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3. Compute the projected profit for the order quantities suggested by the management team under three scenarios: worst case in which sales equal 10,000 units, most likely case in which sales equal 20,000 units, and best case in which sales equal 30,000 units.
Yes, net income looks like it will be up to about $130 million for this fiscal year, meaning net income growth of 22%. So 24x is not a totally unreasonable price to pay. I would like to see some expansion in the high margin businesses, but I would say that if you are looking for a small-cap stock that carries a fair amount of risk but may be in line for commensurate return, you can do worse than Churchill Downs.