NYSE:BYD

Stock Analysis Report

Executive Summary

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company.


Snowflake Analysis

Very undervalued with solid track record.


Similar Companies

Share Price & News

How has Boyd Gaming's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BYD's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

31.9%

BYD

13.2%

US Hospitality

9.9%

US Market


1 Year Return

-44.1%

BYD

-42.8%

US Hospitality

-11.9%

US Market

Return vs Industry: BYD underperformed the US Hospitality industry which returned -41.4% over the past year.

Return vs Market: BYD underperformed the US Market which returned -11.5% over the past year.


Shareholder returns

BYDIndustryMarket
7 Day31.9%13.2%9.9%
30 Day-42.7%-35.9%-15.0%
90 Day-48.9%-47.7%-21.5%
1 Year-43.6%-44.1%-41.3%-42.8%-10.0%-11.9%
3 Year-28.9%-30.5%-31.0%-35.7%12.3%5.1%
5 Year10.6%8.1%-24.6%-32.7%32.5%18.1%

Price Volatility Vs. Market

How volatile is Boyd Gaming's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Boyd Gaming undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BYD ($15.3) is trading below our estimate of fair value ($37.11)

Significantly Below Fair Value: BYD is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: BYD is good value based on its PE Ratio (11x) compared to the Hospitality industry average (12.7x).

PE vs Market: BYD is good value based on its PE Ratio (11x) compared to the US market (13x).


Price to Earnings Growth Ratio

PEG Ratio: BYD is good value based on its PEG Ratio (0.7x)


Price to Book Ratio

PB vs Industry: BYD is good value based on its PB Ratio (1.3x) compared to the US Hospitality industry average (1.4x).


Next Steps

Future Growth

How is Boyd Gaming forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

15.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BYD's forecast earnings growth (15.8% per year) is above the savings rate (1.7%).

Earnings vs Market: BYD's earnings (15.8% per year) are forecast to grow faster than the US market (12.3% per year).

High Growth Earnings: BYD's earnings are forecast to grow, but not significantly.

Revenue vs Market: BYD's revenue (1.4% per year) is forecast to grow slower than the US market (7.3% per year).

High Growth Revenue: BYD's revenue (1.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BYD's Return on Equity is forecast to be low in 3 years time (14.4%).


Next Steps

Past Performance

How has Boyd Gaming performed over the past 5 years?

34.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BYD has high quality earnings.

Growing Profit Margin: BYD's current net profit margins (4.7%) are higher than last year (4.4%).


Past Earnings Growth Analysis

Earnings Trend: BYD has become profitable over the past 5 years, growing earnings by 34.1% per year.

Accelerating Growth: BYD's earnings growth over the past year (37.4%) exceeds its 5-year average (34.1% per year).

Earnings vs Industry: BYD earnings growth over the past year (37.4%) exceeded the Hospitality industry 1.7%.


Return on Equity

High ROE: BYD's Return on Equity (12.5%) is considered low.


Next Steps

Financial Health

How is Boyd Gaming's financial position?


Financial Position Analysis

Short Term Liabilities: BYD's short term assets ($399.5M) do not cover its short term liabilities ($556.9M).

Long Term Liabilities: BYD's short term assets ($399.5M) do not cover its long term liabilities ($4.8B).


Debt to Equity History and Analysis

Debt Level: BYD's debt to equity ratio (297.6%) is considered high.

Reducing Debt: BYD's debt to equity ratio has reduced from 776.4% to 297.6% over the past 5 years.


Balance Sheet

Inventory Level: BYD has a high level of physical assets or inventory.

Debt Coverage by Assets: BYD's debt is not covered by short term assets (assets are 0.1x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: BYD is profitable, therefore cash runway is not a concern.

Forecast Cash Runway: BYD is profitable, therefore cash runway is not a concern.


Next Steps

Dividend

What is Boyd Gaming's current dividend yield, its reliability and sustainability?

1.88%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate BYD's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate BYD's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if BYD's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if BYD's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: BYD is not paying a notable dividend for the US market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of BYD's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

9.6yrs

Average management tenure


CEO

Keith Smith (58yo)

12.17s

Tenure

US$9,645,494

Compensation

Mr. Keith E. Smith serves as the President of Coast Casinos, Inc. Mr. Smith is Chief Executive Officer and President at Boyd Gaming Corporation since January 1, 2008 and March 31, 2005 respectively. Mr. Sm ...


CEO Compensation Analysis

Compensation vs Market: Keith's total compensation ($USD9.65M) is above average for companies of similar size in the US market ($USD4.54M).

Compensation vs Earnings: Keith's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
William Boyd
Executive Chairman of the Board31.58yrsUS$4.69m17.36% $296.4m
Keith Smith
President12.17yrsUS$9.65m1.04% $17.8m
Josh Hirsberg
Executive VP12.17yrsUS$3.16m0.30% $5.2m
Stephen Thompson
Executive Vice President of Operations4.17yrsUS$2.47m0.086% $1.5m
Theodore Bogich
Executive Vice President of Operations4.17yrsUS$2.47m0.056% $952.0k
Marianne Johnson
Vice Chairman19yrsno data2.04% $34.9m
Anthony McDuffie
VP & Chief Accounting Officer7yrsno data0.015% $256.8k
David Strow
Vice President of Corporate Communicationsno datano datano data
Christopher Gibase
Chief Marketing Officer & Senior VP5.67yrsno datano data
William Boyd
VP & Director27.5yrsno data1.98% $33.8m

9.6yrs

Average Tenure

59yo

Average Age

Experienced Management: BYD's management team is seasoned and experienced (7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
William Boyd
Executive Chairman of the Board31.58yrsUS$4.69m17.36% $296.4m
Keith Smith
President12.17yrsUS$9.65m1.04% $17.8m
Marianne Johnson
Vice Chairman19yrsno data2.04% $34.9m
William Boyd
VP & Director27.5yrsno data1.98% $33.8m
Robert Boughner
Independent Director23.92yrsUS$264.42k0.14% $2.5m
Paul Whetsell
Independent Director5.17yrsUS$274.42k0.0067% $114.8k
Peter Thomas
Independent Director15.92yrsUS$333.42k0.012% $198.9k
Veronica Wilson
Independent Director16.42yrsUS$273.99k0.0081% $138.7k
Christine Spadafor
Independent Director10.83yrsUS$286.21k0.0014% $23.2k
Richard Flaherty
Independent Director8.42yrsUS$313.11k0.0090% $153.0k

16.2yrs

Average Tenure

66.5yo

Average Age

Experienced Board: BYD's board of directors are seasoned and experienced ( 16.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: BYD insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Boyd Gaming Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Boyd Gaming Corporation
  • Ticker: BYD
  • Exchange: NYSE
  • Founded: 1973
  • Industry: Casinos and Gaming
  • Sector: Consumer Services
  • Market Cap: US$1.708b
  • Shares outstanding: 111.61m
  • Website: https://www.boydgaming.com

Number of Employees


Location

  • Boyd Gaming Corporation
  • 3883 Howard Hughes Parkway
  • Ninth Floor
  • Las Vegas
  • Nevada
  • 89169
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BYDNYSE (New York Stock Exchange)YesCommon SharesUSUSDOct 1993
BO5DB (Deutsche Boerse AG)YesCommon SharesDEEUROct 1993

Biography

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of March 13, 2019, the company operated 29 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. It also engages in owning and operating a travel agency. The company was founded in 1973 and is headquartered in Las Vegas, Nevada. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/29 00:20
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.