NYSE:BYD

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Reasonable growth potential with imperfect balance sheet.


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

11.1%

BYD

4.0%

US Hospitality

2.0%

US Market


1 Year Return

-9.4%

BYD

-24.4%

US Hospitality

7.1%

US Market

Return vs Industry: BYD exceeded the US Hospitality industry which returned -27.1% over the past year.

Return vs Market: BYD underperformed the US Market which returned 4.6% over the past year.


Shareholder returns

BYDIndustryMarket
7 Day11.1%4.0%2.0%
30 Day30.2%16.1%6.0%
90 Day-17.8%-19.1%-0.05%
1 Year-8.7%-9.4%-22.6%-24.4%9.5%7.1%
3 Year-12.9%-14.9%-17.8%-23.2%30.7%22.1%
5 Year53.8%50.3%3.4%-7.7%55.6%38.0%

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?

5.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BYD ($20.38) is trading below our estimate of fair value ($23.11)

Significantly Below Fair Value: BYD is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BYD is unprofitable, so we can't compare its PE Ratio to the Hospitality industry average.

PE vs Market: BYD is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BYD's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BYD is overvalued based on its PB Ratio (2x) compared to the US Hospitality industry average (1.5x).


Next Steps

Future Growth

How is Boyd Gaming forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

145.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BYD is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2.2%).

Earnings vs Market: BYD is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: BYD's is expected to become profitable in the next 3 years.

Revenue vs Market: BYD's revenue (16.1% per year) is forecast to grow faster than the US market (8.9% per year).

High Growth Revenue: BYD's revenue (16.1% 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 (3.5%).


Next Steps

Past Performance

How has Boyd Gaming performed over the past 5 years?

20.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BYD is currently unprofitable.

Growing Profit Margin: BYD is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: BYD is unprofitable, but has reduced losses over the past 5 years at a rate of 20.2% per year.

Accelerating Growth: Unable to compare BYD's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: BYD is unprofitable, making it difficult to compare its past year earnings growth to the Hospitality industry (-12.2%).


Return on Equity

High ROE: BYD has a negative Return on Equity (-3.18%), as it is currently unprofitable.


Next Steps

Financial Health

How is Boyd Gaming's financial position?


Financial Position Analysis

Short Term Liabilities: BYD's short term assets ($963.8M) exceed its short term liabilities ($501.2M).

Long Term Liabilities: BYD's short term assets ($963.8M) do not cover its long term liabilities ($5.4B).


Debt to Equity History and Analysis

Debt Level: BYD's debt to equity ratio (395.3%) is considered high.

Reducing Debt: BYD's debt to equity ratio has reduced from 710.9% to 395.3% over the past 5 years.

Debt Coverage: BYD's debt is not well covered by operating cash flow (9.3%).

Interest Coverage: BYD is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet


Next Steps

Dividend

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

0.52%

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 recent payouts.

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

9.8yrs

Average management tenure


CEO

Keith Smith (58yo)

12.33yrs

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 ($USD9.65M) is above average for companies of similar size in the US market ($USD4.92M).

Compensation vs Earnings: Keith's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
William Boyd
Executive Chairman of the Board31.75yrsUS$4.69m17.5% $427.7m
Keith Smith
President12.33yrsUS$9.65m1.05% $25.5m
Josh Hirsberg
Executive VP12.33yrsUS$3.16m0.30% $7.4m
Stephen Thompson
Executive Vice President of Operations4.33yrsUS$2.47m0.086% $2.1m
Theodore Bogich
Executive Vice President of Operations4.33yrsUS$2.47m0.056% $1.4m
Marianne Johnson
Vice Chairman19.25yrsno data2.05% $50.1m
Anthony McDuffie
VP & Chief Accounting Officer7.17yrsno data0.015% $368.7k
David Strow
Vice President of Corporate Communicationsno datano datano data
Christopher Gibase
Chief Marketing Officer & Senior VP5.83yrsno datano data
William Boyd
VP & Director27.67yrsno data1.99% $48.5m

9.8yrs

Average Tenure

59yo

Average Age

Experienced Management: BYD's management team is seasoned and experienced (9.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
William Boyd
Executive Chairman of the Board31.75yrsUS$4.69m17.5% $427.7m
Keith Smith
President12.33yrsUS$9.65m1.05% $25.5m
Marianne Johnson
Vice Chairman19.25yrsno data2.05% $50.1m
William Boyd
VP & Director27.67yrsno data1.99% $48.5m
Robert Boughner
Independent Director24.08yrsUS$264.42k0.14% $3.5m
Paul Whetsell
Independent Director5.33yrsUS$274.42k0.0067% $164.7k
Peter Thomas
Independent Director16.08yrsUS$333.42k0.012% $285.6k
Veronica Wilson
Independent Director16.58yrsUS$273.99k0.0081% $199.1k
Christine Spadafor
Independent Director11yrsUS$286.21k0.0014% $33.5k
Richard Flaherty
Independent Director8.58yrsUS$313.11k0.0090% $219.6k

16.3yrs

Average Tenure

66.5yo

Average Age

Experienced Board: BYD's board of directors are seasoned and experienced ( 16.3 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$2.443b
  • Shares outstanding: 111.25m
  • 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 Analysis2020/05/28 01:57
End of Day Share Price2020/05/27 00:00
Earnings2020/03/31
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.