Intrinsic value of Eldorado Resorts - ERI

Previous Close

$22.30

  Intrinsic Value

$10.43

stock screener

  Rating & Target

str. sell

-53%

  Value-price divergence*

-117%

Previous close

$22.30

 
Intrinsic value

$10.43

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence*

-117%

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

We calculate the intrinsic value of ERI 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 1.1

 

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, %
  24.03
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  893
  911
  932
  956
  983
  1,012
  1,045
  1,081
  1,119
  1,161
  1,205
  1,253
  1,304
  1,358
  1,415
  1,477
  1,541
  1,610
  1,682
  1,759
  1,840
  1,925
  2,015
  2,110
  2,209
  2,315
  2,425
  2,542
  2,665
  2,794
  2,929
Variable operating expenses, $m
 
  777
  795
  815
  838
  863
  890
  920
  953
  988
  1,026
  1,059
  1,102
  1,148
  1,197
  1,248
  1,303
  1,361
  1,422
  1,487
  1,555
  1,627
  1,703
  1,784
  1,868
  1,957
  2,051
  2,149
  2,253
  2,362
  2,477
Fixed operating expenses, $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
Total operating expenses, $m
  804
  777
  795
  815
  838
  863
  890
  920
  953
  988
  1,026
  1,059
  1,102
  1,148
  1,197
  1,248
  1,303
  1,361
  1,422
  1,487
  1,555
  1,627
  1,703
  1,784
  1,868
  1,957
  2,051
  2,149
  2,253
  2,362
  2,477
Operating income, $m
  89
  134
  137
  141
  145
  150
  155
  160
  166
  173
  180
  194
  201
  210
  219
  228
  238
  249
  260
  272
  284
  297
  311
  326
  341
  358
  375
  393
  412
  432
  453
EBITDA, $m
  152
  201
  206
  211
  217
  224
  231
  239
  247
  256
  266
  277
  288
  300
  313
  326
  340
  356
  372
  389
  406
  425
  445
  466
  488
  511
  536
  562
  589
  617
  647
Interest expense (income), $m
  48
  46
  47
  49
  50
  52
  54
  56
  58
  61
  63
  66
  69
  73
  76
  80
  84
  88
  92
  97
  102
  107
  113
  118
  125
  131
  138
  145
  152
  160
  169
Earnings before tax, $m
  38
  88
  90
  92
  95
  98
  101
  104
  108
  112
  116
  127
  132
  137
  143
  148
  154
  161
  168
  175
  182
  190
  199
  208
  217
  227
  237
  248
  259
  271
  284
Tax expense, $m
  13
  24
  24
  25
  26
  26
  27
  28
  29
  30
  31
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  73
  77
Net income, $m
  25
  64
  66
  67
  69
  71
  74
  76
  79
  82
  85
  93
  96
  100
  104
  108
  113
  117
  122
  128
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  207

