Intrinsic value of Boyd Gaming - BYD

Previous Close

$28.40

  Intrinsic Value

$33.23

stock screener

  Rating & Target

hold

+17%

  Value-price divergence*

+340%

Previous close

$28.40

 
Intrinsic value

$33.23

 
Up/down potential

+17%

 
Rating

hold

 
Value-price divergence*

+340%

*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 3.3

 

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
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  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
Revenue, $m
  2,184
  2,405
  2,635
  2,876
  3,127
  3,387
  3,659
  3,941
  4,234
  4,539
  4,855
  5,185
  5,527
  5,883
  6,253
  6,639
  7,040
  7,459
  7,895
  8,350
  8,825
  9,321
  9,840
  10,381
  10,947
  11,539
  12,158
  12,806
  13,484
  14,194
  14,938
Variable operating expenses, $m
 
  473
  510
  549
  590
  632
  676
  722
  769
  819
  870
  841
  896
  954
  1,014
  1,077
  1,142
  1,210
  1,280
  1,354
  1,431
  1,512
  1,596
  1,684
  1,775
  1,871
  1,972
  2,077
  2,187
  2,302
  2,423
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
  2,079
  2,156
  2,236
  2,320
  2,405
  2,493
  2,585
  2,678
  2,776
  2,876
  2,897
  3,003
  3,114
  3,228
  3,346
  3,468
  3,594
  3,724
  3,859
  3,999
  4,144
  4,294
  4,449
  4,609
  4,776
  4,950
  5,129
  5,316
  5,509
  5,710
Operating income, $m
  218
  326
  479
  639
  807
  983
  1,166
  1,357
  1,556
  1,763
  1,979
  2,288
  2,523
  2,768
  3,025
  3,293
  3,572
  3,865
  4,171
  4,491
  4,826
  5,178
  5,546
  5,932
  6,337
  6,762
  7,208
  7,677
  8,169
  8,686
  9,229
EBITDA, $m
  414
  584
  754
  932
  1,118
  1,312
  1,515
  1,727
  1,947
  2,177
  2,416
  2,666
  2,926
  3,198
  3,481
  3,777
  4,086
  4,409
  4,747
  5,101
  5,471
  5,858
  6,264
  6,690
  7,136
  7,605
  8,096
  8,612
  9,153
  9,722
  10,319
Interest expense (income), $m
  197
  195
  218
  242
  267
  293
  320
  348
  377
  407
  439
  472
  506
  541
  578
  616
  656
  698
  741
  786
  833
  882
  934
  987
  1,043
  1,102
  1,163
  1,227
  1,294
  1,365
  1,438
Earnings before tax, $m
  8
  131
  261
  398
  541
  690
  846
  1,009
  1,179
  1,356
  1,541
  1,816
  2,017
  2,227
  2,447
  2,676
  2,916
  3,167
  3,430
  3,705
  3,993
  4,295
  4,612
  4,945
  5,294
  5,660
  6,045
  6,450
  6,874
  7,321
  7,791
Tax expense, $m
  -197
  35
  70
  107
  146
  186
  228
  272
  318
  366
  416
  490
  545
  601
  661
  723
  787
  855
  926
  1,000
  1,078
  1,160
  1,245
  1,335
  1,429
  1,528
  1,632
  1,741
  1,856
  1,977
  2,103
Net income, $m
  418
  95
  191
  290
  395
  504
  618
  736
  860
  990
  1,125
  1,326
  1,473
  1,626
  1,786
  1,954
  2,129
  2,312
  2,504
  2,705
  2,915
  3,136
  3,367
  3,610
  3,865
  4,132
  4,413
  4,708
  5,018
  5,344
  5,687

