Intrinsic value of Boyd Gaming - BYD

Previous Close

$25.56

  Intrinsic Value

$30.80

stock screener

  Rating & Target

buy

+21%

  Value-price divergence*

+341%

Previous close

$25.56

 
Intrinsic value

$30.80

 
Up/down potential

+21%

 
Rating

buy

 
Value-price divergence*

+341%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BYD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.68
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  2,184
  2,394
  2,612
  2,840
  3,078
  3,324
  3,581
  3,848
  4,125
  4,412
  4,712
  5,023
  5,347
  5,683
  6,034
  6,399
  6,780
  7,177
  7,590
  8,022
  8,473
  8,944
  9,437
  9,951
  10,489
  11,052
  11,641
  12,258
  12,904
  13,580
  14,288
Variable operating expenses, $m
 
  471
  506
  543
  582
  622
  663
  707
  752
  798
  847
  815
  867
  922
  979
  1,038
  1,100
  1,164
  1,231
  1,301
  1,374
  1,451
  1,530
  1,614
  1,701
  1,792
  1,888
  1,988
  2,093
  2,202
  2,317
Fixed operating expenses, $m
 
  1,606
  1,646
  1,687
  1,730
  1,773
  1,817
  1,863
  1,909
  1,957
  2,006
  2,056
  2,107
  2,160
  2,214
  2,269
  2,326
  2,384
  2,444
  2,505
  2,568
  2,632
  2,698
  2,765
  2,834
  2,905
  2,978
  3,052
  3,129
  3,207
  3,287
Total operating expenses, $m
  1,966
  2,077
  2,152
  2,230
  2,312
  2,395
  2,480
  2,570
  2,661
  2,755
  2,853
  2,871
  2,974
  3,082
  3,193
  3,307
  3,426
  3,548
  3,675
  3,806
  3,942
  4,083
  4,228
  4,379
  4,535
  4,697
  4,866
  5,040
  5,222
  5,409
  5,604
Operating income, $m
  218
  317
  460
  610
  766
  930
  1,100
  1,278
  1,464
  1,657
  1,859
  2,152
  2,372
  2,602
  2,841
  3,092
  3,354
  3,628
  3,915
  4,216
  4,531
  4,862
  5,208
  5,572
  5,954
  6,355
  6,776
  7,218
  7,682
  8,171
  8,684
EBITDA, $m
  414
  574
  733
  900
  1,074
  1,255
  1,444
  1,642
  1,848
  2,062
  2,286
  2,519
  2,762
  3,016
  3,282
  3,559
  3,849
  4,152
  4,469
  4,802
  5,150
  5,515
  5,897
  6,299
  6,720
  7,161
  7,625
  8,113
  8,624
  9,162
  9,727
Interest expense (income), $m
  197
  195
  217
  239
  263
  288
  313
  340
  367
  396
  426
  457
  489
  522
  557
  593
  631
  671
  712
  754
  799
  846
  895
  946
  999
  1,054
  1,113
  1,174
  1,238
  1,304
  1,374
Earnings before tax, $m
  8
  122
  243
  370
  503
  642
  787
  939
  1,097
  1,261
  1,433
  1,696
  1,883
  2,079
  2,284
  2,498
  2,723
  2,958
  3,204
  3,462
  3,732
  4,016
  4,314
  4,627
  4,955
  5,300
  5,663
  6,044
  6,445
  6,866
  7,310
Tax expense, $m
  -197
  33
  66
  100
  136
  173
  213
  253
  296
  341
  387
  458
  508
  561
  617
  675
  735
  799
  865
  935
  1,008
  1,084
  1,165
  1,249
  1,338
  1,431
  1,529
  1,632
  1,740
  1,854
  1,974
Net income, $m
  418
  89
  177
  270
  367
  469
  575
  685
  801
  921
  1,046
  1,238
  1,375
  1,518
  1,667
  1,824
  1,988
  2,159
  2,339
  2,527
  2,724
  2,932
  3,149
  3,377
  3,617
  3,869
  4,134
  4,412
  4,705
  5,013
  5,336

