BOYD GAMING CORP (BYD) Stock Fundamental Analysis
NYSE:BYD - New York Stock Exchange, Inc. - US1033041013 - Common Stock - Currency: USD
Overall BYD gets a fundamental rating of 5 out of 10. We evaluated BYD against 133 industry peers in the Hotels, Restaurants & Leisure industry. While BYD belongs to the best of the industry regarding profitability, there are concerns on its financial health. BYD may be a bit undervalued, certainly considering the very reasonable score on growth
1. Profitability
1.1 Basic Checks
In the past year BYD was profitable.
BYD had a positive operating cash flow in the past year.
BYD had positive earnings in 4 of the past 5 years.
BYD had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
BYD's Return On Assets of 8.55% is amongst the best of the industry. BYD outperforms 81.20% of its industry peers.
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 Return On Invested Capital of 12.82%. This is in the better half of the industry: BYD outperforms 78.95% of its industry peers.
BYD had an Average Return On Invested Capital over the past 3 years of 13.71%. This 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
BYD has a better Profit Margin (13.96%) than 87.22% of its industry peers.
BYD's Profit Margin has improved in the last couple of years.
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 in line with its industry peers.
In the last couple of years the Gross Margin of BYD has grown nicely.
| 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
BYD has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
Compared to 1 year ago, BYD has less shares outstanding
BYD has less shares outstanding than it did 5 years ago.
Compared to 1 year ago, BYD has a worse debt to assets ratio.
2.2 Solvency
BYD has an Altman-Z score of 2.08. This is not the best score and indicates that BYD is in the grey zone with still only limited risk for bankruptcy at the moment.
With a Altman-Z score value of 2.08, BYD perfoms like the industry average, outperforming 59.40% of the companies in the same industry.
The Debt to FCF ratio of BYD is 7.98, which is on the high side as it means it would take BYD, 7.98 years of fcf income to pay off all of its debts.
With a decent Debt to FCF ratio value of 7.98, BYD is doing good in the industry, outperforming 69.17% of the companies in the same industry.
BYD has a Debt/Equity ratio of 2.57. This is a high value indicating a heavy dependency on external financing.
BYD's Debt to Equity ratio of 2.57 is in line compared to the rest of the industry. BYD outperforms 47.37% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.57 | ||
| Debt/FCF | 7.98 | ||
| Altman-Z | 2.08 |
ROIC/WACC1.45
WACC8.85%
2.3 Liquidity
A Current Ratio of 0.80 indicates that BYD may have some problems paying its short term obligations.
Looking at the Current ratio, with a value of 0.80, BYD is in line with its industry, outperforming 42.11% of the companies in the same industry.
A Quick Ratio of 0.76 indicates that BYD may have some problems paying its short term obligations.
Looking at the Quick ratio, with a value of 0.76, BYD is in line with its industry, outperforming 45.86% of the companies in the same industry.
| 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.
Measured over the past years, BYD shows a very strong growth in Earnings Per Share. The EPS has been growing by 29.85% on average per year.
Looking at the last year, BYD shows a small growth in Revenue. The Revenue has grown by 6.05% in the last year.
BYD shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 3.39% yearly.
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
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
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 11.27, the valuation of BYD can be described as very reasonable.
Compared to the rest of the industry, the Price/Earnings ratio of BYD indicates a rather cheap valuation: BYD is cheaper than 91.73% of the companies listed in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 26.60, BYD is valued rather cheaply.
BYD is valuated reasonably with a Price/Forward Earnings ratio of 10.61.
Based on the Price/Forward Earnings ratio, BYD is valued cheaply inside the industry as 85.71% of the companies are valued more expensively.
The average S&P500 Price/Forward Earnings ratio is at 22.39. BYD is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.27 | ||
| Fwd PE | 10.61 |
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.
Based on the Price/Free Cash Flow ratio, BYD is valued cheaply inside the industry as 85.71% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 13.91 | ||
| EV/EBITDA | 7.64 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
BYD has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)12.5
PEG (5Y)0.38
EPS Next 2Y3.95%
EPS Next 3Y5.16%
5. Dividend
5.1 Amount
With a yearly dividend of 0.98%, BYD is not a good candidate for dividend investing.
BYD's Dividend Yield is a higher than the industry average which is at 3.82.
Compared to an average S&P500 Dividend Yield of 2.39, BYD's dividend is way lower than the S&P500 average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0.98% |
5.2 History
The dividend of BYD is nicely growing with an annual growth rate of 21.48%!
BYD has been paying a dividend for at least 10 years, so it has a reliable track record.
BYD has decreased its dividend in the last 3 years.
Dividend Growth(5Y)21.48%
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
11.09% of the earnings are spent on dividend by BYD. This is a low number and 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%
75.3
+0.08 (+0.11%)
Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)
Earnings (Next)
Inst Owners70.76%
Inst Owner Change-0.26%
Ins Owners20.26%
Ins Owner Change5.27%
Market Cap6.13B
Analysts76.67
Price Target81.6 (8.37%)
Short Float %6.25%
Short Ratio3.63
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0.98% |
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 | 11.27 | ||
| Fwd PE | 10.61 | ||
| P/S | 1.55 | ||
| P/FCF | 13.91 | ||
| P/OCF | 6.37 | ||
| P/B | 4.54 | ||
| P/tB | N/A | ||
| EV/EBITDA | 7.64 |
EPS(TTM)6.68
EY8.87%
EPS(NY)7.1
Fwd EY9.43%
FCF(TTM)5.41
FCFY7.19%
OCF(TTM)11.82
OCFY15.7%
SpS48.66
BVpS16.57
TBVpS-12.24
PEG (NY)12.5
PEG (5Y)0.38
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
WACC8.85%
ROIC/WACC1.45
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%