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 135 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.
Of the past 5 years BYD 4 years were profitable.
BYD had a positive operating cash flow in 4 of the past 5 years.
1.2 Ratios
BYD's Return On Assets of 7.93% is fine compared to the rest of the industry. BYD outperforms 79.39% of its industry peers.
BYD's Return On Equity of 30.64% is amongst the best of the industry. BYD outperforms 83.97% of its industry peers.
BYD's Return On Invested Capital of 13.08% is fine compared to the rest of the industry. BYD outperforms 78.63% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 7.93% | ||
| ROE | 30.64% | ||
| ROIC | 13.08% |
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
1.3 Margins
BYD's Profit Margin of 13.01% is fine compared to the rest of the industry. BYD outperforms 79.39% of its industry peers.
In the last couple of years the Profit Margin of BYD has grown nicely.
BYD's Operating Margin of 24.33% is amongst the best of the industry. BYD outperforms 86.26% of its industry peers.
BYD's Operating Margin has improved in the last couple of years.
BYD has a Gross Margin of 52.22%. This is in the better half of the industry: BYD outperforms 61.83% of its industry peers.
In the last couple of years the Gross Margin of BYD has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 24.33% | ||
| PM (TTM) | 13.01% | ||
| GM | 52.22% |
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
The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so BYD is still creating some value.
There is no outstanding debt for BYD. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
2.2 Solvency
BYD has an Altman-Z score of 2.34. 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.
BYD's Altman-Z score of 2.34 is fine compared to the rest of the industry. BYD outperforms 64.12% of its industry peers.
BYD has a debt to FCF ratio of 5.81. This is a neutral value as BYD would need 5.81 years to pay back of all of its debts.
BYD has a better Debt to FCF ratio (5.81) than 71.76% of its industry peers.
A Debt/Equity ratio of 1.85 is on the high side and indicates that BYD has dependencies on debt financing.
The Debt to Equity ratio of BYD (1.85) is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.85 | ||
| Debt/FCF | 5.81 | ||
| Altman-Z | 2.34 |
ROIC/WACC1.43
WACC9.15%
2.3 Liquidity
A Current Ratio of 0.82 indicates that BYD may have some problems paying its short term obligations.
The Current ratio of BYD (0.82) is comparable to the rest of the industry.
A Quick Ratio of 0.79 indicates that BYD may have some problems paying its short term obligations.
BYD has a Quick ratio of 0.79. This is comparable to the rest of the industry: BYD outperforms 44.27% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.82 | ||
| Quick Ratio | 0.79 |
3. Growth
3.1 Past
The Earnings Per Share has been growing slightly by 4.12% over the past year.
BYD shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 29.85% yearly.
BYD shows a small growth in Revenue. In the last year, the Revenue has grown by 5.12%.
The Revenue has been growing slightly by 3.39% on average over the past years.
EPS 1Y (TTM)4.12%
EPS 3Y8.67%
EPS 5Y29.85%
EPS Q2Q%18.07%
Revenue 1Y (TTM)5.12%
Revenue growth 3Y5.26%
Revenue growth 5Y3.39%
Sales Q2Q%9.06%
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 3.05% on average per year.
Based on estimates for the next years, BYD will show a small growth in Revenue. The Revenue will grow by 1.11% on average per year.
EPS Next Y0.06%
EPS Next 2Y4.51%
EPS Next 3Y3.05%
EPS Next 5YN/A
Revenue Next Year0.81%
Revenue Next 2Y1.49%
Revenue Next 3Y1.11%
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 11.70, 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 92.37% of the companies in the same industry.
BYD is valuated cheaply when we compare the Price/Earnings ratio to 29.63, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 11.69, the valuation of BYD can be described as very reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of BYD indicates a rather cheap valuation: BYD is cheaper than 90.08% of the companies listed in the same industry.
BYD is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.68, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.7 | ||
| Fwd PE | 11.69 |
4.2 Price Multiples
BYD's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. BYD is cheaper than 80.92% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, BYD is valued cheaply inside the industry as 90.08% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 12.87 | ||
| EV/EBITDA | 8.15 |
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 decent profitability rating of BYD may justify a higher PE ratio.
PEG (NY)187.92
PEG (5Y)0.39
EPS Next 2Y4.51%
EPS Next 3Y3.05%
5. Dividend
5.1 Amount
With a yearly dividend of 0.86%, BYD is not a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 3.06, BYD pays a bit more dividend than its industry peers.
With a Dividend Yield of 0.86, BYD pays less dividend than the S&P500 average, which is at 2.29.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0.86% |
5.2 History
The dividend of BYD is nicely growing with an annual growth rate of 23.69%!
