BYD
Boyd Gaming Corporation (BYD)
Last Price$66.80.6%
Market Cap$6,190.5M
DCF value
$107.4
Undervalued (DCF value)
60.8%
Discount Rate
7.2%
Long-Term Growth Rate
2.5%
Stock quality
7/10
Good

BYD DCF Model

Free Cash Flow to Firm Model
NOPAT Model
Free Cash Flow to Equity Model
Net Income Model
Millions
Billions
Dec'20 ActualDec'21 ActualDec'22 ActualDec'23 ActualDec'24 ActualDec'25 EstimateDec'26 EstimateDec'27 EstimateDec'28 EstimateDec'29 EstimateDec'30 EstimateDec'31 EstimateDec'32 EstimateDec'33 EstimateDec'34 EstimateDec'35 Terminal
% growth
2,178.5
(34.5%)
3,369.8
54.7%
3,555.4
5.5%
3,738.5
5.2%
3,930.2
5.1%
3,966.4
0.9%
4,066.3
2.5%
4,164.0
2.4%
4,264.7
2.4%
4,368.3
2.4%
4,474.9
2.4%
4,584.6
2.5%
4,697.6
2.5%
4,813.9
2.5%
4,933.7
2.5%
5,057.0
2.5%
236.0
10.8%
900.1
26.7%
981.2
27.6%
901.8
24.1%
927.8
23.6%
806.5
20.3%
826.8
20.3%
846.7
20.3%
867.2
20.3%
888.2
20.3%
909.9
20.3%
932.2
20.3%
955.2
20.3%
978.8
20.3%
1,003.2
20.3%
1,028.3
20.3%
NOPAT
% effective tax rate
185.9
8.5%
691.3
20.5%
757.0
21.3%
742.7
19.9%
713.0
18.1%
619.8
15.6%
635.4
15.6%
650.7
15.6%
666.4
15.6%
682.6
15.6%
699.3
15.6%
716.4
15.6%
734.1
15.6%
752.3
15.6%
771.0
15.6%
790.3
15.6%
% of revenue
336.6
15.5%
313.4
9.3%
323.4
9.1%
256.8
6.9%
276.6
7.0%
304.1
7.7%
311.8
7.7%
319.3
7.7%
327.0
7.7%
334.9
7.7%
343.1
7.7%
351.5
7.7%
360.2
7.7%
369.1
7.7%
378.3
7.7%
387.8
7.7%
% of revenue
(175.0)
(8.0%)
(199.5)
(5.9%)
(269.2)
(7.6%)
(374.0)
(10.0%)
(400.4)
(10.2%)
(367.0)
(9.3%)
(376.3)
(9.3%)
(385.3)
(9.3%)
(394.6)
(9.3%)
(404.2)
(9.3%)
(414.1)
(9.3%)
(424.2)
(9.3%)
(434.7)
(9.3%)
(445.5)
(9.3%)
(456.5)
(9.3%)
(468.0)
(9.3%)
(69.3)
(3.2%)
(63.3)
(1.9%)
(101.9)
(2.9%)
(126.5)
(3.4%)
0.0
0.0%
(82.6)
(2.1%)
(84.7)
(2.1%)
(86.8)
(2.1%)
(88.9)
(2.1%)
(91.0)
(2.1%)
(93.2)
(2.1%)
(95.5)
(2.1%)
(97.9)
(2.1%)
(100.3)
(2.1%)
(102.8)
(2.1%)
(105.4)
(2.1%)
Free Cash Flow to Firm (FCFF)
% of revenue
278.1
12.8%
741.9
22.0%
709.3
19.9%
499.0
13.3%
589.3
15.0%
474.3
12.0%
486.2
12.0%
497.9
12.0%
510.0
12.0%
522.3
12.0%
535.1
12.0%
548.2
12.0%
561.7
12.0%
575.6
12.0%
590.0
12.0%
604.7
12.0%
% of FCFF used in calculation
80.8%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Discount period
0.50
1.50
2.50
3.50
4.50
5.50
6.50
7.50
8.50
9.50
Discount factor
0.97
0.90
0.84
0.78
0.73
0.68
0.64
0.59
0.55
0.52
Discounted FCFF (DFCFF)
370.2
438.1
418.5
399.9
382.1
365.1
349.0
333.6
318.9
304.9

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BYD DCF Value

DCF Value Calculation

as of Mar 11, 2025
Sum of DFCFF
% share of EV
3,680.2M
35.6%
Terminal Value (TV)
12.9B
Discounted TV
% share of EV
6,654.6M
64.4%
Total Debt
695.8M
9,955.8M
Shares outstanding
92.7M
FX rate
1.0
60.8% undervalued

Equity Value Bridge

BYD DCF Financials

Revenue
$3,930.2M -> $4,933.7M 2.3% CAGR
Operating Income
$927.8M -> $1,003.2M 0.8% CAGR
FCFF
$589.3M -> $590.0M 0.0% CAGR

BYD DCF sensitivity

DCF value
Long-term Terminal growth rate
1.5%
2.0%
2.5%
3.0%
3.5%
WACC
6.0%
$121.0
$132.0
$135.0
$135.0
$135.0
6.5%
$109.0
$117.0
$126.0
$132.0
$132.0
7.2%
$95.0
$100.0
$107.0
$116.0
$127.0
7.5%
$90.0
$95.0
$101.0
$108.0
$117.0
8.0%
$83.0
$87.0
$91.0
$97.0
$104.0
DCF value, undervalued / overvalued
Long-term Terminal growth rate
1.5%
2.0%
2.5%
3.0%
3.5%
WACC
6.0%
81.0%
98.0%
102.0%
102.0%
102.0%
6.5%
63.0%
75.0%
89.0%
98.0%
98.0%
7.2%
42.0%
50.0%
60.0%
74.0%
90.0%
7.5%
35.0%
42.0%
51.0%
62.0%
75.0%
8.0%
24.0%
30.0%
36.0%
45.0%
56.0%

Explore more intrinsic value tools hub for BYD

FAQ

What is Boyd Gaming Corporation DCF (discounted cash flow) valuation?

As of Mar 11, 2025, Boyd Gaming Corporation's Discounted Cash Flow (DCF) valuation estimates its share price at $107.4. This suggests it may be undervalued by 60.8% compared to its current price of around $66.8, using a WACC of 7.2% and growth rates of 2.5%.

What is Boyd Gaming Corporation WACC?

As of Mar 11, 2025, Boyd Gaming Corporation's Weighted Average Cost of Capital (WACC) is approximately 7.2%.

What is Boyd Gaming Corporation Enterprise Value?

As of Mar 11, 2025, Boyd Gaming Corporation's Enterprise Value (EV) is approximately $10.3B. This value reflects the company's total market capitalization plus debt, minus cash and cash equivalents, providing a comprehensive measure of its overall value in the market.