Intrinsic value of Boyd Gaming - BYD

Previous Close

$25.11

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$25.11

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

*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 2.8

 

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
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  2,184
  2,232
  2,287
  2,350
  2,419
  2,496
  2,579
  2,670
  2,768
  2,873
  2,985
  3,105
  3,233
  3,370
  3,514
  3,667
  3,829
  4,001
  4,182
  4,374
  4,576
  4,789
  5,014
  5,251
  5,501
  5,763
  6,040
  6,331
  6,637
  6,959
  7,298
Variable operating expenses, $m
 
  445
  454
  464
  475
  487
  501
  516
  531
  549
  567
  504
  524
  546
  570
  595
  621
  649
  678
  709
  742
  777
  813
  852
  892
  935
  980
  1,027
  1,076
  1,129
  1,184
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
  2,051
  2,100
  2,151
  2,205
  2,260
  2,318
  2,379
  2,440
  2,506
  2,573
  2,560
  2,631
  2,706
  2,784
  2,864
  2,947
  3,033
  3,122
  3,214
  3,310
  3,409
  3,511
  3,617
  3,726
  3,840
  3,958
  4,079
  4,205
  4,336
  4,471
Operating income, $m
  218
  181
  188
  199
  215
  236
  261
  292
  327
  367
  413
  546
  602
  663
  730
  803
  882
  968
  1,060
  1,159
  1,266
  1,381
  1,503
  1,634
  1,774
  1,923
  2,083
  2,252
  2,432
  2,624
  2,828
EBITDA, $m
  414
  427
  437
  453
  474
  500
  532
  569
  612
  660
  713
  772
  838
  909
  986
  1,071
  1,162
  1,260
  1,365
  1,479
  1,600
  1,730
  1,869
  2,018
  2,176
  2,344
  2,523
  2,714
  2,917
  3,132
  3,360
Interest expense (income), $m
  197
  195
  200
  206
  212
  219
  227
  236
  245
  255
  266
  278
  290
  304
  318
  333
  349
  365
  383
  402
  422
  443
  465
  488
  512
  538
  566
  594
  624
  656
  689
Earnings before tax, $m
  8
  -14
  -13
  -7
  3
  16
  34
  56
  82
  112
  146
  268
  311
  359
  412
  470
  534
  602
  677
  758
  845
  938
  1,039
  1,146
  1,262
  1,385
  1,517
  1,658
  1,808
  1,968
  2,138
Tax expense, $m
  -197
  0
  0
  0
  1
  4
  9
  15
  22
  30
  40
  72
  84
  97
  111
  127
  144
  163
  183
  205
  228
  253
  280
  309
  341
  374
  410
  448
  488
  531
  577
Net income, $m
  418
  -14
  -13
  -7
  2
  12
  25
  41
  60
  82
  107
  195
  227
  262
  301
  343
  390
  440
  494
  553
  617
  685
  758
  837
  921
  1,011
  1,107
  1,210
  1,320
  1,437
  1,561

