Intrinsic value of Boyd Gaming Corporation - BYD

Previous Close

$29.80

  Intrinsic Value

$79.37

stock screener

  Rating & Target

str. buy

+166%

Previous close

$29.80

 
Intrinsic value

$79.37

 
Up/down potential

+166%

 
Rating

str. buy

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 0001), $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
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  33.00
  30.20
  27.68
  25.41
  23.37
  21.53
  19.88
  18.39
  17.05
  15.85
  14.76
  13.79
  12.91
  12.12
  11.41
  10.76
  10.19
  9.67
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.47
  6.32
Revenue, $m
  3,494
  4,549
  5,808
  7,284
  8,987
  10,922
  13,093
  15,501
  18,145
  21,020
  24,123
  27,449
  30,992
  34,748
  38,711
  42,878
  47,247
  51,815
  56,584
  61,553
  66,726
  72,107
  77,700
  83,513
  89,554
  95,832
  102,358
  109,142
  116,198
  123,541
Variable operating expenses, $m
  2,911
  3,714
  4,671
  5,794
  7,089
  8,561
  10,213
  12,045
  14,056
  16,244
  18,351
  20,881
  23,577
  26,434
  29,449
  32,619
  35,942
  39,417
  43,045
  46,825
  50,761
  54,854
  59,109
  63,531
  68,127
  72,903
  77,867
  83,028
  88,396
  93,981
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
  2,911
  3,714
  4,671
  5,794
  7,089
  8,561
  10,213
  12,045
  14,056
  16,244
  18,351
  20,881
  23,577
  26,434
  29,449
  32,619
  35,942
  39,417
  43,045
  46,825
  50,761
  54,854
  59,109
  63,531
  68,127
  72,903
  77,867
  83,028
  88,396
  93,981
Operating income, $m
  583
  836
  1,137
  1,490
  1,897
  2,360
  2,880
  3,456
  4,089
  4,777
  5,772
  6,568
  7,416
  8,314
  9,262
  10,259
  11,305
  12,398
  13,539
  14,728
  15,966
  17,253
  18,591
  19,982
  21,428
  22,930
  24,491
  26,114
  27,803
  29,560
EBITDA, $m
  1,073
  1,397
  1,784
  2,238
  2,761
  3,355
  4,022
  4,762
  5,574
  6,457
  7,411
  8,432
  9,521
  10,674
  11,892
  13,172
  14,514
  15,917
  17,382
  18,909
  20,498
  22,151
  23,869
  25,655
  27,510
  29,439
  31,443
  33,528
  35,695
  37,951
Interest expense (income), $m
  197
  231
  319
  427
  555
  706
  879
  1,076
  1,297
  1,543
  1,812
  2,105
  2,421
  2,760
  3,121
  3,504
  3,907
  4,332
  4,777
  5,242
  5,728
  6,235
  6,762
  7,310
  7,880
  8,472
  9,087
  9,727
  10,392
  11,083
  11,802
Earnings before tax, $m
  352
  516
  710
  935
  1,192
  1,481
  1,804
  2,159
  2,546
  2,965
  3,667
  4,147
  4,656
  5,193
  5,759
  6,352
  6,973
  7,621
  8,296
  9,000
  9,731
  10,491
  11,282
  12,103
  12,956
  13,842
  14,764
  15,723
  16,720
  17,758
Tax expense, $m
  95
  139
  192
  252
  322
  400
  487
  583
  687
  800
  990
  1,120
  1,257
  1,402
  1,555
  1,715
  1,883
  2,058
  2,240
  2,430
  2,627
  2,833
  3,046
  3,268
  3,498
  3,737
  3,986
  4,245
  4,514
  4,795
Net income, $m
  257
  377
  518
  682
  870
  1,081
  1,317
  1,576
  1,858
  2,164
  2,677
  3,027
  3,399
  3,791
  4,204
  4,637
  5,090
  5,563
  6,056
  6,570
  7,104
  7,659
  8,236
  8,835
  9,458
  10,105
  10,778
  11,478
  12,205
  12,963

