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Boyd Gaming Corp

BYD

Hotels & Motels

Mkt Cap

$6.823B

PE

9.75

Debt

$2.987B

Cash

$271.6M

EV

$9.538B

FCF

$570.2M

Market Cap

$6.823B

P/E Ratio

9.75

Debt

$2.987B

Cash

$271.6M

EV

$9.538B

FCF

$570.2M
Charts data: {"Earnings":[{"time":"2014-12-30","value":-53041000},{"time":"2015-12-30","value":47234000},{"time":"2016-12-30","value":418003000},{"time":"2017-12-30","value":189193000},{"time":"2018-12-30","value":115048000},{"time":"2019-12-30","value":157636000},{"time":"2020-12-30","value":-134700000},{"time":"2021-12-30","value":463846000},{"time":"2022-12-30","value":639377000}],"Sales":[{"time":"2014-12-30","value":2701319000},{"time":"2015-12-30","value":2199432000},{"time":"2016-12-30","value":2199259000},{"time":"2017-12-30","value":2400819000},{"time":"2018-12-30","value":2626730000},{"time":"2019-12-30","value":3326119000},{"time":"2020-12-30","value":2178490000},{"time":"2021-12-30","value":3369810000},{"time":"2022-12-30","value":3555377000}],"Net Margins":[{"time":"2014-12-30","value":-0.019635222644937528},{"time":"2015-12-30","value":0.021475544595150022},{"time":"2016-12-30","value":0.19006538111245652},{"time":"2017-12-30","value":0.07880352496377278},{"time":"2018-12-30","value":0.04379894393409296},{"time":"2019-12-30","value":0.04739337347821891},{"time":"2020-12-30","value":-0.06183181928767174},{"time":"2021-12-30","value":0.13764752315412443},{"time":"2022-12-30","value":0.1798338122792604}],"Assets":[{"time":"2014-12-30","value":4478924000},{"time":"2015-12-30","value":4350900000},{"time":"2016-12-30","value":4670751000},{"time":"2017-12-30","value":4685930000},{"time":"2018-12-30","value":5756339000},{"time":"2019-12-30","value":6650145000},{"time":"2020-12-30","value":6558948000},{"time":"2021-12-30","value":6224169000},{"time":"2022-12-30","value":6311127000}],"Stockholders Equity":[{"time":"2014-12-30","value":438087000},{"time":"2015-12-30","value":508011000},{"time":"2016-12-30","value":934126000},{"time":"2017-12-30","value":1100976000},{"time":"2018-12-30","value":1145741000},{"time":"2019-12-30","value":1265242000},{"time":"2020-12-30","value":1123943000},{"time":"2021-12-30","value":1538746000},{"time":"2022-12-30","value":1590625000}],"ROE":[{"time":"2014-12-30","value":-0.12107412454603766},{"time":"2015-12-30","value":0.0929783016509485},{"time":"2016-12-30","value":0.4474803185009303},{"time":"2017-12-30","value":0.17184116638328173},{"time":"2018-12-30","value":0.10041361878469916},{"time":"2019-12-30","value":0.12458960420220005},{"time":"2020-12-30","value":-0.11984593524760598},{"time":"2021-12-30","value":0.30144416297426607},{"time":"2022-12-30","value":0.4019658939096267}],"ROA":[{"time":"2014-12-30","value":0.05615545162186275},{"time":"2015-12-30","value":0.07920729044565492},{"time":"2016-12-30","value":0.05579980606973054},{"time":"2017-12-30","value":0.07330348511394749},{"time":"2018-12-30","value":0.061720478936351734},{"time":"2019-12-30","value":0.07106130768577226},{"time":"2020-12-30","value":0.002174586534303977},{"time":"2021-12-30","value":0.14461432522156772},{"time":"2022-12-30","value":0.15547524237747076}]}

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. The company also engages in owning and operating a travel agency. The company was founded in 1975 and is headquartered in Las Vegas, Nevada.

Sector

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    BALY

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    PLYA

Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$570.2M$682.3M$805.3M$937.4M$1.076B$1.217B$1.358B$1.492B$1.615B$1.722B$1.808B$18.08B
DCF$593.3M$608.9M$616.4M$615.2M$605.2M$586.9M$560.8M$527.9M$489.5M$446.9M$4.469B
Value$10.12B

In the chart Earnings are multiplied by this value.

Earnings Growth 29%
Earnings Stability 30%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201412-201512-201612-201712-201812-201912-202012-202112-2022TTM
Net Margin-2%2.1%19%7.9%4.4%4.7%-6.2%14%18%19%
ROA5.6%7.9%5.6%7.3%6.2%7.1%0.22%14%16%16%
ROE-12%9.3%45%17%10%12%-12%30%40%40%

What is the average Net Margin?

The average Net Margin over the past 5 years is +7.09%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +1.94%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +8.47%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +1.69%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +16.34%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +4.31%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201412-201512-201612-201712-201812-201912-202012-202112-2022TTM
Debt FCF-16.0623.2513.5514.8511.2534.923.844.435.24
Debt Equity8.026.603.552.863.543.043.542.021.971.69
MIN
Graham Stability---100%53%65%-87%100%100%-87%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 5.24.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -1.57.

What is the Graham’s Stability?

Graham’s Stability measure stands at -0.87.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201512-201712-201912-2021Trend
Revenue7.1%8.2%2.2%5.5%3.9%
Net Income45%28%59%38%-77%
Stockholders Equity18%7.6%7.9%3.4%-4.8%
FCF19%25%27%-13%31%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +8.17%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +3.91%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +27.58%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -77.04%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +7.64%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -4.81%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +24.95%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +30.98%.