Intrinsic value of Golden Entertainment, Inc. - GDEN

Previous Close

$14.86

  Intrinsic Value

$74.46

stock screener

  Rating & Target

str. buy

+401%

Previous close

$14.86

 
Intrinsic value

$74.46

 
Up/down potential

+401%

 
Rating

str. buy

We calculate the intrinsic value of GDEN 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 0.4

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  816
  1,261
  1,885
  2,736
  3,860
  5,306
  7,122
  9,352
  12,034
  15,200
  18,874
  23,076
  27,814
  33,093
  38,912
  45,264
  52,140
  59,529
  67,420
  75,800
  84,659
  93,987
  103,777
  114,024
  124,728
  135,889
  147,512
  159,606
  172,180
  185,250
Variable operating expenses, $m
  737
  1,090
  1,586
  2,260
  3,152
  4,300
  5,741
  7,510
  9,638
  12,150
  14,977
  18,311
  22,071
  26,260
  30,877
  35,917
  41,374
  47,237
  53,499
  60,148
  67,178
  74,579
  82,348
  90,479
  98,973
  107,829
  117,052
  126,649
  136,627
  146,997
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
  737
  1,090
  1,586
  2,260
  3,152
  4,300
  5,741
  7,510
  9,638
  12,150
  14,977
  18,311
  22,071
  26,260
  30,877
  35,917
  41,374
  47,237
  53,499
  60,148
  67,178
  74,579
  82,348
  90,479
  98,973
  107,829
  117,052
  126,649
  136,627
  146,997
Operating income, $m
  79
  171
  300
  475
  707
  1,006
  1,381
  1,842
  2,395
  3,049
  3,897
  4,765
  5,743
  6,833
  8,035
  9,347
  10,766
  12,292
  13,922
  15,652
  17,481
  19,407
  21,429
  23,545
  25,755
  28,060
  30,460
  32,957
  35,553
  38,252
EBITDA, $m
  223
  344
  515
  747
  1,055
  1,450
  1,946
  2,555
  3,288
  4,153
  5,157
  6,305
  7,600
  9,042
  10,632
  12,367
  14,246
  16,265
  18,421
  20,711
  23,131
  25,680
  28,355
  31,154
  34,079
  37,129
  40,304
  43,609
  47,044
  50,615
Interest expense (income), $m
  6
  53
  86
  135
  203
  296
  419
  578
  777
  1,021
  1,315
  1,662
  2,065
  2,525
  3,044
  3,622
  4,260
  4,956
  5,709
  6,519
  7,383
  8,302
  9,272
  10,294
  11,367
  12,489
  13,662
  14,885
  16,159
  17,484
  18,861
Earnings before tax, $m
  26
  85
  165
  272
  411
  587
  803
  1,065
  1,374
  1,734
  2,235
  2,700
  3,218
  3,789
  4,412
  5,087
  5,811
  6,583
  7,403
  8,269
  9,180
  10,135
  11,135
  12,178
  13,266
  14,398
  15,575
  16,798
  18,070
  19,391
Tax expense, $m
  7
  23
  45
  73
  111
  158
  217
  287
  371
  468
  604
  729
  869
  1,023
  1,191
  1,373
  1,569
  1,777
  1,999
  2,233
  2,479
  2,737
  3,006
  3,288
  3,582
  3,887
  4,205
  4,536
  4,879
  5,236
Net income, $m
  19
  62
  120
  199
  300
  428
  586
  777
  1,003
  1,266
  1,632
  1,971
  2,349
  2,766
  3,221
  3,713
  4,242
  4,806
  5,404
  6,036
  6,701
  7,399
  8,128
  8,890
  9,684
  10,510
  11,370
  12,263
  13,191
  14,155

