Morningstar

Morningstar, Inc.

Equity Bottom-Up

With admissions falling 5% in narrow-moat International Speedway’s, or ICS', second quarter and 4.5% year to date, it’s clear that the business has struggled to attract race car enthusiasts to the track consistently. We expect competitiveness and low switching costs across leisure activities to restrict the company’s ability to grow sales as rapidly as in the past, which should hold return on invested capital, or ROIC, metrics to a mid-single-digit level. We don’t plan any changes to our…

While International Speedway has struggled to steadily improve ticket prices, it continues to grow contracted broadcasting revenue as it finesses its experiential offerings. We still think that the company will continue to pursue initiatives to find alternate routes (digital, race changes, car configurations) to tap into consumer demand, boosting brand awareness, supporting a narrow economic moat. While Monster Energy's cup sponsorship has led to lower corporate sales growth due to lower…

With an increased bid of $45 per share, which values narrow-moat International Speedway at around $2 billion, we believe it is now probable that the go-private deal will close in 2019. The raised bid was unanimously recommended and approved by the special committee of independent directors along with the participating shareholders (the France family), which signed a letter of agreement to cede their shares to NASCAR before the merger. The initial $42 bid on Oct. 9, 2018, represented an 8%…

With attendance headwinds limiting top-line growth, International Speedway is suffering from the consumer downshift to value-priced packages. Admission revenue fell 4% in the first quarter to $29.3 million and is trending down 5% for the second quarter. While NASCAR continues to shuffle races and update race rules to attract new consumers while keeping existing fans engaged, we think price sensitivity will prevail, making it difficult to increase admissions above the 0.5% average rate we have…

United States

International Speedway Corporation promotes motorsports activities in the United States.  The Company owns and/or operates various facilities, including Daytona International Speedway, Talladega Superspeedway, Phoenix International Raceway, Darlington Raceway, Watkins Glen International, and has interests in other facilities.  International also owns and operates MRN Radio and DAYTONA USA.

International Speedway Corp Cl A (ISCA US)

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