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  7,662
  9,976
  12,737
  15,974
  19,708
  23,951
  28,713
  33,994
  39,791
  46,097
  52,902
  60,196
  67,966
  76,201
  84,892
  94,031
  103,611
  113,630
  124,087
  134,985
  146,329
  158,129
  170,395
  183,144
  196,391
  210,158
  224,468
  239,347
  254,821
  270,923
Adjusted assets (=assets-cash), $m
  7,662
  9,976
  12,737
  15,974
  19,708
  23,951
  28,713
  33,994
  39,791
  46,097
  52,902
  60,196
  67,966
  76,201
  84,892
  94,031
  103,611
  113,630
  124,087
  134,985
  146,329
  158,129
  170,395
  183,144
  196,391
  210,158
  224,468
  239,347
  254,821
  270,923
Revenue / Adjusted assets
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
Average production assets, $m
  4,912
  6,396
  8,166
  10,242
  12,635
  15,356
  18,409
  21,795
  25,511
  29,554
  33,917
  38,594
  43,575
  48,855
  54,427
  60,287
  66,429
  72,852
  79,557
  86,544
  93,817
  101,382
  109,247
  117,420
  125,913
  134,740
  143,915
  153,454
  163,375
  173,698
Working capital, $m
  -423
  -550
  -703
  -881
  -1,087
  -1,322
  -1,584
  -1,876
  -2,196
  -2,543
  -2,919
  -3,321
  -3,750
  -4,204
  -4,684
  -5,188
  -5,717
  -6,270
  -6,847
  -7,448
  -8,074
  -8,725
  -9,402
  -10,105
  -10,836
  -11,596
  -12,385
  -13,206
  -14,060
  -14,948
Total debt, $m
  5,506
  7,360
  9,571
  12,164
  15,154
  18,554
  22,368
  26,598
  31,241
  36,292
  41,743
  47,585
  53,809
  60,406
  67,367
  74,687
  82,361
  90,386
  98,762
  107,491
  116,578
  126,030
  135,855
  146,067
  156,678
  167,706
  179,168
  191,085
  203,480
  216,378
Total liabilities, $m
  6,137
  7,991
  10,203
  12,795
  15,786
  19,185
  22,999
  27,229
  31,872
  36,924
  42,375
  48,217
  54,440
  61,037
  67,999
  75,319
  82,993
  91,018
  99,394
  108,123
  117,210
  126,661
  136,487
  146,698
  157,309
  168,337
  179,799
  191,717
  204,112
  217,009
Total equity, $m
  1,525
  1,985
  2,535
  3,179
  3,922
  4,766
  5,714
  6,765
  7,918
  9,173
  10,528
  11,979
  13,525
  15,164
  16,894
  18,712
  20,619
  22,612
  24,693
  26,862
  29,119
  31,468
  33,909
  36,446
  39,082
  41,822
  44,669
  47,630
  50,709
  53,914
Total liabilities and equity, $m
  7,662
  9,976
  12,738
  15,974
  19,708
  23,951
  28,713
  33,994
  39,790
  46,097
  52,903
  60,196
  67,965
  76,201
  84,893
  94,031
  103,612
  113,630
  124,087
  134,985
  146,329
  158,129
  170,396
  183,144
  196,391
  210,159
  224,468
  239,347
  254,821
  270,923
Debt-to-equity ratio
  3.610
  3.710
  3.780
  3.830
  3.860
  3.890
  3.910
  3.930
  3.950
  3.960
  3.970
  3.970
  3.980
  3.980
  3.990
  3.990
  3.990
  4.000
  4.000
  4.000
  4.000
  4.010
  4.010
  4.010
  4.010
  4.010
  4.010
  4.010
  4.010
  4.010
Adjusted equity ratio
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  257
  377
  518
  682
  870
  1,081
  1,317
  1,576
  1,858
  2,164
  2,677
  3,027
  3,399
  3,791
  4,204
  4,637
  5,090
  5,563
  6,056
  6,570
  7,104
  7,659
  8,236
  8,835
  9,458
  10,105
  10,778
  11,478
  12,205
  12,963
Depreciation, amort., depletion, $m
  490
  562
  647
  748
  863
  995
  1,142
  1,306
  1,485
  1,681
  1,639
  1,864
  2,105
  2,360
  2,629
  2,912
  3,209
  3,519
  3,843
  4,181
  4,532
  4,898
  5,278
  5,672
  6,083
  6,509
  6,952
  7,413
  7,893
  8,391
Funds from operations, $m
  747
  939
  1,166
  1,430
  1,733
  2,076
  2,459
  2,882
  3,344
  3,845
  4,315
  4,891
  5,504
  6,151
  6,833
  7,549
  8,299
  9,083
  9,900
  10,751
  11,636
  12,556
  13,513
  14,507
  15,540
  16,614
  17,730
  18,891
  20,098
  21,354
Change in working capital, $m
  -105
  -128
  -152
  -179
  -206
  -234
  -263
  -291
  -320
  -348
  -375
  -402
  -429
  -454
  -480
  -504
  -529
  -553
  -577
  -601
  -626
  -651
  -677
  -703
  -731
  -760
  -790
  -821
  -854
  -888
Cash from operations, $m
  852
  1,066
  1,318
  1,609
  1,939
  2,310
  2,722
  3,173
  3,664
  4,193
  4,691
  5,294
  5,932
  6,606
  7,313
  8,054
  8,828
  9,635
  10,477
  11,352
  12,262
  13,207
  14,190
  15,211
  16,271
  17,374
  18,520
  19,712
  20,952
  22,243
Maintenance CAPEX, $m
  -178
  -237
  -309
  -395
  -495
  -610
  -742
  -889
  -1,053
  -1,232
  -1,428
  -1,639
  -1,864
  -2,105
  -2,360
  -2,629
  -2,912
  -3,209
  -3,519
  -3,843
  -4,181
  -4,532
  -4,898
  -5,278
  -5,672
  -6,083
  -6,509
  -6,952
  -7,413
  -7,893
New CAPEX, $m
  -1,220
  -1,484
  -1,770
  -2,075
  -2,394
  -2,721
  -3,053
  -3,386
  -3,717
