Discounted Cash Flow (DCF) Analysis Levered

Boyd Gaming Corporation (BYD)

$63.855

-1.02 (-1.58%)
All numbers are in Millions, Currency in USD
Stock DCF: 59.35 | 63.855 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 3,326.122,178.493,369.813,555.383,738.494,026.724,337.174,671.565,031.735,419.66
Revenue (%)
Operating Cash Flow 548.99289.031,010.41976.11914.52899.36968.701,043.381,123.831,210.47
Operating Cash Flow (%)
Capital Expenditure -207.64-175.03-199.45-269.16-373.95-304.17-327.62-352.88-380.09-409.39
Capital Expenditure (%)
Free Cash Flow 341.36114810.96706.96540.57595.19641.08690.50743.74801.08

Weighted Average Cost Of Capital

Share price $ 63.855
Beta 1.598
Diluted Shares Outstanding 101.37
Cost of Debt
Tax Rate 17.65
After-tax Cost of Debt 3.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.754
Total Debt 3,725.75
Total Equity 6,473.17
Total Capital 10,198.92
Debt Weighting 36.53
Equity Weighting 63.47
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 3,326.122,178.493,369.813,555.383,738.494,026.724,337.174,671.565,031.735,419.66
Operating Cash Flow 548.99289.031,010.41976.11914.52899.36968.701,043.381,123.831,210.47
Capital Expenditure -207.64-175.03-199.45-269.16-373.95-304.17-327.62-352.88-380.09-409.39
Free Cash Flow 341.36114810.96706.96540.57595.19641.08690.50743.74801.08
WACC
PV LFCF 546.85541.17535.55529.99524.49
SUM PV LFCF 2,678.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.84
Free cash flow (t + 1) 809.09
Terminal Value 10,320.04
Present Value of Terminal Value 6,756.76

Intrinsic Value

Enterprise Value 9,434.80
Net Debt 3,417.82
Equity Value 6,016.98
Shares Outstanding 101.37
Equity Value Per Share 59.35