DCF Tool

BYD

Boyd Gaming Corp. – Casinos (except Casino Hotels)
boyd gaming corporation is one of the nation’s leading casino entertainment companies. but we’re so much more – a billion-dollar, publicly-traded company that retains the philosophy of a family-owned business, focused on creating long-term, sustainable growth for our shareholders. this philosophy defines and separates us from the competition, making us unique in our industry. from our beginnings in the 1970s, we made a commitment to our guests, employees and communities to create a culture and an operating style built around that of a family-owned business. even as a public company operating in a highly competitive industry, the boyd style of hospitality continues to define us. we currently own and operate 24 gaming properties in seven states: aliante, cannery, eastside cannery, gold coast, the orleans, sam’s town, suncoast, california, fremont and main street station in las vegas; jokers wild and eldorado in henderson, nv; blue chip in michigan city, in; par-a-dice in east peoria, il;
Analysis Results
Intrinsic Value $375.75
Latest Price $61.03
Relative Value 84% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Billions)
Analysis Parameters
%
%
%
New Ticker
Ad
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 12.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 12.8%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 0.833 0.801
2024 0.939 0.869
2025 1.06 0.943
2026 1.19 1.02
2027 1.35 1.11
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 40.4 billion. This corresponds to a present value of 32.0 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.75 billion. Adding in the terminal value gives a total present value of 36.8 billion.

There are presently 97.9 million outstanding shares, so the intrinsic value per share is 375.75.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 478,228,000
Current Cash 284,172,000
Current Liabilities 586,134,000
Current Debt 44,275,000
Non-Cash Working Capital (NCWC) -347,803,000
Change in NCWC 4,920,000
EBIT 1,021,999,000
Tax Provision 189,429,000
Depreciation and Amortization 258,179,000
Capital Expenditure -269,155,000
Unlevered Free Cash Flow 782,358,483
Current Assets 507,803,000
Current Cash 345,157,000
Current Liabilities 557,042,000
Current Debt 41,673,000
Non-Cash Working Capital (NCWC) -352,723,000
Change in NCWC 10,064,000
EBIT 923,080,000
Tax Provision 140,093,000
Depreciation and Amortization 267,787,000
Capital Expenditure -199,452,000
Unlevered Free Cash Flow 787,356,304
Current Assets 650,277,000
Current Cash 519,782,000
Current Liabilities 524,022,000
Current Debt 30,740,000
Non-Cash Working Capital (NCWC) -362,787,000
Change in NCWC 18,195,000
EBIT 217,527,000
Tax Provision -36,314,000
Depreciation and Amortization 281,031,000
Capital Expenditure -175,030,000
Unlevered Free Cash Flow 341,723,000
Current Assets 399,494,000
Current Cash 250,577,000
Current Liabilities 556,893,000
Current Debt 26,994,000
Non-Cash Working Capital (NCWC) -380,982,000
Change in NCWC -85,296,000
EBIT 474,487,000
Tax Provision 44,490,000
Depreciation and Amortization 276,569,000
Capital Expenditure -207,637,000
Unlevered Free Cash Flow 353,683,558
Current Assets 399,751,000
Current Cash 249,917,000
Current Liabilities 469,701,000
Current Debt 24,181,000
Non-Cash Working Capital (NCWC) -295,686,000
Change in NCWC -65,422,000
EBIT 358,451,000
Tax Provision 40,331,000
Depreciation and Amortization 229,979,000
Capital Expenditure -161,544,000
Unlevered Free Cash Flow 268,214,301
Current Assets 328,663,000
Current Cash 203,604,000
Current Liabilities 379,304,000
Current Debt 23,981,000
Non-Cash Working Capital (NCWC) -230,264,000
Change in NCWC -8,781,000
EBIT 344,969,000
Tax Provision 3,006,000
Depreciation and Amortization 217,522,000
Capital Expenditure -190,464,000
Unlevered Free Cash Flow 357,174,955
Current Assets 307,947,000
Current Cash 194,262,000
Current Liabilities 365,504,000
Current Debt 30,336,000
Non-Cash Working Capital (NCWC) -221,483,000
Change in NCWC 5,827,000
EBIT 299,213,000
Tax Provision -197,486,000
Depreciation and Amortization 196,226,000
Capital Expenditure -160,358,000
Unlevered Free Cash Flow 340,908,000
Current Assets 257,232,000
Current Cash 159,221,000
Current Liabilities 355,071,000
Current Debt 29,750,000
Non-Cash Working Capital (NCWC) -227,310,000
Change in NCWC 3,923,000
EBIT 326,673,000
Tax Provision -7,174,000
Depreciation and Amortization 207,118,000
Capital Expenditure -131,170,000
Unlevered Free Cash Flow 406,544,000
Current Assets 241,950,000
Current Cash 145,741,000
Current Liabilities 357,195,000
Current Debt 29,753,000
Non-Cash Working Capital (NCWC) -231,233,000
Change in NCWC 32,529,000
EBIT 300,863,000
Tax Provision 753,000
Depreciation and Amortization 251,044,000
Capital Expenditure -149,374,000
Unlevered Free Cash Flow 435,062,000
Current Assets 334,680,000
Current Cash 178,138,000
Current Liabilities 453,863,000
Current Debt 33,559,000
Non-Cash Working Capital (NCWC) -263,762,000
Change in NCWC 37,654,000
EBIT 294,682,000
Tax Provision 3,350,000
Depreciation and Amortization 278,413,000
Capital Expenditure -144,520,000
Unlevered Free Cash Flow 466,229,000
Current Assets 355,593,000
Current Cash 193,128,000
Current Liabilities 750,564,000
Current Debt 286,683,000
Non-Cash Working Capital (NCWC) -301,416,000
Change in NCWC -66,450,000
EBIT 205,301,000
Tax Provision -220,772,000
Depreciation and Amortization 214,332,000
Capital Expenditure -125,974,000
Unlevered Free Cash Flow 227,209,000

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.