Morningstar Rating

Stock Research and Analysis

by Jaime M. Katz, CFA

Bulls Say

The company has a narrow economic moat with significant barriers to entry, protecting it from new competitors entering its markets.
NASCAR signed an $8.2 billion, 10-year television contract, which began in 2015, representing a 45% average annual increase over the previous contract, allowing ISCA to lock in a significant part of its revenue base.
Pricing of tickets are stabilizing excluding weather; improved economic conditions and a more competitive racing season could lead to higher attendance and concession-related revenue and growing corporate spend levels. Read more 

Bears Say

The Daytona Rising project is costly ($400 million) and can weigh on near-term cash flow and earnings, as interest expense rises while funding the project.
Rising gas prices and unemployment could be headwinds for attendance and ticket price increases. The outlook for attendance and ticket prices is tied to economic conditions and can be unpredictable.
Daytona Rising requires significant capital expenditures and won't generate meaningful returns until later in the decade, which could weigh on near-term ROICs. One Daytona could be a more costly project than anticipated as well. Read more 

Management

Lesa France Kennedy is the CEO of International Speedway. Kennedy is the granddaughter of William France Sr., who founded NASCAR in 1948 and International Speedway in 1953. She is also the niece of her predecessor as CEO, James C. France, who remains   Read more 

Profile

International Speedway operates 13 motorsports stadiums that host more than 100 motorsports events during the racing season, including the famed Daytona 500 and Talladega   Read more 

2 High-Quality Health-Care Bargains 
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