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
  2,147
  3,318
  4,962
  7,199
  10,157
  13,963
  18,743
  24,610
  31,668
  39,999
  49,669
  60,726
  73,195
  87,087
  102,399
  119,115
  137,210
  156,656
  177,422
  199,475
  222,787
  247,333
  273,096
  300,063
  328,231
  357,602
  388,190
  420,015
  453,105
  487,499
Adjusted assets (=assets-cash), $m
  2,147
  3,318
  4,962
  7,199
  10,157
  13,963
  18,743
  24,610
  31,668
  39,999
  49,669
  60,726
  73,195
  87,087
  102,399
  119,115
  137,210
  156,656
  177,422
  199,475
  222,787
  247,333
  273,096
  300,063
  328,231
  357,602
  388,190
  420,015
  453,105
  487,499
Revenue / Adjusted assets
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
Average production assets, $m
  1,035
  1,599
  2,391
  3,469
  4,894
  6,728
  9,031
  11,858
  15,259
  19,273
  23,933
  29,260
  35,268
  41,962
  49,340
  57,394
  66,113
  75,483
  85,489
  96,115
  107,348
  119,175
  131,589
  144,583
  158,155
  172,307
  187,046
  202,380
  218,324
  234,896
Working capital, $m
  -42
  -66
  -98
  -142
  -201
  -276
  -370
  -486
  -626
  -790
  -981
  -1,200
  -1,446
  -1,721
  -2,023
  -2,354
  -2,711
  -3,096
  -3,506
  -3,942
  -4,402
  -4,887
  -5,396
  -5,929
  -6,486
  -7,066
  -7,671
  -8,299
  -8,953
  -9,633
Total debt, $m
  1,593
  2,495
  3,763
  5,488
  7,768
  10,703
  14,388
  18,912
  24,353
  30,777
  38,233
  46,757
  56,371
  67,082
  78,887
  91,775
  105,727
  120,720
  136,730
  153,732
  171,706
  190,631
  210,495
  231,286
  253,003
  275,649
  299,232
  323,769
  349,282
  375,799
Total liabilities, $m
  1,656
  2,558
  3,825
  5,550
  7,831
  10,766
  14,451
  18,975
  24,416
  30,839
  38,295
  46,819
  56,433
  67,144
  78,950
  91,838
  105,789
  120,782
  136,792
  153,795
  171,768
  190,694
  210,557
  231,349
  253,066
  275,711
  299,295
  323,832
  349,344
  375,862
Total equity, $m
  492
  760
  1,136
  1,649
  2,326
  3,198
  4,292
  5,636
  7,252
  9,160
  11,374
  13,906
  16,762
  19,943
  23,449
  27,277
  31,421
  35,874
  40,630
  45,680
  51,018
  56,639
  62,539
  68,715
  75,165
  81,891
  88,896
  96,183
  103,761
  111,637
Total liabilities and equity, $m
  2,148
  3,318
  4,961
  7,199
  10,157
  13,964
  18,743
  24,611
  31,668
  39,999
  49,669
  60,725
  73,195
  87,087
  102,399
  119,115
  137,210
  156,656
  177,422
  199,475
  222,786
  247,333
  273,096
  300,064
  328,231
  357,602
  388,191
  420,015
  453,105
  487,499
Debt-to-equity ratio
  3.240
  3.280
  3.310
  3.330
  3.340
  3.350
  3.350
  3.360
  3.360
  3.360
  3.360
  3.360
  3.360
  3.360
  3.360
  3.360
  3.360
  3.370
  3.370
  3.370
  3.370
  3.370
  3.370
  3.370
  3.370
  3.370
  3.370
  3.370
  3.370
  3.370
Adjusted equity ratio
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  19
  62
  120
  199
  300
  428
  586
  777
  1,003
  1,266
  1,632
  1,971
  2,349
  2,766
  3,221
  3,713
  4,242
  4,806
  5,404
  6,036
  6,701
  7,399
  8,128
  8,890
  9,684
  10,510
  11,370
  12,263
  13,191
  14,155
Depreciation, amort., depletion, $m
  144
  174
  215
  272
  347
  444
  565
  714
  893
  1,104
  1,260
  1,540
  1,856
  2,209
  2,597
  3,021
  3,480
  3,973
  4,499
  5,059
  5,650
  6,272
  6,926
  7,610
  8,324
  9,069
  9,845
  10,652
  11,491
  12,363
Funds from operations, $m
  163
  236
  336
  471
  647
  872
  1,151
  1,491
  1,896
  2,370
  2,891
  3,511
  4,206
  4,975
  5,818
  6,734
  7,721
  8,778
  9,903
  11,095
  12,351
  13,671
  15,054
  16,500
  18,008
  19,579
  21,214
  22,914
  24,682
  26,518
Change in working capital, $m
  -16
  -23
  -32
  -44
  -58
  -75
  -94
  -116
  -139
  -165
  -191
  -218
  -246
  -275
  -303
  -330
  -358
  -384
  -410
  -436
  -461
  -485
  -509
  -533
  -557
  -580
  -604
