Discounted Cash Flow (DCF) Analysis Unlevered

Boyd Gaming Corporation (BYD)

$60.26

+0.53 (+0.89%)
All numbers are in Millions, Currency in USD
Stock DCF: 68.09 | 60.26 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,383.712,626.733,326.122,178.493,369.813,850.034,398.695,025.545,741.726,559.96
Revenue (%)
EBITDA 582.83589.55716.16340.501,071.178921,019.121,164.351,330.281,519.85
EBITDA (%)
EBIT 365.31359.57439.5959.47803.38529.77605.27691.52790.07902.66
EBIT (%)
Depreciation 217.52229.98276.57281.03267.79362.23413.85472.83540.21617.20
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 203.10249.42249.98519.18344.56458.84524.22598.93684.28781.80
Total Cash (%)
Account Receivables 45.5160.1460.4653.4689.4885.6797.88111.83127.77145.98
Account Receivables (%)
Inventories 1820.5922.1022.6227.3131.2035.6540.7346.5353.16
Inventories (%)
Accounts Payable 106.32111.179196.86102.03145.55166.30189.99217.07248
Accounts Payable (%)
Capital Expenditure -190.46-161.54-207.64-175.03-199.45-264.39-302.07-345.12-394.30-450.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 60.26
Beta 1.846
Diluted Shares Outstanding 114.09
Cost of Debt
Tax Rate 23.20
After-tax Cost of Debt 3.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.403
Total Debt 4,663.54
Total Equity 6,875.36
Total Capital 11,538.91
Debt Weighting 40.42
Equity Weighting 59.58
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,383.712,626.733,326.122,178.493,369.813,850.034,398.695,025.545,741.726,559.96
EBITDA 582.83589.55716.16340.501,071.178921,019.121,164.351,330.281,519.85
EBIT 365.31359.57439.5959.47803.38529.77605.27691.52790.07902.66
Tax Rate -10.76%25.79%22.01%21.23%23.20%16.29%16.29%16.29%16.29%16.29%
EBIAT 404.63266.83342.8346.84617.02443.45506.65578.85661.34755.58
Depreciation 217.52229.98276.57281.03267.79362.23413.85472.83540.21617.20
Accounts Receivable --14.64-0.327-36.023.81-12.21-13.95-15.94-18.21
Inventories --2.59-1.51-0.51-4.69-3.89-4.45-5.08-5.80-6.63
Accounts Payable -4.85-20.175.865.1743.5220.7423.7027.0830.93
Capital Expenditure -190.46-161.54-207.64-175.03-199.45-264.39-302.07-345.12-394.30-450.49
UFCF 431.69322.89389.76165.19649.81584.73622.52711.23812.59928.39
WACC
PV UFCF 537.83526.66553.45581.61611.20
SUM PV UFCF 2,810.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.72
Free cash flow (t + 1) 946.95
Terminal Value 14,091.57
Present Value of Terminal Value 9,277.10

Intrinsic Value

Enterprise Value 12,087.86
Net Debt 4,318.98
Equity Value 7,768.87
Shares Outstanding 114.09
Equity Value Per Share 68.09