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 competition.
NASCAR signed an $8.2 billion, 10-year television contract, which begins in 2015, representing a 45% average annual increase over the current contract, allowing ISCA to lock in a significant part of its revenue base.
Pricing and volume of ticket sales are stabilizing excluding weather; improved economic conditions and a more competitive racing season could lead to higher attendance and concession-related revenue. Read more 

Bears Say

The Daytona Rising project is costly (nearly $400 million) and can weigh on near-term cash flow and earnings, as interest expense rises while funding the project.
Inflation in gas prices and high unemployment are headwinds for increasing attendance and ticket prices. The outlook for attendance and ticket prices is tied to economic conditions and can be unpredictable.
Daytona Rising and One Daytona projects require significant capital expenditures and won't generate returns until later in the decade, which could weigh on near-term returns on invested capital. 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 

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