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  194
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,671
  4,976
  5,431
  5,905
  6,398
  6,912
  7,445
  7,999
  8,575
  9,174
  9,796
  10,443
  11,116
  11,816
  12,545
  13,304
  14,095
  14,920
  15,780
  16,678
  17,616
  18,595
  19,619
  20,688
  21,807
  22,978
  24,202
  25,484
  26,827
  28,233
  29,706
Adjusted assets (=assets-cash), $m
  4,477
  4,976
  5,431
  5,905
  6,398
  6,912
  7,445
  7,999
  8,575
  9,174
  9,796
  10,443
  11,116
  11,816
  12,545
  13,304
  14,095
  14,920
  15,780
  16,678
  17,616
  18,595
  19,619
  20,688
  21,807
  22,978
  24,202
  25,484
  26,827
  28,233
  29,706
Revenue / Adjusted assets
  0.488
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
Average production assets, $m
  3,301
  3,617
  3,947
  4,292
  4,650
  5,023
  5,411
  5,814
  6,232
  6,667
  7,119
  7,590
  8,079
  8,588
  9,117
  9,669
  10,244
  10,844
  11,469
  12,122
  12,803
  13,515
  14,259
  15,036
  15,849
  16,700
  17,590
  18,522
  19,497
  20,519
  21,590
Working capital, $m
  -58
  -239
  -261
  -284
  -308
  -332
  -358
  -385
  -412
  -441
  -471
  -502
  -535
  -568
  -603
  -640
  -678
  -718
  -759
  -802
  -847
  -894
  -944
  -995
  -1,049
  -1,105
  -1,164
  -1,226
  -1,290
  -1,358
  -1,429
Total debt, $m
  3,229
  3,553
  3,924
  4,311
  4,713
  5,132
  5,567
  6,019
  6,489
  6,978
  7,485
  8,013
  8,562
  9,134
  9,728
  10,348
  10,994
  11,667
  12,369
  13,102
  13,867
  14,666
  15,501
  16,374
  17,287
  18,242
  19,241
  20,287
  21,383
  22,530
  23,732
Total liabilities, $m
  3,737
  4,061
  4,432
  4,819
  5,221
  5,640
  6,075
  6,527
  6,997
  7,486
  7,993
  8,521
  9,070
  9,642
  10,236
  10,856
  11,502
  12,175
  12,877
  13,610
  14,375
  15,174
  16,009
  16,882
  17,795
  18,750
  19,749
  20,795
  21,891
  23,038
  24,240
Total equity, $m
  934
  916
  999
  1,087
  1,177
  1,272
  1,370
  1,472
  1,578
  1,688
  1,802
  1,921
  2,045
  2,174
  2,308
  2,448
  2,593
  2,745
  2,904
  3,069
  3,241
  3,422
  3,610
  3,807
  4,013
  4,228
  4,453
  4,689
  4,936
  5,195
  5,466
Total liabilities and equity, $m
  4,671
  4,977
  5,431
  5,906
  6,398
  6,912
  7,445
  7,999
  8,575
  9,174
  9,795
  10,442
  11,115
  11,816
  12,544
  13,304
  14,095
  14,920
  15,781
  16,679
  17,616
  18,596
  19,619
  20,689
  21,808
  22,978
  24,202
  25,484
  26,827
  28,233
  29,706
Debt-to-equity ratio
  3.457
  3.880
  3.930
  3.970
  4.000
  4.040
  4.060
  4.090
  4.110
  4.130
  4.150
  4.170
  4.190
  4.200
  4.210
  4.230
  4.240
  4.250
  4.260
  4.270
  4.280
  4.290
  4.290
  4.300
  4.310
  4.310
  4.320
  4.330
  4.330
  4.340
  4.340
Adjusted equity ratio
  0.165
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  418
  89
  177
  270
  367
  469
  575
  685
  801
  921
  1,046
  1,238
  1,375
  1,518
  1,667
  1,824
  1,988
  2,159
  2,339
  2,527
  2,724
  2,932
  3,149
  3,377
  3,617
  3,869
  4,134
  4,412
  4,705
  5,013
  5,336
Depreciation, amort., depletion, $m
  196
  257
  273
  290
  307
  325
  344
  363
  384
  405
  427
  367
  390
  415
  440
  467
  495
  524
  554
  586
  619
  653
  689
  726
  766
  807
  850
  895
  942
  991
  1,043
Funds from operations, $m
  269
  346
  451
  560
  675
  794
  919
  1,049
  1,184
  1,326
  1,473
  1,604
  1,765
  1,933
  2,108
  2,291
  2,483
  2,683
  2,893
  3,113
  3,343
  3,585
  3,838
  4,104
  4,383
  4,676
  4,984
  5,307
  5,647
  6,004
  6,379
Change in working capital, $m
  -6
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
Cash from operations, $m
  275
  367
  473
  583
  698
  819
  944
  1,075
  1,212
  1,354
  1,503
  1,636
  1,797
  1,966
  2,143
  2,327
  2,521
  2,723
  2,934
  3,156
  3,388
  3,632
  3,887
  4,155
  4,437
  4,732
  5,043
  5,369
  5,711
  6,071
  6,450
Maintenance CAPEX, $m
  0
  -159
  -175
  -191
  -207
  -225
  -243
  -261
  -281
  -301
  -322
  -344
  -367
  -390
  -415
  -440
  -467
  -495
  -524
  -554
  -586
  -619
  -653
  -689
  -726
  -766
  -807
  -850
  -895
  -942
  -991
New CAPEX, $m
  -160
  -316
  -331
  -344
  -359
  -373
  -388
  -403
  -419
  -435
  -452
  -470
  -489
  -509
  -530
  -552
  -575
  -600
  -625
  -653
  -681
  -712
  -744
  -778
  -813
  -851
  -890
  -932
  -976
  -1,022
  -1,070
Cash from investing activities, $m
  -141
  -475
  -506
  -535
  -566
  -598
  -631
  -664
  -700
  -736
  -774
  -814
  -856
  -899
  -945
  -992
  -1,042
  -1,095
  -1,149
  -1,207
  -1,267
  -1,331
  -1,397
  -1,467
  -1,539
  -1,617
  -1,697
  -1,782
  -1,871
  -1,964
  -2,061
Free cash flow, $m
  134
  -108
  -33
  48
  133
  221
  314
  411
  512
  618
  729
  821
  942
  1,067
  1,198
  1,335
  1,478
  1,628
  1,785
  1,949
  2,121
  2,301
  2,490
  2,689
  2,897
  3,116
  3,346
  3,587
  3,841
  4,108
  4,388
Issuance/(repayment) of debt, $m
  -40
  354
  371
  387
  403
  419
  435
  452
  470
  488
  508
  528
  549
  571
  595
  620
  646
  673
  702
  733
  765
  799
  835
  873
  913
  955
  999
  1,046
  1,095
  1,147
  1,202
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -99
  354
  371
  387
  403
  419
  435
  452
  470
  488
  508
  528
  549
  571
  595
  620
  646
  673
  702
  733
  765
  799
  835
  873
  913
  955
  999
  1,046
  1,095
  1,147
  1,202
Total cash flow (excl. dividends), $m
  35
  245
  338
  435
  535
  640
  749
  863
  982
  1,107
  1,236
  1,349
  1,491
  1,639
  1,793
  1,955
  2,124
  2,301
  2,487
  2,682
  2,886
  3,101
  3,326
  3,562
  3,810
  4,071
  4,345
  4,633
  4,936
  5,255
  5,590
Retained Cash Flow (-), $m
  -426
  -78
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -152
  -158
  -165
  -173
  -180
  -188
  -197
  -206
  -215
  -225
  -236
  -247
  -259
  -271
Prev. year cash balance distribution, $m
 
