BOYD GAMING CORP (BYD) Stock Fundamental Analysis
NYSE:BYD - New York Stock Exchange, Inc. - US1033041013 - Common Stock - Currency: USD
We assign a fundamental rating of 5 out of 10 to BYD. BYD was compared to 133 industry peers in the Hotels, Restaurants & Leisure industry. BYD has an excellent profitability rating, but there are concerns on its financial health. A decent growth rate in combination with a cheap valuation! Better keep an eye on BYD.
1. Profitability
1.1 Basic Checks
BYD had positive earnings in the past year.
BYD had a positive operating cash flow in the past year.
Of the past 5 years BYD 4 years were profitable.
In the past 5 years BYD always reported a positive cash flow from operatings.
1.2 Ratios
Looking at the Return On Assets, with a value of 8.55%, BYD belongs to the top of the industry, outperforming 81.20% of the companies in the same industry.
BYD's Return On Equity of 40.99% is amongst the best of the industry. BYD outperforms 90.23% of its industry peers.
BYD has a better Return On Invested Capital (12.82%) than 78.95% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for BYD is in line with the industry average of 13.97%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 8.55% | ||
| ROE | 40.99% | ||
| ROIC | 12.82% |
ROA(3y)9.69%
ROA(5y)6.89%
ROE(3y)37.43%
ROE(5y)26.09%
ROIC(3y)13.71%
ROIC(5y)11.32%
1.3 Margins
Looking at the Profit Margin, with a value of 13.96%, BYD belongs to the top of the industry, outperforming 87.22% of the companies in the same industry.
In the last couple of years the Profit Margin of BYD has grown nicely.
BYD has a better Operating Margin (23.74%) than 87.22% of its industry peers.
In the last couple of years the Operating Margin of BYD has grown nicely.
BYD has a Gross Margin (51.96%) which is comparable to the rest of the industry.
BYD's Gross Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 23.74% | ||
| PM (TTM) | 13.96% | ||
| GM | 51.96% |
OM growth 3Y-4.44%
OM growth 5Y10.94%
PM growth 3Y2.23%
PM growth 5Y25.42%
GM growth 3Y-3.19%
GM growth 5Y1.76%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), BYD is creating some value.
BYD has less shares outstanding than it did 1 year ago.
The number of shares outstanding for BYD has been reduced compared to 5 years ago.
The debt/assets ratio for BYD is higher compared to a year ago.
2.2 Solvency
An Altman-Z score of 2.08 indicates that BYD is not a great score, but indicates only limited risk for bankruptcy at the moment.
BYD has a Altman-Z score (2.08) which is comparable to the rest of the industry.
BYD has a debt to FCF ratio of 7.98. This is a slightly negative value and a sign of low solvency as BYD would need 7.98 years to pay back of all of its debts.
BYD has a better Debt to FCF ratio (7.98) than 69.17% of its industry peers.
A Debt/Equity ratio of 2.57 is on the high side and indicates that BYD has dependencies on debt financing.
With a Debt to Equity ratio value of 2.57, BYD perfoms like the industry average, outperforming 47.37% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.57 | ||
| Debt/FCF | 7.98 | ||
| Altman-Z | 2.08 |
ROIC/WACC1.06
WACC12.13%
2.3 Liquidity
BYD has a Current Ratio of 0.80. This is a bad value and indicates that BYD is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Current ratio value of 0.80, BYD perfoms like the industry average, outperforming 42.11% of the companies in the same industry.
BYD has a Quick Ratio of 0.80. This is a bad value and indicates that BYD is not financially healthy enough and could expect problems in meeting its short term obligations.
BYD has a Quick ratio of 0.76. This is comparable to the rest of the industry: BYD outperforms 45.86% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.8 | ||
| Quick Ratio | 0.76 |
3. Growth
3.1 Past
BYD shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 9.33%, which is quite good.
The Earnings Per Share has been growing by 29.85% on average over the past years. This is a very strong growth
The Revenue has been growing slightly by 6.05% in the past year.
