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BYD

Boyd GamingNYSE:BYD Stock Report

Market Cap

US$6.9b

7D

2.2%

1Y

54.4%

Updated

28 Nov, 2021

Data

Company Financials +
BYD fundamental analysis
Snowflake Score
Valuation4/6
Future Growth2/6
Past Performance2/6
Financial Health4/6
Dividends0/6

BYD Stock Overview

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

Boyd Gaming Competitors

Las Vegas Sands

NYSE:LVS

US$28.9b

Caesars Entertainment

NasdaqGS:CZR

US$19.5b

Wynn Resorts

NasdaqGS:WYNN

US$9.8b

Penn National Gaming

NasdaqGS:PENN

US$8.9b

Price History & Performance

Summary of all time highs, changes and price drops for Boyd Gaming
Historical stock prices
Current Share PriceUS$61.03
52 Week HighUS$71.00
52 Week LowUS$37.80
Beta2.04
1 Month Change-4.31%
3 Month Change-1.68%
1 Year Change54.35%
3 Year Change145.89%
5 Year Change222.91%
Change since IPO175.84%

Recent News & Updates

Nov 03

Boyd Gaming: Even Near Its 52-Week High, It Is Still A Buy

BYD is a stand-out performer without a footprint on the Vegas strip or Asia or many big east coast markets. Credit a long view strategy in asset allocation by management for moving money around in markets they know best. Its 3Q21 results hit records, despite continuing stop/start cycle of the pandemic and waning Delta strain.

Sep 20
Boyd Gaming Corporation's (NYSE:BYD) Intrinsic Value Is Potentially 57% Above Its Share Price

Boyd Gaming Corporation's (NYSE:BYD) Intrinsic Value Is Potentially 57% Above Its Share Price

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Boyd Gaming...

Aug 25
Is Boyd Gaming (NYSE:BYD) A Risky Investment?

Is Boyd Gaming (NYSE:BYD) A Risky Investment?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Shareholder Returns

BYDUS HospitalityUS Market
7D2.2%-6.9%-2.7%
1Y54.4%2.3%21.3%

Return vs Industry: BYD exceeded the US Hospitality industry which returned 2.3% over the past year.

Return vs Market: BYD exceeded the US Market which returned 21.3% over the past year.

Price Volatility

Is BYD's price volatile compared to industry and market?
BYD volatility
BYD Average Weekly Movement4.7%
Hospitality Industry Average Movement6.5%
Market Average Movement6.0%
10% most volatile stocks in US Market15.0%
10% least volatile stocks in US Market2.3%

Stable Share Price: BYD is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: BYD's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
197514,284Keith Smithhttps://www.boydgaming.com

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 8, 2021, the company operated 28 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.

Boyd Gaming Fundamentals Summary

How do Boyd Gaming's earnings and revenue compare to its market cap?
BYD fundamental statistics
Market CapUS$6.86b
Earnings (TTM)US$437.35m
Revenue (TTM)US$3.13b

15.7x

P/E Ratio

2.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BYD income statement (TTM)
RevenueUS$3.13b
Cost of RevenueUS$832.85m
Gross ProfitUS$2.29b
ExpensesUS$1.86b
EarningsUS$437.35m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)3.89
Gross Margin73.36%
Net Profit Margin13.99%
Debt/Equity Ratio221.1%

How did BYD perform over the long term?

See historical performance and comparison

Valuation

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

40.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BYD ($61.03) is trading below our estimate of fair value ($101.86)

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 (15.7x) compared to the US Hospitality industry average (24x).

PE vs Market: BYD is good value based on its PE Ratio (15.7x) compared to the US market (17.2x).


Price to Earnings Growth Ratio

PEG Ratio: BYD is poor value based on its PEG Ratio (1.3x)


Price to Book Ratio

PB vs Industry: BYD is overvalued based on its PB Ratio (4.5x) compared to the US Hospitality industry average (3.3x).


Future Growth

How is Boyd Gaming forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

11.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BYD's forecast earnings growth (11.8% per year) is above the savings rate (2%).

Earnings vs Market: BYD's earnings (11.8% per year) are forecast to grow slower than the US market (14.3% per year).

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

Revenue vs Market: BYD's revenue (3.9% per year) is forecast to grow slower than the US market (10.1% per year).

High Growth Revenue: BYD's revenue (3.9% 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 high in 3 years time (26.9%)


Past Performance

How has Boyd Gaming performed over the past 5 years?

-12.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BYD has high quality earnings.

Growing Profit Margin: BYD became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: BYD's earnings have declined by 12.1% per year over the past 5 years.

Accelerating Growth: BYD has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: BYD has become profitable in the last year, making it difficult to compare its past year earnings growth to the Hospitality industry (79.7%).


Return on Equity

High ROE: Whilst BYD's Return on Equity (29%) is high, this metric is skewed due to their high level of debt.


Financial Health

How is Boyd Gaming's financial position?


Financial Position Analysis

Short Term Liabilities: BYD's short term assets ($717.3M) exceed its short term liabilities ($568.2M).

Long Term Liabilities: BYD's short term assets ($717.3M) do not cover its long term liabilities ($4.4B).


Debt to Equity History and Analysis

Debt Level: BYD's net debt to equity ratio (183.2%) is considered high.

Reducing Debt: BYD's debt to equity ratio has reduced from 323.9% to 221.1% over the past 5 years.

Debt Coverage: BYD's debt is well covered by operating cash flow (28.3%).

Interest Coverage: BYD's interest payments on its debt are well covered by EBIT (3.7x coverage).


Balance Sheet


Dividend

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

0.21%

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?

7.3yrs

Average management tenure


CEO

Keith Smith (60 yo)

13.83yrs

Tenure

US$2,973,606

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 ($USD2.97M) is below average for companies of similar size in the US market ($USD6.24M).

Compensation vs Earnings: Keith's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: BYD's management team is seasoned and experienced (7.3 years average tenure).


Board Members

Experienced Board: BYD's board of directors are considered experienced (9.7 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: BYD insiders have only sold shares 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 employee growth, exchange listings and data sources


Key Information

  • Name: Boyd Gaming Corporation
  • Ticker: BYD
  • Exchange: NYSE
  • Founded: 1975
  • Industry: Casinos and Gaming
  • Sector: Consumer Services
  • Market Cap: US$6.856b
  • Shares outstanding: 112.35m
  • 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


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/11/28 23:05
End of Day Share Price2021/11/26 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


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.