  -4,043
  -4,363
  -4,676
  -4,982
  -5,280
  -5,572
  -5,859
  -6,142
  -6,423
  -6,704
  -6,987
  -7,273
  -7,565
  -7,865
  -8,173
  -8,494
  -8,827
  -9,175
  -9,539
  -9,921
  -10,323
Cash from investing activities, $m
  -1,398
  -1,721
  -2,079
  -2,470
  -2,889
  -3,331
  -3,795
  -4,275
  -4,770
  -5,275
  -5,791
  -6,315
  -6,846
  -7,385
  -7,932
  -8,488
  -9,054
  -9,632
  -10,223
  -10,830
  -11,454
  -12,097
  -12,763
  -13,451
  -14,166
  -14,910
  -15,684
  -16,491
  -17,334
  -18,216
Free cash flow, $m
  -546
  -654
  -761
  -861
  -949
  -1,021
  -1,073
  -1,102
  -1,106
  -1,083
  -1,100
  -1,021
  -914
  -780
  -620
  -435
  -227
  3
  253
  522
  808
  1,110
  1,428
  1,760
  2,105
  2,464
  2,836
  3,220
  3,617
  4,027
Issuance/(repayment) of debt, $m
  1,527
  1,853
  2,212
  2,593
  2,990
  3,399
  3,814
  4,230
  4,643
  5,051
  5,451
  5,842
  6,224
  6,597
  6,962
  7,320
  7,674
  8,025
  8,376
  8,729
  9,087
  9,451
  9,826
  10,211
  10,611
  11,028
  11,462
  11,917
  12,395
  12,897
Issuance/(repurchase) of shares, $m
  122
  84
  31
  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  
  1,649
  1,937
  2,243
  2,593
  2,990
  3,399
  3,814
  4,230
  4,643
  5,051
  5,451
  5,842
  6,224
  6,597
  6,962
  7,320
  7,674
  8,025
  8,376
  8,729
  9,087
  9,451
  9,826
  10,211
  10,611
  11,028
  11,462
  11,917
  12,395
  12,897
Total cash flow (excl. dividends), $m
  1,103
  1,283
  1,482
  1,732
  2,041
  2,378
  2,741
  3,128
  3,538
  3,968
  4,351
  4,821
  5,310
  5,817
  6,342
  6,885
  7,447
  8,028
  8,629
  9,251
  9,894
  10,562
  11,253
  11,971
  12,717
  13,492
  14,298
  15,138
  16,012
  16,924
Retained Cash Flow (-), $m
  -379
  -460
  -550
  -644
  -743
  -845
  -948
  -1,051
  -1,154
  -1,255
  -1,354
  -1,451
  -1,546
  -1,639
  -1,730
  -1,819
  -1,906
  -1,994
  -2,081
  -2,169
  -2,258
  -2,348
  -2,441
  -2,537
  -2,636
  -2,740
  -2,848
  -2,961
  -3,079
  -3,204
Prev. year cash balance distribution, $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 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
  724
  822
  932
  1,088
  1,298
  1,534
  1,794
  2,077
  2,384
  2,714
  2,997
  3,370
  3,764
  4,178
  4,613
  5,067
  5,541
  6,034
  6,548
  7,082
  7,637
  8,213
  8,812
  9,434
  10,081
  10,752
  11,451
  12,177
  12,933
  13,720
Discount rate, %
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.30
  19.22
  20.18
  21.19
  22.24
  23.36
  24.52
  25.75
  27.04
  28.39
  29.81
  31.30
  32.87
  34.51
  36.23
  38.05
  39.95
  41.95
  44.04
PV of cash for distribution, $m
  654
  664
  667
  682
  705
  712
  702
  676
  636
  584
  512
  449
  383
  319
  258
  204
  156
  116
  84
  59
  40
  26
  17
  10
  6
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  96.4
  94.6
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1

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 Corporation (BYD)

Valuation Ratios
P/E Ratio 8
Price to Sales 1.5
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow 29.3
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 $2627 million for the last fiscal year's total revenue generated by Boyd Gaming Corporation. The default revenue input number comes from 0001 income statement of Boyd Gaming Corporation. 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 33% 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 10.7%, whose default value for BYD is calculated based on our internal credit rating of Boyd Gaming Corporation, 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 Corporation.
    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 85.7%.

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 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 5.8% for Boyd Gaming Corporation.

Corporate tax rate of 27% is the nominal tax rate for Boyd Gaming Corporation. 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 140.6%.

Life of production assets of 20.7 years is the average useful life of capital assets used in Boyd Gaming Corporation 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 -12.1%. 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 - $1145.741 million for Boyd Gaming Corporation - 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 110.875 million for Boyd Gaming Corporation 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 Corporation at the current share price and the inputted number of shares is $3.3 billion.

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