate of return for the S&P500 over the past 100 years.

$34.00 Current Price

$45.61 Growth Price (DCF)

Undervalued by 34.13%


Growth Rate Assumed by Market: -53.22%


Future Free Cash Flow Growth Rate: -1.5%


Discount Rate: 15.0%


Show Free Cash Flow numbers

$36.17 Book Price

Undervalued by 6.37%


Poor Cash Return on Invested Capital over the past 5 years

ISCA has been unable to consistently generate sufficient returns from its investments in buildings, projects and equipment. This could be due to poor management, lack of an economic moat or the capital intensive nature of the business.

ISCA has only created $2.65 of cash for every $100 invested.
Figures in USD. Fiscal year ends in November
20122013201420152016
Free Cash Flow 68.05M 87.86M -21.09M -3.03M 105.10M
divided by
Invested Capital 1.79B 1.76B 1.82B 1.84B 1.81B
Cash ROIC 3.81% 4.98% -1.16% -0.16% 5.79%

Poor Return on Equity over the past 5 years

ISCA has shown an inability to deliver strong results for shareholders. This could be due to poor management, ISCA operating in a highly competitive industry, or having a weak business in general.

ISCA has only generated $4.48 of Earnings for every $100 of Shareholders' Equity.
Figures in USD. Fiscal year ends in November
20122013201420152016
Net Income 54.58M 45.29M 67.38M 56.63M 76.34M
divided by
Stockholders' Equity 1.25B 1.29B 1.35B 1.39B 1.40B
Return on Equity 4.37% 3.52% 5.00% 4.06% 5.45%

Good Business Performance over the past 10 years

It's likely ISCA has been unable to maintain profitability in tough economic times, making it a somewhat cyclical business. The other possibility is ISCA has expended significant capital on items such as property, plant and equipment in specific years. Look for correlations.

ISCA has created positive free cash flow for 7 or 8 of the past 10 years.
Figures in USD. Fiscal year ends in November
2007200820092010201120122013201420152016
Free Cash Flow 162.06M 113.86M 147.98M 6.46M 122.18M 68.05M 87.86M -21.09M -3.03M 105.10M

Strong Balance Sheet

ISCA is financially strong with Current Assets covering Total Liabilities. It's in a fairly liquid position and dependent on the amount and saleability of any inventory; it may have the financial security to survive an economic downturn.
Figures in USD. Fiscal year ends in November
2007200820092010201120122013201420152016
Cash 96.57M 219.12M 158.77M 84.17M 110.08M 78.38M 172.83M 158.85M 160.55M 263.73M
Current Assets 159.83M 281.88M 217.96M 150.01M 165.40M 127.62M 235.84M 207.57M 265.54M 313.12M
Total Assets 1.98B 2.18B 1.91B 1.88B 1.94B 1.94B 2.02B 2.08B 2.12B 2.17B
Current Liabilities 212.30M 309.64M 113.92M 91.74M 89.64M 76.75M 82.06M 96.78M 118.96M 95.32M
Total Liabilities 823.03M 1.04B 769.63M 691.57M 732.17M 692.93M 730.35M 731.22M 728.98M 772.30M
Stockholder' Equity 1.16B 1.14B 1.14B 1.19B 1.21B 1.25B 1.29B 1.35B 1.39B 1.40B
Current Ratio 0.75 0.91 1.91 1.64 1.85 1.66 2.87 2.14 2.23 3.29
TL-to-TA 0.42 0.48 0.40 0.37 0.38 0.36 0.36 0.35 0.34 0.36

Consistent Reinvestment of Profits over the past 10 years

ISCA has consistently retained profits. This may put ISCA in a strong position to invest for the future, by buying new machinery, investing in R&D or a number of other options. By effectively using these earnings, ISCA can greatly improve their long-term economic picture.
Figures in USD. Fiscal year ends in November
2007200820092010201120122013201420152016
Retained Earnings 537.04M 665.41M 665.27M 712.10M 772.94M 811.17M 846.24M 902.43M 946.94M 965.28M
Retained Earnings Growth - 23.90% -0.02% 7.04% 8.54% 4.95% 4.32% 6.64% 4.93% 1.94%

Competitive Industry over the past 10 years

ISCA is likely operating in an industry with medium to low barriers to entry. This may mean that ISCA doesn't have a characteristic that's hard to replicate, such as exclusive distribution, branding or the ability to keep costs low. If Gross Margins are at least satisfactory, it's likely that ISCA invests heavily in R&D and Sales, General & Administrative expenses.