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
  4,927
  5,400
  5,893
  6,407
  6,942
  7,498
  8,076
  8,676
  9,301
  9,950
  10,624
  11,325
  12,055
  12,814
  13,604
  14,427
  15,285
  16,179
  17,112
  18,085
  19,101
  20,163
  21,272
  22,432
  23,645
  24,914
  26,242
  27,632
  29,087
  30,611
Adjusted assets (=assets-cash), $m
  4,477
  4,927
  5,400
  5,893
  6,407
  6,942
  7,498
  8,076
  8,676
  9,301
  9,950
  10,624
  11,325
  12,055
  12,814
  13,604
  14,427
  15,285
  16,179
  17,112
  18,085
  19,101
  20,163
  21,272
  22,432
  23,645
  24,914
  26,242
  27,632
  29,087
  30,611
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
  3,633
  3,982
  4,345
  4,724
  5,118
  5,529
  5,955
  6,398
  6,858
  7,337
  7,834
  8,351
  8,889
  9,448
  10,031
  10,638
  11,270
  11,930
  12,618
  13,335
  14,085
  14,868
  15,686
  16,541
  17,435
  18,371
  19,350
  20,375
  21,448
  22,572
Working capital, $m
  -58
  -245
  -269
  -293
  -319
  -346
  -373
  -402
  -432
  -463
  -495
  -529
  -564
  -600
  -638
  -677
  -718
  -761
  -805
  -852
  -900
  -951
  -1,004
  -1,059
  -1,117
  -1,177
  -1,240
  -1,306
  -1,375
  -1,448
  -1,524
Total debt, $m
  3,229
  3,572
  3,963
  4,371
  4,797
  5,240
  5,700
  6,179
  6,676
  7,193
  7,730
  8,289
  8,869
  9,473
  10,102
  10,756
  11,437
  12,148
  12,888
  13,660
  14,466
  15,308
  16,187
  17,106
  18,066
  19,070
  20,121
  21,220
  22,371
  23,576
  24,838
Total liabilities, $m
  3,737
  4,080
  4,471
  4,879
  5,305
  5,748
  6,208
  6,687
  7,184
  7,701
  8,238
  8,797
  9,377
  9,981
  10,610
  11,264
  11,945
  12,656
  13,396
  14,168
  14,974
  15,816
  16,695
  17,614
  18,574
  19,578
  20,629
  21,728
  22,879
  24,084
  25,346
Total equity, $m
  934
  848
  929
  1,014
  1,102
  1,194
  1,290
  1,389
  1,492
  1,600
  1,711
  1,827
  1,948
  2,073
  2,204
  2,340
  2,481
  2,629
  2,783
  2,943
  3,111
  3,285
  3,468
  3,659
  3,858
  4,067
  4,285
  4,514
  4,753
  5,003
  5,265
Total liabilities and equity, $m
  4,671
  4,928
  5,400
  5,893
  6,407
  6,942
  7,498
  8,076
  8,676
  9,301
  9,949
  10,624
  11,325
  12,054
  12,814
  13,604
  14,426
  15,285
  16,179
  17,111
  18,085
  19,101
  20,163
  21,273
  22,432
  23,645
  24,914
  26,242
  27,632
  29,087
  30,611
Debt-to-equity ratio
  3.457
  4.210
  4.270
  4.310
  4.350
  4.390
  4.420
  4.450
  4.470
  4.500
  4.520
  4.540
  4.550
  4.570
  4.580
  4.600
  4.610
  4.620
  4.630
  4.640
  4.650
  4.660
  4.670
  4.680
  4.680
  4.690
  4.700
  4.700
  4.710
  4.710
  4.720
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
  95
  191
  290
  395
  504
  618
  736
  860
  990
  1,125
  1,326
  1,473
  1,626
  1,786
  1,954
  2,129
  2,312
  2,504
  2,705
  2,915
  3,136
  3,367
  3,610
  3,865
  4,132
  4,413
  4,708
  5,018
  5,344
  5,687
Depreciation, amort., depletion, $m
  196
  258
  275
  293
  311
  330
  350
  370
  392
  414
  437
  378
  403
  429
  456
  485
  514
  544
  576
  610
  644
  680
  718
  758
  799
  842
  887
  935
  984
  1,036
  1,090
Funds from operations, $m
  269
  354
  465
  583
  705
  834
  967
  1,107
  1,252
  1,404
  1,562
  1,704
  1,876
  2,055
  2,243
  2,438
  2,643
  2,856
  3,080
  3,314
  3,559
  3,816
  4,085
  4,367
  4,664
  4,974
  5,300
  5,643
  6,003
  6,380
  6,778
Change in working capital, $m
  -6
  -22
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -76
Cash from operations, $m
  275
  376
  489
  607
  731
  860
  995
  1,135
  1,282
  1,435
  1,594
  1,738
  1,911
  2,092
  2,280
  2,478
  2,684
  2,899
  3,125
  3,361
  3,608
  3,867
  4,138
  4,423
  4,721
  5,035
  5,364
  5,709
  6,072
  6,453
  6,853
Maintenance CAPEX, $m
  0
  -159
  -176
  -192
  -210
  -228
  -247
  -267
  -288
  -309
  -331
  -354
  -378
  -403
  -429
  -456
  -485
  -514
  -544
  -576
  -610
  -644
  -680
  -718
  -758
  -799
  -842
  -887
  -935
  -984
  -1,036
New CAPEX, $m
  -160
  -332
  -348
  -364
  -379
  -394
  -410
  -426
  -443
  -460
  -478
  -497
  -517
  -538
  -560
  -583
  -607
  -632
  -659
  -688
  -718
  -749
  -783
  -818
  -855
  -894
  -936
  -979
  -1,025
  -1,073
  -1,124
Cash from investing activities, $m
  -141
  -491
  -524
  -556
  -589
  -622
  -657
  -693
  -731
  -769
  -809
  -851
  -895
  -941
  -989
  -1,039
  -1,092
  -1,146
  -1,203
  -1,264
  -1,328
  -1,393
  -1,463
  -1,536
  -1,613
  -1,693
  -1,778
  -1,866
  -1,960
  -2,057
  -2,160
Free cash flow, $m
  134
  -116
  -35
  51
  142
  238
  338
  442
  551
  665
  784
  886
  1,015
  1,151
  1,291
  1,439
  1,592
  1,753
  1,921
  2,096
  2,280
  2,473
  2,675
  2,886
  3,108
  3,341
  3,586
  3,842
  4,112
  4,396
  4,693
Issuance/(repayment) of debt, $m
  -40
  373
  391
  408
  425
  443
  460
  479
  497
  517
  537
  558
  581
  604
  628
  654
  681
  710
  740
  772
  806
  842
  879
  919
  960
  1,004
  1,051
  1,099
  1,151
  1,205
  1,262
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
  373
  391
  408
  425
  443
  460
  479
  497
  517
  537
  558
  581
  604
  628
  654
  681
  710
  740
  772
  806
  842
  879
  919
  960
  1,004
  1,051
  1,099
  1,151
  1,205
  1,262
Total cash flow (excl. dividends), $m
  35
  257
  356
  460
  568
  680
  798
  921
  1,049
  1,182
  1,322
  1,444
  1,596
  1,754
  1,920
  2,093
  2,274
  2,463
  2,661
  2,869
  3,086
  3,315
  3,554
  3,805
  4,069
  4,346
  4,636
  4,942
  5,263
  5,601
  5,955
Retained Cash Flow (-), $m
  -426
  -78
  -81
  -85
  -88
  -92
  -96
  -99
  -103
  -107
  -112
  -116
  -121
  -125
  -131
  -136
  -142
  -148
  -154
  -160
  -167
  -175
  -183
  -191
  -199
  -209
  -218
  -228
  -239
  -250
  -262
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
 
