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International Speedway (ISCA) truly has been confounding. My bear case for years now has been reasonably simple: declines in NASCAR fan interest would lead to lower attendance, offsetting annual increases in ISC's share of the sport's lucrative broadcast contract and keeping near-term earnings reasonably flat. From a longer-term perspective, steadily shrinking TV ratings - another symptom of the fan malaise - in turn suggested an increasing likelihood of a step down in media rights revenue in 2026, when the current contract expires. ~Stable free cash flow for seven years followed by a notable