WallStSmart

Codere Online US Corp (CDRO)vsChurchill Downs Incorporated (CHDN)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Churchill Downs Incorporated generates 1300% more annual revenue ($2.95B vs $210.41M). CHDN leads profitability with a 13.2% profit margin vs 0.6%. CHDN trades at a lower P/E of 16.0x. CHDN earns a higher WallStSmart Score of 61/100 (C+).

CDRO

Avoid

29

out of 100

Grade: F

Growth: 8.0Profit: 5.0Value: 4.0Quality: 5.0
Piotroski: 2/9Altman Z: 0.91

CHDN

Buy

61

out of 100

Grade: C+

Growth: 6.0Profit: 7.5Value: 7.3Quality: 3.5
Piotroski: 4/9Altman Z: 1.00
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

Intrinsic value data unavailable for CDRO.

CHDNUndervalued (+71.6%)

Margin of Safety

+71.6%

Fair Value

$333.65

Current Price

$86.92

$246.73 discount

UndervaluedFair: $333.65Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

CDRO1 strengths · Avg: 9.0/10
Debt/EquityHealth
0.149/10

Conservative balance sheet, low leverage

CHDN3 strengths · Avg: 8.7/10
Return on EquityProfitability
35.2%10/10

Every $100 of equity generates 35 in profit

P/E RatioValuation
16.0x8/10

Attractively priced relative to earnings

Operating MarginProfitability
21.7%8/10

Strong operational efficiency at 21.7%

Areas to Watch

CDRO4 concerns · Avg: 3.3/10
Price/BookValuation
13.2x4/10

Trading at 13.2x book value

Market CapQuality
$439.69M3/10

Smaller company, higher risk/reward

Profit MarginProfitability
0.6%3/10

0.6% margin — thin

Operating MarginProfitability
2.6%3/10

Operating margin of 2.6%

CHDN4 concerns · Avg: 2.8/10
PEG RatioValuation
1.694/10

Expensive relative to growth rate

Revenue GrowthGrowth
3.1%4/10

3.1% revenue growth

Altman Z-ScoreHealth
1.002/10

Distress zone — elevated risk

Debt/EquityHealth
4.501/10

Elevated debt levels

Comparative Analysis Report

WallStSmart Research

Bull Case : CDRO

The strongest argument for CDRO centers on Debt/Equity.

Bull Case : CHDN

The strongest argument for CHDN centers on Return on Equity, P/E Ratio, Operating Margin.

Bear Case : CDRO

The primary concerns for CDRO are Price/Book, Market Cap, Profit Margin. A P/E of 322.3x leaves little room for execution misses. Thin 0.6% margins leave little buffer for downturns.

Bear Case : CHDN

The primary concerns for CHDN are PEG Ratio, Revenue Growth, Altman Z-Score. Debt-to-equity of 4.50 is elevated, increasing financial risk.

Key Dynamics to Monitor

CHDN carries more volatility with a beta of 0.68 — expect wider price swings.

CDRO is growing revenue faster at 6.6% — sustainability is the question.

CHDN generates stronger free cash flow (236M), providing more financial flexibility.

Monitor GAMBLING industry trends, competitive dynamics, and regulatory changes.

Bottom Line

CHDN scores higher overall (61/100 vs 29/100). Both earn "Buy" and "Avoid" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Codere Online US Corp

CONSUMER CYCLICAL · GAMBLING · USA

Codere Online Luxembourg, SA, operator of online games and sports betting in Latin America. The company is headquartered in Luxembourg.

Churchill Downs Incorporated

CONSUMER CYCLICAL · GAMBLING · USA

Churchill Downs Incorporated is a gaming, online betting and racing entertainment company in the United States. The company is headquartered in Louisville, Kentucky.

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