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 6 out of 10 to BYD. BYD was compared to 133 industry peers in the Hotels, Restaurants & Leisure industry. While BYD belongs to the best of the industry regarding profitability, there are some minor 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.
In the past year BYD had a positive cash flow from operations.
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
The Return On Assets of BYD (8.55%) is better than 81.20% of its industry peers.
BYD has a Return On Equity of 40.99%. This is amongst the best in the industry. BYD outperforms 90.23% of its industry peers.
The Return On Invested Capital of BYD (12.82%) is better than 78.95% of its industry peers.
The Average Return On Invested Capital over the past 3 years 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
BYD has a better Profit Margin (13.96%) than 87.22% of its industry peers.
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.
BYD's Operating Margin has improved in the last couple of years.
BYD's Gross Margin of 51.96% is in line compared to the rest of the industry. BYD outperforms 59.40% of 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
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.
The Altman-Z score of BYD (2.08) is better than 60.15% of its industry peers.
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.
A Debt/Equity ratio of 2.57 is on the high side and indicates that BYD has dependencies on debt financing.
BYD has a Debt to Equity ratio (2.57) which is in line with its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.57 | ||
| Debt/FCF | 7.98 | ||
| Altman-Z | 2.08 |
ROIC/WACC1.44
WACC8.89%
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.
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.
BYD has a Quick ratio (0.76) which is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.8 | ||
| Quick Ratio | 0.76 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an nice 9.33% over the past year.
The Earnings Per Share has been growing by 29.85% on average over the past years. This is a very strong growth
Looking at the last year, BYD shows a small growth in Revenue. The Revenue has grown by 6.05% in the last year.
The Revenue has been growing slightly by 3.39% on average over the past years.
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
BYD is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 5.16% yearly.
Based on estimates for the next years, BYD will show a small growth in Revenue. The Revenue will grow by 2.04% on average per year.
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
BYD is valuated reasonably with a Price/Earnings ratio of 11.26.
Compared to the rest of the industry, the Price/Earnings ratio of BYD indicates a rather cheap valuation: BYD is cheaper than 92.48% of the companies listed in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 26.55, BYD is valued rather cheaply.
A Price/Forward Earnings ratio of 10.59 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 84.96% of the companies listed in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 22.40. BYD is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.26 | ||
| Fwd PE | 10.59 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, BYD is valued cheaply inside the industry as 83.46% of the companies are valued more expensively.
Based on the Price/Free Cash Flow ratio, BYD is valued cheaper than 86.47% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 13.89 | ||
| EV/EBITDA | 7.62 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
The excellent profitability rating of BYD may justify a higher PE ratio.
PEG (NY)12.49
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.
With a Dividend Yield of 0.98, BYD pays less dividend than the S&P500 average, which is at 2.39.
| 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%
75.22
+0.2 (+0.27%)
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 Cap6.12B
Analysts76.67
Price Target81.6 (8.48%)
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 | 11.26 | ||
| Fwd PE | 10.59 | ||
| P/S | 1.55 | ||
| P/FCF | 13.89 | ||
| P/OCF | 6.36 | ||
| P/B | 4.54 | ||
| P/tB | N/A | ||
| EV/EBITDA | 7.62 |
EPS(TTM)6.68
EY8.88%
EPS(NY)7.1
Fwd EY9.44%
FCF(TTM)5.41
FCFY7.2%
OCF(TTM)11.82
OCFY15.72%
SpS48.66
BVpS16.57
TBVpS-12.24
PEG (NY)12.49
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
WACC8.89%
ROIC/WACC1.44
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%