Only $9.51 of every $100 of Revenue have been profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in November
2007200820092010201120122013201420152016
Net Income 86.20M 134.60M 6.82M 54.53M 69.42M 54.58M 45.29M 67.38M 56.63M 76.34M
divided by
Revenue 816.56M 787.25M 693.16M 645.36M 629.69M 612.37M 612.64M 651.94M 645.37M 661.02M
Net Profit Margin 10.56% 17.10% 0.98% 8.45% 11.03% 8.91% 7.39% 10.34% 8.78% 11.55%

Strong Pricing Power over the past 10 years

ISCA has maintained substantial gross margins, suggesting that they have been able to set prices without consideration of the cost of goods sold. This potentially leaves flexibility in inflationary environments to raise prices on consumers and maintain profitability.

$49.54 of every $100 worth of sales have been Gross Profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in November
2007200820092010201120122013201420152016
Gross Profit 454.04M 418.39M 341.32M 308.23M 313.52M 296.98M 294.21M 302.45M 307.94M 325.72M
divided by
Revenue 816.56M 787.25M 693.16M 645.36M 629.69M 612.37M 612.64M 651.94M 645.37M 661.02M
Gross Margin 55.60% 53.15% 49.24% 47.76% 49.79% 48.50% 48.02% 46.39% 47.71% 49.28%

High Capital Intensity over the past 10 years

ISCA spends large amounts of capital buying new equipment or investing in new facilities to stay competitive. Over the long term, those costs may have to be fuelled by debt. Look at the growth of Shareholders' Equity to see if this strategy is having a positive or negative impact.

323.66% of Profits are being spent on Capital Expenditures, like Property, Plant, & Equipment, required to run the business.
Figures in USD. Fiscal year ends in November
2007200820092010201120122013201420152016
Capital Expenditure 96.06M 107.04M 113.73M 105.93M 76.85M 82.87M 85.54M 183.94M 155.02M 140.79M
divided by
Net Income 86.20M 134.60M 6.82M 54.53M 69.42M 54.58M 45.29M 67.38M 56.63M 76.34M
Capital Expenditure Ratio 111.44% 79.52% 1,668.80% 194.26% 110.69% 151.84% 188.86% 272.99% 273.72% 184.43%

Very Strong Dividend History over the past 10 years

ISCA has consistently distributed a dividend for at least the past 10 years. Such a long dividend history suggests ISCA is very established in its market and that its dividend distribution is likely to continue for a significant period of time.
Figures in USD. Fiscal year ends in November
2007200820092010201120122013201420152016
Dividend Paid 5.29M 5.96M 6.82M 7.71M 8.59M 9.28M 10.23M 11.18M 12.13M 18.86M
divided by
Shares Outstanding 52.67M 49.69M 48.63M 48.19M 47.61M 46.40M 46.49M 46.57M 46.64M 46.00M
Dividend Paid Per Share 0.10 0.12 0.14 0.16 0.18 0.20 0.22 0.24 0.26 0.41
Price at Year End 40.36 27.68 28.46 26.51 25.35 26.93 35.32 32.03 34.49 36.80
Dividend Yield 0.25% 0.43% 0.49% 0.60% 0.71% 0.74% 0.62% 0.75% 0.75% 1.11%

Strong History of Stock Buybacks over the past 10 years

ISCA has a strong history of delivering increased value for shareholders in the form of stock buybacks. These have helped improve financial metrics and increase each shareholders' relative ownership stake in the company, due to fewer shares outstanding and holding the same number of shares.
Figures in USD. Fiscal year ends in November
2007200820092010201120122013201420152016
Shares Outstanding 52.67M 49.69M 48.63M 48.19M 47.61M 46.40M 46.49M 46.57M 46.64M 46.00M
Stock Bought Back - 6.00% 2.17% 0.91% 1.23% 2.62% -0.19% -0.19% -0.13% 1.39%
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