  97
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  264
  255
  347
  444
  546
  651
  761
  876
  997
  1,122
  1,230
  1,367
  1,510
  1,659
  1,815
  1,978
  2,150
  2,329
  2,517
  2,714
  2,920
  3,137
  3,365
  3,604
  3,856
  4,120
  4,397
  4,689
  4,996
  5,319
Discount rate, %
 
  11.30
  11.87
  12.46
  13.08
  13.74
  14.42
  15.14
  15.90
  16.70
  17.53
  18.41
  19.33
  20.29
  21.31
  22.37
  23.49
  24.67
  25.90
  27.19
  28.55
  29.98
  31.48
  33.06
  34.71
  36.44
  38.27
  40.18
  42.19
  44.30
  46.51
PV of cash for distribution, $m
 
  237
  204
  244
  272
  287
  290
  284
  269
  248
  223
  192
  164
  137
  111
  88
  68
  51
  37
  26
  18
  12
  8
  5
  3
  2
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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 and South. The company owns and operates 24 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, and Mississippi. It also owns and operates a travel agency and a captive insurance company that underwrites travel-related insurance in Hawaii. As of December 31, 2016, it operated 1,314,557 square feet of casino space, 31,006 slot machines, 656 table games, and 9,513 hotel rooms. Boyd Gaming Corporation was founded in 1975 and is headquartered in Las Vegas, Nevada.