BYD has paid a dividend for at least 10 years, which is a reliable track record.
The dividend of BYD decreased recently.
Dividend Growth(5Y)23.69%
Div Incr Years1
Div Non Decr Years1
5.3 Sustainability
12.66% of the earnings are spent on dividend by BYD. This is a low number and sustainable payout ratio.
BYD's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP12.66%
EPS Next 2Y4.51%
EPS Next 3Y3.05%
76.86
-2.56 (-3.22%)
Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)
Earnings (Next)
Inst Owners70.76%
Inst Owner Change0.52%
Ins Owners20.26%
Ins Owner Change-9.24%
Market Cap6.79B
Analysts76
Price Target86.7 (12.8%)
Short Float %3.58%
Short Ratio2.5
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0.86% |
Yearly Dividend0.64
Dividend Growth(5Y)23.69%
DP12.66%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)7.18%
Min EPS beat(2)5.12%
Max EPS beat(2)9.24%
EPS beat(4)3
Avg EPS beat(4)5.32%
Min EPS beat(4)-4.9%
Max EPS beat(4)11.82%
EPS beat(8)5
Avg EPS beat(8)4.75%
EPS beat(12)9
Avg EPS beat(12)6.3%
EPS beat(16)13
Avg EPS beat(16)16.67%
Revenue beat(2)2
Avg Revenue beat(2)4.81%
Min Revenue beat(2)4.25%
Max Revenue beat(2)5.38%
Revenue beat(4)3
Avg Revenue beat(4)2.58%
Min Revenue beat(4)-0.85%
Max Revenue beat(4)5.38%
Revenue beat(8)6
Avg Revenue beat(8)2.81%
Revenue beat(12)10
Avg Revenue beat(12)2.59%
Revenue beat(16)12
Avg Revenue beat(16)3.06%
PT rev (1m)4.28%
PT rev (3m)12.22%
EPS NQ rev (1m)0.56%
EPS NQ rev (3m)1.78%
EPS NY rev (1m)0.01%
EPS NY rev (3m)0.85%
Revenue NQ rev (1m)1.49%
Revenue NQ rev (3m)1.49%
Revenue NY rev (1m)-0.1%
Revenue NY rev (3m)0.2%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.7 | ||
| Fwd PE | 11.69 | ||
| P/S | 1.77 | ||
| P/FCF | 12.87 | ||
| P/OCF | 7.45 | ||
| P/B | 4.16 | ||
| P/tB | N/A | ||
| EV/EBITDA | 8.15 |
EPS(TTM)6.57
EY8.55%
EPS(NY)6.57
Fwd EY8.55%
FCF(TTM)5.97
FCFY7.77%
OCF(TTM)10.32
OCFY13.43%
SpS43.49
BVpS18.46
TBVpS-8.16
PEG (NY)187.92
PEG (5Y)0.39
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 7.93% | ||
| ROE | 30.64% | ||
| ROCE | 16.43% | ||
| ROIC | 13.08% | ||
| ROICexc | 13.77% | ||
| ROICexgc | 24.39% | ||
| OM | 24.33% | ||
| PM (TTM) | 13.01% | ||
| GM | 52.22% | ||
| FCFM | 13.74% |
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
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 | 1.85 | ||
| Debt/FCF | 5.81 | ||
| Debt/EBITDA | 2.52 | ||
| Cap/Depr | 143.82% | ||
| Cap/Sales | 9.99% | ||
| Interest Coverage | 5.49 | ||
| Cash Conversion | 75.87% | ||
| Profit Quality | 105.6% | ||
| Current Ratio | 0.82 | ||
| Quick Ratio | 0.79 | ||
| Altman-Z | 2.34 |
F-Score5
WACC9.15%
ROIC/WACC1.43
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)4.12%
EPS 3Y8.67%
EPS 5Y29.85%
EPS Q2Q%18.07%
EPS Next Y0.06%
EPS Next 2Y4.51%
EPS Next 3Y3.05%
EPS Next 5YN/A
Revenue 1Y (TTM)5.12%
Revenue growth 3Y5.26%
Revenue growth 5Y3.39%
Sales Q2Q%9.06%
Revenue Next Year0.81%
Revenue Next 2Y1.49%
Revenue Next 3Y1.11%
Revenue Next 5YN/A
EBIT growth 1Y-9.55%
EBIT growth 3Y0.59%
EBIT growth 5Y14.71%
EBIT Next Year33.31%
EBIT Next 3Y10.32%
EBIT Next 5YN/A
FCF growth 1Y-7.39%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-3.51%
OCF growth 3YN/A
OCF growth 5YN/A