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  61
  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
  1,294
  1,258
  1,287
  1,320
  1,357
  1,398
  1,444
  1,493
  1,546
  1,603
  1,665
  1,731
  1,801
  1,876
  1,955
  2,039
  2,129
  2,223
  2,323
  2,429
  2,541
  2,659
  2,783
  2,914
  3,052
  3,197
  3,350
  3,511
  3,680
  3,859
  4,046
Adjusted assets (=assets-cash), $m
  1,233
  1,258
  1,287
  1,320
  1,357
  1,398
  1,444
  1,493
  1,546
  1,603
  1,665
  1,731
  1,801
  1,876
  1,955
  2,039
  2,129
  2,223
  2,323
  2,429
  2,541
  2,659
  2,783
  2,914
  3,052
  3,197
  3,350
  3,511
  3,680
  3,859
  4,046
Revenue / Adjusted assets
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
Average production assets, $m
  1,110
  1,131
  1,157
  1,187
  1,220
  1,257
  1,298
  1,342
  1,390
  1,442
  1,497
  1,556
  1,619
  1,687
  1,758
  1,834
  1,914
  1,999
  2,089
  2,184
  2,285
  2,391
  2,502
  2,620
  2,744
  2,875
  3,012
  3,157
  3,309
  3,470
  3,638
Working capital, $m
  0
  -57
  -59
  -60
  -62
  -64
  -66
  -68
  -71
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -185
Total debt, $m
  800
  816
  839
  865
  895
  928
  965
  1,004
  1,047
  1,093
  1,142
  1,195
  1,252
  1,312
  1,376
  1,444
  1,516
  1,592
  1,672
  1,757
  1,847
  1,941
  2,041
  2,147
  2,257
  2,374
  2,497
  2,627
  2,763
  2,906
  3,057
Total liabilities, $m
  996
  1,012
  1,035
  1,061
  1,091
  1,124
  1,161
  1,200
  1,243
  1,289
  1,338
  1,391
  1,448
  1,508
  1,572
  1,640
  1,712
  1,788
  1,868
  1,953
  2,043
  2,137
  2,237
  2,343
  2,453
  2,570
  2,693
  2,823
  2,959
  3,102
  3,253
Total equity, $m
  298
  247
  252
  259
  266
  274
  283
  293
  303
  314
  326
  339
  353
  368
  383
  400
  417
  436
  455
  476
  498
  521
  545
  571
  598
  627
  657
  688
  721
  756
  793
Total liabilities and equity, $m
  1,294
  1,259
  1,287
  1,320
  1,357
  1,398
  1,444
  1,493
  1,546
  1,603
  1,664
  1,730
  1,801
  1,876
  1,955
  2,040
  2,129
  2,224
  2,323
  2,429
  2,541
  2,658
  2,782
  2,914
  3,051
  3,197
  3,350
  3,511
  3,680
  3,858
  4,046
Debt-to-equity ratio
  2.685
  3.310
  3.330
  3.340
  3.370
  3.390
  3.410
  3.430
  3.460
  3.480
  3.500
  3.520
  3.550
  3.570
  3.590
  3.610
  3.630
  3.650
  3.670
  3.690
  3.710
  3.730
  3.740
  3.760
  3.770
  3.790
  3.800
  3.820
  3.830
  3.840
  3.850
Adjusted equity ratio
  0.192
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  25
  64
  66
  67
  69
  71
  74
  76
  79
  82
  85
  93
  96
  100
  104
  108
  113
  117
  122
  128
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  207
Depreciation, amort., depletion, $m
  63
  67
  69
  70
  72
  74
  76
  78
  81
  84
  87
  83
  87
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
  186
  195
Funds from operations, $m
  85
  131
  134
  138
  141
  145
  150
  155
  160
  165
  172
  176
  183
  190
  198
  206
  215
  224
  234
  244
  255
  267
  279
  292
  305
  319
  334
  350
  366
  384
  402
Change in working capital, $m
  -13
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
Cash from operations, $m
  98
  133
  136
  139
  143
  147
  152
  157
  162
  168
  174
  179
  186
  194
  202
  210
  219
  229
  239
  249
  260
  272
  285
  298
  311
  326
  341
  357
  374
  392
  410
Maintenance CAPEX, $m
  0
  -59
  -60
  -62
  -63
  -65
  -67
  -69
  -72
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
New CAPEX, $m
  -47
  -22
  -26
  -30
  -33
  -37
  -41
  -44
  -48
  -52
  -55
  -59
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -152
  -160
  -169
Cash from investing activities, $m
  -41
  -81
  -86
  -92
  -96
  -102
  -108
  -113
  -120
  -126
  -132
  -139
  -146
  -154
  -161
  -170
  -178
  -187
  -197
  -207
  -217
  -228
  -240
  -252
  -264
  -278
  -292
  -306
  -321
  -337
  -355
Free cash flow, $m
  57
  51
  49
  47
  46
  45
  44
  43
  43
  42
  42
  40
  40
  40
  40
  40
  41
  41
  42
  42
  43
  44
  45
  46
  47
  48
  50
  51
  53
  55
  56
Issuance/(repayment) of debt, $m
  -69
  21
  23
  27
  30
  33
  36
  40
  43
  46
  49
  53
  56
  60
  64
  68
  72
  76
  80
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  151
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  
  -74
  21
  23
  27
  30
  33
  36
  40
  43
  46
  49
  53
  56
  60
  64
  68
  72
  76
  80
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  151
Total cash flow (excl. dividends), $m
  -17
  72
  72
  74
  76
  78
  80
  83
  85
  88
  91
  93
  96
  100
  104
  108
  113
  117
  122
  127
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  207
Retained Cash Flow (-), $m
  -27
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
Prev. year cash balance distribution, $m
 
  56
  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
 
  123
  67
  68
  69
  70
  71
  73
  75
  77
  79
  80
  83
  85
  88
  92
  95
  99
  103
  107
  111
  116
  121
  126
  131
  137
  143
  149
  156
  163
  170
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  112
  54
  49
  44
  39
  35
  30
  26
  22
  19
  15
  12
  10
  8
  6
  5
  3
  2
  2
  1
  1
  1
  0
  0
  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