  -629
  -654
  -680
Cash from operations, $m
  179
  259
  368
  515
  706
  947
  1,246
  1,607
  2,035
  2,534
  3,083
  3,730
  4,452
  5,249
  6,121
  7,064
  8,079
  9,163
  10,314
  11,531
  12,812
  14,156
  15,563
  17,033
  18,564
  20,159
  21,819
  23,543
  25,336
  27,198
Maintenance CAPEX, $m
  -34
  -54
  -84
  -126
  -183
  -258
  -354
  -475
  -624
  -803
  -1,014
  -1,260
  -1,540
  -1,856
  -2,209
  -2,597
  -3,021
  -3,480
  -3,973
  -4,499
  -5,059
  -5,650
  -6,272
  -6,926
  -7,610
  -8,324
  -9,069
  -9,845
  -10,652
  -11,491
New CAPEX, $m
  -388
  -564
  -792
  -1,078
  -1,425
  -1,834
  -2,303
  -2,827
  -3,400
  -4,014
  -4,660
  -5,327
  -6,008
  -6,694
  -7,378
  -8,054
  -8,719
  -9,370
  -10,005
  -10,626
  -11,233
  -11,828
  -12,414
  -12,994
  -13,572
  -14,152
  -14,738
  -15,334
  -15,944
  -16,572
Cash from investing activities, $m
  -422
  -618
  -876
  -1,204
  -1,608
  -2,092
  -2,657
  -3,302
  -4,024
  -4,817
  -5,674
  -6,587
  -7,548
  -8,550
  -9,587
  -10,651
  -11,740
  -12,850
  -13,978
  -15,125
  -16,292
  -17,478
  -18,686
  -19,920
  -21,182
  -22,476
  -23,807
  -25,179
  -26,596
  -28,063
Free cash flow, $m
  -243
  -360
  -508
  -689
  -902
  -1,145
  -1,411
  -1,696
  -1,989
  -2,283
  -2,591
  -2,857
  -3,096
  -3,301
  -3,466
  -3,587
  -3,661
  -3,687
  -3,665
  -3,595
  -3,480
  -3,321
  -3,123
  -2,887
  -2,617
  -2,317
  -1,989
  -1,636
  -1,260
  -865
Issuance/(repayment) of debt, $m
  620
  902
  1,267
  1,725
  2,280
  2,935
  3,685
  4,524
  5,441
  6,423
  7,456
  8,524
  9,614
  10,711
  11,805
  12,888
  13,952
  14,993
  16,010
  17,003
  17,974
  18,926
  19,863
  20,792
  21,717
  22,645
  23,583
  24,537
  25,513
  26,517
Issuance/(repurchase) of shares, $m
  164
  206
  256
  314
  377
  443
  508
  567
  613
  642
  583
  561
  506
  415
  285
  115
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  784
  1,108
  1,523
  2,039
  2,657
  3,378
  4,193
  5,091
  6,054
  7,065
  8,039
  9,085
  10,120
  11,126
  12,090
  13,003
  13,952
  14,993
  16,010
  17,003
  17,974
  18,926
  19,863
  20,792
  21,717
  22,645
  23,583
  24,537
  25,513
  26,517
Total cash flow (excl. dividends), $m
  541
  749
  1,015
  1,350
  1,756
  2,234
  2,782
  3,395
  4,065
  4,782
  5,447
  6,228
  7,024
  7,825
  8,625
  9,416
  10,291
  11,306
  12,345
  13,408
  14,494
  15,604
  16,740
  17,905
  19,100
  20,329
  21,595
  22,901
  24,253
  25,652
Retained Cash Flow (-), $m
  -184
  -268
  -376
  -512
  -677
  -872
  -1,095
  -1,344
  -1,616
  -1,908
  -2,215
  -2,532
  -2,855
  -3,181
  -3,506
  -3,828
  -4,144
  -4,453
  -4,755
  -5,050
  -5,338
  -5,621
  -5,900
  -6,175
  -6,450
  -6,726
  -7,005
  -7,288
  -7,578
  -7,876
Prev. year cash balance distribution, $m
  12
  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
  369
  481
  639
  837
  1,078
  1,362
  1,687
  2,051
  2,449
  2,874
  3,233
  3,696
  4,168
  4,644
  5,118
  5,588
  6,147
  6,853
  7,590
  8,358
  9,155
  9,983
  10,841
  11,729
  12,649
  13,602
  14,590
  15,613
  16,675
  17,776
Discount rate, %
  11.20
  11.76
  12.35
  12.97
  13.61
  14.29
  15.01
  15.76
  16.55
  17.37
  18.24
  19.16
  20.11
  21.12
  22.18
  23.28
  24.45
  25.67
  26.95
  28.30
  29.72
  31.20
  32.76
  34.40
  36.12
  37.93
  39.82
  41.81
  43.91
  46.10
PV of cash for distribution, $m
  332
  385
  451
  514
  570
  611
  634
  636
  617
  579
  512
  451
  385
  318
  254
  196
  149
  112
  81
  57
  39
  25
  16
  10
  6
  3
  2
  1
  0
  0
Current shareholders' claim on cash, %
  71.6
  54.5
  43.6
  36.2
  30.9
  27.1
  24.2
  22.0
  20.4
  19.1
  18.3
  17.6
  17.1
  16.8
  16.7
  16.6
  16.6
  16.6
  16.6
  16.6
  16.6
  16.6
  16.6
  16.6
  16.6
  16.6
  16.6
  16.6
  16.6
  16.6