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
  4,574
  4,687
  4,815
  4,958
  5,115
  5,286
  5,471
  5,672
  5,887
  6,117
  6,364
  6,626
  6,905
  7,201
  7,515
  7,847
  8,199
  8,571
  8,963
  9,377
  9,814
  10,275
  10,760
  11,272
  11,810
  12,377
  12,973
  13,601
  14,261
  14,955
Adjusted assets (=assets-cash), $m
  4,477
  4,574
  4,687
  4,815
  4,958
  5,115
  5,286
  5,471
  5,672
  5,887
  6,117
  6,364
  6,626
  6,905
  7,201
  7,515
  7,847
  8,199
  8,571
  8,963
  9,377
  9,814
  10,275
  10,760
  11,272
  11,810
  12,377
  12,973
  13,601
  14,261
  14,955
Revenue / Adjusted assets
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
Average production assets, $m
  3,301
  3,373
  3,456
  3,551
  3,656
  3,771
  3,898
  4,034
  4,182
  4,341
  4,511
  4,692
  4,886
  5,091
  5,310
  5,541
  5,786
  6,046
  6,320
  6,609
  6,914
  7,237
  7,576
  7,934
  8,311
  8,708
  9,126
  9,566
  10,029
  10,515
  11,027
Working capital, $m
  -58
  -228
  -233
  -240
  -247
  -255
  -263
  -272
  -282
  -293
  -305
  -317
  -330
  -344
  -358
  -374
  -391
  -408
  -427
  -446
  -467
  -489
  -511
  -536
  -561
  -588
  -616
  -646
  -677
  -710
  -744
Total debt, $m
  3,229
  3,279
  3,373
  3,479
  3,597
  3,727
  3,869
  4,022
  4,188
  4,366
  4,557
  4,761
  4,978
  5,209
  5,454
  5,714
  5,989
  6,281
  6,588
  6,913
  7,256
  7,618
  8,000
  8,401
  8,825
  9,271
  9,740
  10,234
  10,753
  11,300
  11,875
Total liabilities, $m
  3,737
  3,787
  3,881
  3,987
  4,105
  4,235
  4,377
  4,530
  4,696
  4,874
  5,065
  5,269
  5,486
  5,717
  5,962
  6,222
  6,497
  6,789
  7,096
  7,421
  7,764
  8,126
  8,508
  8,909
  9,333
  9,779
  10,248
  10,742
  11,261
  11,808
  12,383
Total equity, $m
  934
  787
  806
  828
  853
  880
  909
  941
  976
  1,013
  1,052
  1,095
  1,140
  1,188
  1,239
  1,293
  1,350
  1,410
  1,474
  1,542
  1,613
  1,688
  1,767
  1,851
  1,939
  2,031
  2,129
  2,231
  2,339
  2,453
  2,572
Total liabilities and equity, $m
  4,671
  4,574
  4,687
  4,815
  4,958
  5,115
  5,286
  5,471
  5,672
  5,887
  6,117
  6,364
  6,626
  6,905
  7,201
  7,515
  7,847
  8,199
  8,570
  8,963
  9,377
  9,814
  10,275
  10,760
  11,272
  11,810
  12,377
  12,973
  13,600
  14,261
  14,955
Debt-to-equity ratio
  3.457
  4.170
  4.180
  4.200
  4.220
  4.240
  4.260
  4.270
  4.290
  4.310
  4.330
  4.350
  4.370
  4.390
  4.400
  4.420
  4.440
  4.450
  4.470
  4.480
  4.500
  4.510
  4.530
  4.540
  4.550
  4.560
  4.580
  4.590
  4.600
  4.610
  4.620
Adjusted equity ratio
  0.165
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  418
  -14
  -13
  -7
  2
  12
  25
  41
  60
  82
  107
  195
  227
  262
  301
  343
  390
  440
  494
  553
  617
  685
  758
  837
  921
  1,011
  1,107
  1,210
  1,320
  1,437
  1,561
Depreciation, amort., depletion, $m
  196
  246
  250
  254
  259
  265
  271
  278
  285
  292
  301
  227
  236
  246
  257
  268
  280
  292
  305
  319
  334
  350
  366
  383
  402
  421
  441
  462
  484
  508
  533
Funds from operations, $m
  269
  232
  237
  247
  261
  277
  296
  318
  344
  374
  407
  422
  463
  508
  557
  611
  669
  732
  800
  872
  951
  1,034
  1,124
  1,220
  1,323
  1,432
  1,548
  1,672
  1,804
  1,945
  2,094
Change in working capital, $m
  -6
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
Cash from operations, $m
  275
  423
  243
  253
  268
  284
  304
  327
  354
  385
  419
  434
  476
  522
  572
  627
  686
  749
  818
  892
  971
  1,056
  1,147
  1,244
  1,348
  1,459
  1,577
  1,702
  1,836
  1,977
  2,128
Maintenance CAPEX, $m
  0
  -159
  -163
  -167
  -172
  -177
  -182
  -188
  -195
  -202
  -210
  -218
  -227
  -236
  -246
  -257
  -268
  -280
  -292
  -305
  -319
  -334
  -350
  -366
  -383
  -402
  -421
  -441
  -462
  -484
  -508
New CAPEX, $m
  -160
  -72
  -84
  -94
  -105
  -116
  -126
  -137
  -148
  -159
  -170
  -182
  -193
  -206
  -218
  -231
  -245
  -259
  -274
  -289
  -305
  -322
  -340
  -358
  -377
  -397
  -418
  -440
  -463
  -487
  -512
Cash from investing activities, $m
  -141
  -231
  -247
  -261
  -277
  -293
  -308
  -325
  -343
  -361
  -380
  -400
  -420
  -442
  -464
  -488
  -513
  -539
  -566
  -594
  -624
  -656
  -690
  -724
  -760
  -799
  -839
  -881
  -925
  -971
  -1,020
Free cash flow, $m
  134
  191
  -4
  -8
  -8
  -8
  -4
  2
  12
  24
  39
  35
  56
  80
  108
  139
  173
  211
  252
  297
  346
  400
  458
  520
  588
  660
  738
  821
  911
  1,006
  1,108
Issuance/(repayment) of debt, $m
  -40
  80
  94
  106
  118
  130
  142
  154
  166
  178
  191
  204
  217
  231
  245
  260
  275
  291
  308
  325
  343
  362
  381
  402
  423
  446
  469
  494
  520
  547
  575
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
  80
  94
  106
  118
  130
  142
  154
  166
  178
  191
  204
  217
  231
  245
  260
  275
  291
  308
  325
  343
  362
  381
  402
  423
  446
  469
  494
  520
  547
  575
Total cash flow (excl. dividends), $m
  35
  272
  90
  98
  110
  122
  138
  156
  178
  202
  230
  239
  273
  311
  353
  399
  448
  502
  560
  622
  689
  762
  839
  922
  1,011
  1,106
  1,207
  1,315
  1,430
  1,553
  1,683
Retained Cash Flow (-), $m
  -426
  -17
  -20
  -22
  -25
  -27
  -29
  -32
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -93
  -97
  -103
  -108
  -114
  -119
Prev. year cash balance distribution, $m
 