Measured over the past years, BYD shows a small growth in Revenue. The Revenue has been growing by 3.39% on average per year.
EPS 1Y (TTM)9.33%
EPS 3Y8.67%
EPS 5Y29.85%
EPS Q2Q%7.28%
Revenue 1Y (TTM)6.05%
Revenue growth 3Y5.26%
Revenue growth 5Y3.39%
Sales Q2Q%3.23%
3.2 Future
Based on estimates for the next years, BYD will show a small growth in Earnings Per Share. The EPS will grow by 5.16% on average per year.
The Revenue is expected to grow by 2.04% on average over the next years.
EPS Next Y0.9%
EPS Next 2Y3.95%
EPS Next 3Y5.16%
EPS Next 5YN/A
Revenue Next Year1.6%
Revenue Next 2Y1.89%
Revenue Next 3Y2.04%
Revenue Next 5YN/A
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
With a Price/Earnings ratio of 10.97, the valuation of BYD can be described as very reasonable.
BYD's Price/Earnings ratio is rather cheap when compared to the industry. BYD is cheaper than 91.73% of the companies in the same industry.
BYD is valuated cheaply when we compare the Price/Earnings ratio to 26.31, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 10.32 indicates a reasonable valuation of BYD.
Compared to the rest of the industry, the Price/Forward Earnings ratio of BYD indicates a rather cheap valuation: BYD is cheaper than 85.71% of the companies listed in the same industry.
BYD is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.13, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.97 | ||
| Fwd PE | 10.32 |
4.2 Price Multiples
BYD's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. BYD is cheaper than 82.71% of the companies in the same industry.
85.71% of the companies in the same industry are more expensive than BYD, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 13.53 | ||
| EV/EBITDA | 7.64 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates BYD does not grow enough to justify the current Price/Earnings ratio.
The excellent profitability rating of BYD may justify a higher PE ratio.
PEG (NY)12.17
PEG (5Y)0.37
EPS Next 2Y3.95%
EPS Next 3Y5.16%
5. Dividend
5.1 Amount
With a yearly dividend of 0.96%, BYD is not a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 3.82, BYD pays a bit more dividend than its industry peers.
With a Dividend Yield of 0.96, BYD pays less dividend than the S&P500 average, which is at 2.39.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0.96% |
5.2 History
On average, the dividend of BYD grows each year by 21.48%, which is quite nice.
BYD has been paying a dividend for at least 10 years, so it has a reliable track record.
The dividend of BYD decreased in the last 3 years.
Dividend Growth(5Y)21.48%
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
BYD pays out 11.09% of its income as dividend. This is a sustainable payout ratio.
The dividend of BYD is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP11.09%
EPS Next 2Y3.95%
EPS Next 3Y5.16%
73.27
-2.03 (-2.7%)
Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)
Earnings (Next)
Inst Owners75.26%
Inst Owner Change-0.26%
Ins Owners21.76%
Ins Owner Change5.27%
Market Cap5.96B
Analysts76.67
Price Target81.6 (11.37%)