FINANCIAL RATIOS  of  Boyd Gaming (BYD)

Valuation Ratios
P/E Ratio 6.9
Price to Sales 1.3
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 25.1
Growth Rates
Sales Growth Rate -0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.1%
Cap. Spend. - 3 Yr. Gr. Rate 2%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 342.5%
Total Debt to Equity 345.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 121.2%
Ret/ On Assets - 3 Yr. Avg. 45.7%
Return On Total Capital 10.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 58%
Return On Equity - 3 Yr. Avg. 18.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 46.3%
Gross Margin - 3 Yr. Avg. 45.6%
EBITDA Margin 18.4%
EBITDA Margin - 3 Yr. Avg. 19.2%
Operating Margin 10%
Oper. Margin - 3 Yr. Avg. 9.5%
Pre-Tax Margin 0.4%
Pre-Tax Margin - 3 Yr. Avg. -0.7%
Net Profit Margin 19.1%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate -2462.5%
Eff/ Tax Rate - 3 Yr. Avg. -876.2%
Payout Ratio 0%

BYD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BYD stock intrinsic value calculation we used $2184 million for the last fiscal year's total revenue generated by Boyd Gaming. The default revenue input number comes from 2016 income statement of Boyd Gaming. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BYD stock valuation model: a) initial revenue growth rate of 9.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11.3%, whose default value for BYD is calculated based on our internal credit rating of Boyd Gaming, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Boyd Gaming.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BYD stock the variable cost ratio is equal to 20%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1567 million in the base year in the intrinsic value calculation for BYD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.1% for Boyd Gaming.

Corporate tax rate of 27% is the nominal tax rate for Boyd Gaming. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BYD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BYD are equal to 151.1%.

Life of production assets of 20.7 years is the average useful life of capital assets used in Boyd Gaming operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BYD is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $934 million for Boyd Gaming - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 112.935 million for Boyd Gaming is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Boyd Gaming at the current share price and the inputted number of shares is $2.9 billion.

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COMPANY NEWS

▶ ETFs with exposure to Boyd Gaming Corp. : August 18, 2017   [Aug-18-17 04:30PM  Capital Cube]
▶ Boyd misses 2Q profit forecasts   [Jul-27-17 09:54PM  Associated Press]
▶ These 3 Casino Stocks Are Near Buy Zones Ahead Of Earnings   [Jul-25-17 01:06PM  Investor's Business Daily]
▶ 3 Stocks With Starbucks-Like Return Potential   [Jul-24-17 05:51PM  Motley Fool]
▶ ETFs with exposure to Boyd Gaming Corp. : July 14, 2017   [Jul-14-17 01:17PM  Capital Cube]
▶ 3 Growth Stocks for Thrifty Investors   [Jun-22-17 12:33PM  Motley Fool]
▶ Pros No Longer Like The Odds On Boyd Gaming   [Jun-20-17 02:00PM  Benzinga]
▶ 3 Growth Stocks for Successful Investors   [Jun-19-17 10:21AM  Motley Fool]
▶ ETFs with exposure to Boyd Gaming Corp. : June 5, 2017   [Jun-05-17 02:04PM  Capital Cube]
▶ [$$] Locals Hero   [08:51AM  The Wall Street Journal]
▶ ETFs with exposure to Boyd Gaming Corp. : May 26, 2017   [May-26-17 01:00PM  Capital Cube]
▶ ETFs with exposure to Boyd Gaming Corp. : May 15, 2017   [May-15-17 03:23PM  Capital Cube]
▶ Why Boyd Gaming Corporation's Shares Popped 10% Today   [May-03-17 04:15PM  Motley Fool]
▶ Boyd tops Street 1Q forecasts   [May-02-17 05:50PM  Associated Press]
▶ Five Strong Buy Stocks to Buy at New Highs   [Apr-19-17 07:13PM  Zacks]
▶ Boyd Gaming Has a Good Hand Right Now   [Apr-17-17 02:25PM  TheStreet.com]
▶ Why Shares of Boyd Gaming Corp. Got a Lift Last Month   [Apr-14-17 01:48PM  Motley Fool]
▶ Casino Stocks Could Rally Into Mid-Year   [Mar-29-17 10:49AM  Investopedia]
▶ 3 Cheap Growth Stocks You Can Buy Right Now   [Jan-23-17 12:04PM  at Motley Fool]
▶ Elk Grove casino proposal gets key federal approval   [Jan-20-17 09:15PM  at bizjournals.com]
▶ Delta Downs Completes $45 Million Expansion   [Jan-19-17 01:00PM  PR Newswire]
▶ 3 Stocks For Macau Casino Recovery & Vegas Growth   [Jan-17-17 01:41PM  at Barrons.com]
▶ Was the Borgata MGM Resort's Smartest Acquisition?   [Jan-10-17 11:13AM  at Motley Fool]
▶ Best Low P/E Stocks to Buy in January   [Jan-07-17 09:28AM  at Motley Fool]
Stock chart of BYD Financial statements of BYD
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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