Churchill Downs Inc (CHDN) is undervalued and Rush Street Interactive Inc (RSI) is overvalued.
Against our estimates of intrinsic value, CHDN trades at the wider discount: a margin of safety of +59%, against -119% for RSI.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.4% (average of 3 methods) values the shares at $191.80; the price of $79.49 is 59% below that value, and 83% of that value comes from beyond year five.
Leak Score 70/100 on 3 of 12 signals
Discounting its cash flows at 12.2% (average of 3 methods) values the shares at $9.69; the price of $21.22 is 119% above that value, and 68% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
| Metric | CHDN | RSI |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $79.49 | $21.22 |
| Intrinsic value | $191.80 | $9.69 |
| Margin of safety | +59% | -119% |
| Leak Score | 70/100 (3/12) | 59/100 (3/12) |
| Market cap | $5.5B | $4.9B |
| Revenue growth, 5 years | 22.6% | 32.4% |
| Operating margin | 25.8% | 10.1% |
| Net margin | 13.7% | 2.3% |
| Return on equity | 34.3% | 20.7% |
| Debt to equity | 3.57 | 0.08 |
| P/E | 13.6x | 71.6x |
| Forward P/E | 10.7x | 25.3x |
| P/B | 4.2x | 13.2x |
| Dividend yield | 0.6% | — |