ISCA  International Speedway Corpora...

Exchange

NASDAQ

Sector

Consumer Services

Industry

Services-Misc. Amusement & Recreation

Market Cap.

1.64B

Vuru Grade

57.35/100

Current Price

$36.35
+0.10 (+0.28%)

Growth Price

$45.19
Undervalued by 24.32%

Company Metrics

  • P/E 21.90
  • P/S 2.48
  • P/B 1.16
  • EPS 1.66
  • Cash ROIC 2.65%
  • Cash Ratio 2.77
  • Dividend 0.41 / 1.15 %
  • Avg. Vol. 127,482.00
  • Shares 45.12M
  • Market Cap. 1.64B

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

International Speedway Corporation Reports Financial Results for the Fourth ...
GlobeNewswire (press release) - Jan 26, 2017
We are excited about the opportunities ONE DAYTONA will bring, creating synergy with the Daytona International Speedway through enhanced customer and partner experiences, and leveraging our real estate on a year-round basis, while creating value for ...
Daytona Rising fuels boost in revenues for Intl. Speedway Corp. - Daytona Beach News-Journal
International Speedway's (ISCA) CEO Lesa France Kennedy on Q4 2016 Results ... - Seeking Alpha
International Speedway Corporation to Host First Quarter 2017 Financial ...
GlobeNewswire (press release) - Mar 21, 2017
DAYTONA BEACH, Fla., March 21, 2017 (GLOBE NEWSWIRE) -- International Speedway Corporation (NASDAQ:ISCA) (OTCBB:ISCB) (“ISC”) will host a conference call to discuss the Company's fiscal 2017 first quarter financial results on Tuesday, April 4, ...
NASCAR Fan Settles Suit Over Daytona Crash Debris Injury - Law360 (subscription)
Lesa France Kennedy, International Speedway Corporation Debut $400 Million ...
Forbes - Feb 19, 2016
Lesa France Kennedy, who topped Forbes' list of the Most Powerful Women in Sports and serves as the Chief Executive Officer of the International Speedway Corporation (ISC), has added another accomplishment to her impressive credentials - constructing ...
Daytona International Speedway renovation ready for debut this weekend - WFLA
Daytona 500 fans gain new tech, apps at speedway - Orlando Sentinel
International Speedway Corporation to Host Fourth Quarter and Full Year 2016 ...
GlobeNewswire (press release) - Jan 12, 2017
DAYTONA BEACH, Fla., Jan. 12, 2017 (GLOBE NEWSWIRE) -- International Speedway Corporation (NASDAQ:ISCA) (OTC:ISCB) (“ISC”) will host a conference call to discuss the Company's fiscal 2016 fourth quarter financial results on Thursday, January 26, ...
International Speedway Corporation, Ingenuity Sun Media Partner On Fan-Focused ...
SportTechie - Feb 16, 2017
International Speedway Corporation (ISC), the owner and operator of 13 major motorsports entrainment facilities, announced its multiyear partnership with Ingenuity Sun Media to form ISM Vision Powered by BoldVu, the World's Largest 360-degree Digital ...
IndyCar looks to International Speedway Corp., history for future scheduling
USA TODAY - Jun 10, 2016
He had re-established contact with a crucial part of IndyCar's past and, arguably, it's future in International Speedway Corp., which owns 13 tracks including Watkins Glen. And in doing that, the long-time NASCAR team executive might have helped ...
International Speedway Corporation (ISCA) Moves Higher on Volume Spike for ...
Equities.com - Mar 17, 2017
International Speedway Corporation (ISCA) traded on unusually high volume on Mar. 17, as the stock gained 0.14% to close at $36.85.
International Speedway Corp (ISCA) Files Form 4 Insider Buying : Family 1 Inc ... - Energy Index
International Speedway Corporation's (ISCA) stock price is Worth at $36.85 ... - Hot Stocks Point
Ja Holder Co Bought $1236 of International Speedway (ISCA), Shorts at Tata ...
Herald KS - 8 hours ago
Yesterday, the insider of International Speedway Corp, Ja Holder Co, made a purchase of amount of company shares - 34, amounting to $1,236 U.S.
International Speedway Corp (ISCA) Files Form 4 Insider Buying : Central Corp ... - Energy Index
Zacks: International Speedway Corp (ISCA) Given Average Recommendation of ... - Chaffey Breeze
International Speedway Swings to Profit As Revenue Increases
Wall Street Journal - Oct 6, 2016
International Speedway Corp. reported revenue growth and swung to a profit in its third quarter, as motor sports and event-related revenue rose.
$150M One Daytona project names general contractor
Orlando Business Journal (blog) - Sep 15, 2016
VCC is also expected to build the Victory Circle amenity at One Daytona, which is an outdoor gathering space imbued with motorsports inspiration from the nearby Daytona International Speedway. One Daytona has the potential to create up to 1,500 direct ...
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.

$36.35 Current Price

$45.19 Growth Price (DCF)

Undervalued by 24.32%


Growth Rate Assumed by Market: -29.30%


Future Free Cash Flow Growth Rate: -1.5%


Discount Rate: 15.0%


Show Free Cash Flow numbers

$36.15 Book Price

Fairly valued


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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