Short Float %6.25%
Short Ratio3.63
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0.96% |
Yearly Dividend0.68
Dividend Growth(5Y)21.48%
DP11.09%
Div Incr Years2
Div Non Decr Years2
Ex-Date
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)7.41%
Min EPS beat(2)5.72%
Max EPS beat(2)9.1%
EPS beat(4)4
Avg EPS beat(4)7.29%
Min EPS beat(4)5.12%
Max EPS beat(4)9.24%
EPS beat(8)5
Avg EPS beat(8)2.8%
EPS beat(12)9
Avg EPS beat(12)5.86%
EPS beat(16)13
Avg EPS beat(16)10.18%
Revenue beat(2)2
Avg Revenue beat(2)1.27%
Min Revenue beat(2)0.68%
Max Revenue beat(2)1.85%
Revenue beat(4)4
Avg Revenue beat(4)3.04%
Min Revenue beat(4)0.68%
Max Revenue beat(4)5.38%
Revenue beat(8)6
Avg Revenue beat(8)1.73%
Revenue beat(12)10
Avg Revenue beat(12)2.36%
Revenue beat(16)13
Avg Revenue beat(16)2.65%
PT rev (1m)-1.23%
PT rev (3m)-5.8%
EPS NQ rev (1m)-0.68%
EPS NQ rev (3m)-0.15%
EPS NY rev (1m)0.94%
EPS NY rev (3m)1.46%
Revenue NQ rev (1m)-0.06%
Revenue NQ rev (3m)-0.87%
Revenue NY rev (1m)-0.05%
Revenue NY rev (3m)-0.22%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.97 | ||
| Fwd PE | 10.32 | ||
| P/S | 1.51 | ||
| P/FCF | 13.53 | ||
| P/OCF | 6.2 | ||
| P/B | 4.42 | ||
| P/tB | N/A | ||
| EV/EBITDA | 7.64 |
EPS(TTM)6.68
EY9.12%
EPS(NY)7.1
Fwd EY9.69%
FCF(TTM)5.41
FCFY7.39%
OCF(TTM)11.82
OCFY16.14%
SpS48.66
BVpS16.57
TBVpS-12.24
PEG (NY)12.17
PEG (5Y)0.37
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 8.55% | ||
| ROE | 40.99% | ||
| ROCE | 16.11% | ||
| ROIC | 12.82% | ||
| ROICexc | 13.54% | ||
| ROICexgc | 23.53% | ||
| OM | 23.74% | ||
| PM (TTM) | 13.96% | ||
| GM | 51.96% | ||
| FCFM | 11.13% |
ROA(3y)9.69%
ROA(5y)6.89%
ROE(3y)37.43%
ROE(5y)26.09%
ROIC(3y)13.71%
ROIC(5y)11.32%
ROICexc(3y)14.47%
ROICexc(5y)11.99%
ROICexgc(3y)25.84%
ROICexgc(5y)21.38%
ROCE(3y)17.23%
ROCE(5y)14.22%
ROICexcg growth 3Y-0.73%
ROICexcg growth 5Y16.07%
ROICexc growth 3Y-0.21%
ROICexc growth 5Y16.3%
OM growth 3Y-4.44%
OM growth 5Y10.94%
PM growth 3Y2.23%
PM growth 5Y25.42%
GM growth 3Y-3.19%
GM growth 5Y1.76%
F-Score5
Asset Turnover0.61
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.57 | ||
| Debt/FCF | 7.98 | ||
| Debt/EBITDA | 2.84 | ||
| Cap/Depr | 185.11% | ||
| Cap/Sales | 13.17% | ||
| Interest Coverage | 5.29 | ||
| Cash Conversion | 78.74% | ||
| Profit Quality | 79.69% | ||
| Current Ratio | 0.8 | ||
| Quick Ratio | 0.76 | ||
| Altman-Z | 2.08 |
F-Score5
WACC12.13%
ROIC/WACC1.06
Cap/Depr(3y)131.54%
Cap/Depr(5y)106.28%
Cap/Sales(3y)9.25%
Cap/Sales(5y)8.34%
Profit Quality(3y)98.02%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)9.33%
EPS 3Y8.67%
EPS 5Y29.85%
EPS Q2Q%7.28%
EPS Next Y0.9%
EPS Next 2Y3.95%
EPS Next 3Y5.16%
EPS Next 5YN/A
Revenue 1Y (TTM)6.05%
Revenue growth 3Y5.26%
Revenue growth 5Y3.39%
Sales Q2Q%3.23%
Revenue Next Year1.6%
Revenue Next 2Y1.89%
Revenue Next 3Y2.04%
Revenue Next 5YN/A
EBIT growth 1Y-1.03%
EBIT growth 3Y0.59%
EBIT growth 5Y14.71%
EBIT Next Year32.48%
EBIT Next 3Y10.61%
EBIT Next 5YN/A
FCF growth 1Y-37.57%
FCF growth 3Y-11.78%
FCF growth 5Y10.27%
OCF growth 1Y-6.06%
OCF growth 3Y-1.79%
OCF growth 5Y11.76%