  344
  275
  375
  479
  588
  702
  821
  945
  1,075
  1,210
  1,328
  1,475
  1,629
  1,789
  1,957
  2,132
  2,315
  2,507
  2,708
  2,919
  3,140
  3,371
  3,614
  3,869
  4,137
  4,418
  4,714
  5,024
  5,350
  5,693
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
 
  309
  220
  264
  293
  309
  313
  306
  290
  268
  241
  207
  177
  147
  120
  95
  73
  55
  40
  28
  19
  13
  8
  5
  3
  2
  1
  1
  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 is a multi-jurisdictional gaming company. The Company operated 24 wholly owned gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, as of December 31, 2016. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South. It owns and operates a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. The Company's Las Vegas Locals segment includes properties, such as Gold Coast Hotel and Casino, The Orleans Hotel and Casino, and Sam's Town Hotel and Gambling Hall. The Downtown Las Vegas segment includes three properties, such as California Hotel and Casino Fremont Hotel and Casino and Main Street Station Casino, Brewery and Hotel Street Station. Its Midwest and South segment's properties include Par-A-Dice Hotel Casino, Diamond Jo Dubuque, Diamond Jo Worth, Kansas Star Casino, Amelia Belle Casino and Evangeline Downs.

FINANCIAL RATIOS  of  Boyd Gaming (BYD)

Valuation Ratios
P/E Ratio 7.7
Price to Sales 1.5
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 27.9
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 10.1% 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 114.512 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 $3.3 billion.

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COMPANY NEWS

▶ The Latest: Pence plans to visit Las Vegas on Saturday   [Oct-06-17 08:33PM  Associated Press]
▶ Stocks To Watch: Boyd Gaming Sees RS Rating Rise To 84   [03:00AM  Investor's Business Daily]
▶ Boyd Gaming Announces Quarterly Dividend   [Sep-06-17 04:05PM  PR Newswire]
▶ 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]
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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