Golden Entertainment, Inc. is a group of gaming companies. The Company focuses on distributed gaming, including tavern gaming, and casino and resort operations. It operates through two segments: Distributed Gaming and Casinos. Its Distributed Gaming segment involves the installation, maintenance and operation of gaming and amusement devices in certain strategic, high-traffic, non-casino locations (such as grocery stores, convenience stores, restaurants, bars, taverns, saloons and liquor stores) in Nevada and Montana, and the operation of traditional, branded taverns targeting local patrons, primarily in the greater Las Vegas, Nevada metropolitan area. As of October 23, 2017, its distributed gaming operations consisted of approximately 16,000 gaming devices in approximately 960 locations. Its Casinos segment consists of the Rocky Gap Casino Resort in Flintstone, Maryland and three casinos in Pahrump, Nevada: Pahrump Nugget Hotel Casino, Gold Town Casino and Lakeside Casino & RV Park.

FINANCIAL RATIOS  of  Golden Entertainment, Inc. (GDEN)

Valuation Ratios
P/E Ratio 20.6
Price to Sales 0.8
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 55.1
Growth Rates
Sales Growth Rate 127.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 287.5%
Cap. Spend. - 3 Yr. Gr. Rate 8.1%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 79.9%
Total Debt to Equity 87.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. -0.2%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. -1.4%
Return On Equity 7.6%
Return On Equity - 3 Yr. Avg. 0.8%
Asset Turnover 1
Profitability Ratios
Gross Margin 28%
Gross Margin - 3 Yr. Avg. 33.8%
EBITDA Margin 11.4%
EBITDA Margin - 3 Yr. Avg. -3%
Operating Margin 3.2%
Oper. Margin - 3 Yr. Avg. -10.3%
Pre-Tax Margin 3%
Pre-Tax Margin - 3 Yr. Avg. -11.3%
Net Profit Margin 4%
Net Profit Margin - 3 Yr. Avg. -9.1%
Effective Tax Rate -33.3%
Eff/ Tax Rate - 3 Yr. Avg. -33.3%
Payout Ratio 150%

GDEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GDEN stock intrinsic value calculation we used $510 million for the last fiscal year's total revenue generated by Golden Entertainment, Inc.. The default revenue input number comes from 0001 income statement of Golden Entertainment, Inc.. 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 GDEN stock valuation model: a) initial revenue growth rate of 60% 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 11.2%, whose default value for GDEN is calculated based on our internal credit rating of Golden Entertainment, Inc., 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 Golden Entertainment, Inc..
    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 GDEN stock the variable cost ratio is equal to 96.9%.

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 GDEN 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 5.4% for Golden Entertainment, Inc..

Corporate tax rate of 27% is the nominal tax rate for Golden Entertainment, Inc.. 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 GDEN 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 GDEN are equal to 126.8%.

Life of production assets of 19 years is the average useful life of capital assets used in Golden Entertainment, Inc. 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 GDEN is equal to -5.2%. 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 - $319.913 million for Golden Entertainment, Inc. - 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 28.902 million for Golden Entertainment, Inc. 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 Golden Entertainment, Inc. at the current share price and the inputted number of shares is $0.4 billion.

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