Eldorado Resorts, Inc., a gaming and hospitality company, owns and operates gaming facilities in Ohio, Louisiana, Nevada, Pennsylvania, and West Virginia. It owns and operates Eldorado Resort Casino Reno, a 814-room hotel, casino and entertainment facility located in downtown Reno, Nevada; Silver Legacy Resort Casino, a 1,711-room themed hotel and casino located adjacent to Eldorado Reno and Circus Reno; and Circus Circus Reno, a 1,571-room hotel-casino and entertainment complex connected via a skywalk to Eldorado Reno and Silver Legacy. The company also owns and operates Eldorado Resort Casino Shreveport, a 403-room, all suite art deco-style hotel and tri-level riverboat dockside casino situated on the Red River in Shreveport, Louisiana; Mountaineer Casino, Racetrack & Resort, a 354-room resort with a casino and live thoroughbred horse racing located on the Ohio River at the northern tip of West Virginia’s northwestern panhandle; Presque Isle Downs & Casino, a casino and live thoroughbred horse racing facility with slot machines, table games, and poker located in Erie, Pennsylvania; and Eldorado Gaming Scioto Downs, a modern “racino” offering approximately 2,140 video lottery terminals (VLT) located in Columbus, Ohio. As of December 31, 2015, it owned and operated approximately 486,600 square feet of casino space with 10,300 slot machines and VLTs, 300 table and poker games, 45 restaurants, and 4,900 hotel rooms. Eldorado Resorts, Inc. was founded in 1973 and is based in Reno, Nevada.

FINANCIAL RATIOS  of  Eldorado Resorts (ERI)

Valuation Ratios
P/E Ratio 42
Price to Sales 1.2
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow 20.6
Growth Rates
Sales Growth Rate 24%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 27%
Cap. Spend. - 3 Yr. Gr. Rate 46.4%
Financial Strength
Quick Ratio 12
Current Ratio 0
LT Debt to Equity 266.8%
Total Debt to Equity 268.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 9.9%
Return On Total Capital 2.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 16.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 37.3%
Gross Margin - 3 Yr. Avg. 36.9%
EBITDA Margin 16.7%
EBITDA Margin - 3 Yr. Avg. 16.7%
Operating Margin 10%
Oper. Margin - 3 Yr. Avg. 9.9%
Pre-Tax Margin 4.3%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 34.2%
Eff/ Tax Rate - 3 Yr. Avg. -42.3%
Payout Ratio 0%

ERI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ERI stock intrinsic value calculation we used $893 million for the last fiscal year's total revenue generated by Eldorado Resorts. The default revenue input number comes from 2016 income statement of Eldorado Resorts. 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 ERI stock valuation model: a) initial revenue growth rate of 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 10.1%, whose default value for ERI is calculated based on our internal credit rating of Eldorado Resorts, 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 Eldorado Resorts.
    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 ERI stock the variable cost ratio is equal to 85.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ERI 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 5.8% for Eldorado Resorts.

Corporate tax rate of 27% is the nominal tax rate for Eldorado Resorts. 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 ERI 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 ERI are equal to 124.2%.

Life of production assets of 18.7 years is the average useful life of capital assets used in Eldorado Resorts 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 ERI is equal to -6.3%. 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 - $298 million for Eldorado Resorts - 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 47.543 million for Eldorado Resorts 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 Eldorado Resorts at the current share price and the inputted number of shares is $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
MGM MGM Resorts In 30.71 1.93  str.sell
CNTY Century Casino 6.93 2.68  str.sell
BYD Boyd Gaming 25.56 30.80  buy
PENN Penn National 20.38 0.04  str.sell
MCRI Monarch Casino 34.13 25.38  hold
WYNN Wynn Resorts 134.90 165.32  buy
RRR Red Rock Resor 21.65 19.43  hold

COMPANY NEWS

▶ Why Eldorado Resorts Inc.'s Shares Popped 11% Today   [Aug-09-17 04:28PM  Motley Fool]
▶ Eldorado Resorts reports 2Q loss   [Aug-08-17 11:17PM  Associated Press]
▶ Eldorado Resorts posts 1Q profit   [May-04-17 05:58PM  Associated Press]
▶ Eldorado completes Isle of Capri buyout, names Alberici exec to board   [May-02-17 07:50AM  American City Business Journals]
▶ Isle of Capri sale to close Monday   [Apr-28-17 02:05PM  American City Business Journals]
▶ Eldorado Resorts posts 4Q profit   [Mar-09-17 06:20PM  Associated Press]
▶ Year In Review 2016: M&A activity alters St. Louis casino scene   [Dec-21-16 04:10PM  at bizjournals.com]
▶ Is Koppers Holdings Inc. (KOP) Worthy of Your Portfolio?   [Dec-09-16 09:11AM  at Insider Monkey]
▶ Do Hedge Funds Love Eldorado Resorts Inc (ERI)?   [Dec-08-16 02:56PM  at Insider Monkey]
▶ Casino Queen parent to buy Isle of Capri casino   [Oct-13-16 10:31AM  at bizjournals.com]
▶ What Investors Missed in the Market This Week   [Sep-24-16 09:18AM  at Motley Fool]
▶ What Happened in the Stock Market Today   [Sep-19-16 05:22PM  at Motley Fool]
Stock chart of ERI Financial statements of ERI
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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