  164
  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
 
  419
  71
  76
  85
  95
  108
  124
  143
  165
  190
  196
  228
  263
  302
  345
  391
  441
  496
  555
  618
  687
  760
  839
  923
  1,013
  1,110
  1,213
  1,322
  1,439
  1,564
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
 
  376
  56
  53
  52
  50
  48
  46
  44
  41
  38
  31
  27
  24
  20
  17
  13
  10
  8
  6
  4
  3
  2
  1
  1
  0
  0
  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 6.8
Price to Sales 1.3
Price to Book 3
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 24.7
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 2.2% 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 -10.2%. 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 $2.8 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
PENN Penn National 21.76 prem.  prem.
MGM MGM Resorts In 34.16 prem.  prem.
MCRI Monarch Casino 31.82 prem.  prem.
ISLE Isle of Capri 25.63 prem.  prem.
ERI Eldorado Resor 20.25 prem.  prem.
CNTY Century Casino 7.36 prem.  prem.
WYNN Wynn Resorts 138.32 prem.  prem.

COMPANY NEWS

▶ 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]
▶ Should You Avoid Boyd Gaming Corporation (BYD)?   [Nov-28-16 10:44AM  at Insider Monkey]
▶ 3 Undervalued Growth Stocks Ready to Be Bought Now   [Nov-14-16 05:45PM  at Motley Fool]
Stock chart of BYD Financial statements of BYD Annual reports 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.