The company reported first-quarter earnings on Monday of $1.35 million, or 8 cents a share, a reversal from a year-earlier loss of $3.19 million, or 19 cents a share.Shares of Churchill Downs hit a 52-week high on Tuesday of $61.90. The stock's 52-week low of $36.67 was set on Sept. 30. Churchill Downs' shares forward P/E is 18.3X; the average for gambling companies is 13.7X. For comparison, Bally Technologies (BYI) has a lower forward P/E of 15X. Analyst comment: "CHDN remains very compelling, in our view," Brean Murray said in a mid-March report. "CHDN trades at a 2012 EV/EBITDA [enterprise value/earnings before interest, taxes, depreciation and amortization] of 6.8x, should generate $6.00 of FCF [free cash flow] per share, and has strong growth prospects including plans to open its 4th casino at a racetrack in Lebanon, Ohio through a 50% owned JV and a balance sheet levered at less than 1.0x, which should permit continuation of its very successful acquisition strategy. Additionally, the company is well positioned to benefit from legislation that allows online poker through its recent acquisition of Bluff.com and a potential expansion of gaming in Illinois that will likely be an issue again this spring." All five of the analysts who cover Churchill Downs rate it at buy. The stock has risen 17.77% year to date.
Post Properties The real estate investment trust reported first-quarter earnings Monday of $20.9 million, or 39 cents a share, a reversal from a year-earlier loss of $0.4 million, or a penny a share. Shares of Post Properties hit a 52-week high Tuesday of $49.89. The stock's 52-week low of $32.18 was set on Oct. 4. Post Properties' shares trade at a forward P/E of 44.8X; the average for residential REITs is 48.1X. For comparison, AvalonBay (AVB) shares trade at a higher forward P/E of 45.3X. Ten of the 19 analysts who cover Post rate it at buy. Eight analysts give the stock a hold rating and one rates it at sell. The stock has risen 13.2% year to date. --Written by Alexandra Zendrian in New York.
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