Definitive Analysis
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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

Boyd Gaming Corporation (BYD)

Company Dividend Discount ModelIndustry: Gambling, Resorts & CasinosSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$353.03 - $672.39$481.65
Multi-Stage$306.01 - $334.98$320.23
Blended Fair Value$400.94
Current Price$86.45
Upside363.78%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.70%0.00%0.740.750.570.000.090.340.290.130.000.00
YoY Growth---1.49%32.07%0.00%-100.00%-73.03%17.06%119.12%0.00%0.00%0.00%
Dividend Yield--1.13%1.11%0.89%0.00%0.16%2.38%1.03%0.42%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,872.30
(-) Cash Dividends Paid (M)60.30
(=) Cash Retained (M)1,812.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)374.46234.04140.42
Cash Retained (M)1,812.011,812.011,812.01
(-) Cash Required (M)-374.46-234.04-140.42
(=) Excess Retained (M)1,437.541,577.971,671.58
(/) Shares Outstanding (M)84.3384.3384.33
(=) Excess Retained per Share17.0518.7119.82
LTM Dividend per Share0.720.720.72
(+) Excess Retained per Share17.0518.7119.82
(=) Adjusted Dividend17.7619.4320.54
WACC / Discount Rate9.50%9.50%9.50%
Growth Rate4.26%5.26%6.26%
Fair Value$353.03$481.65$672.39
Upside / Downside308.36%457.14%677.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,872.301,970.712,074.302,183.332,298.092,418.882,491.45
Payout Ratio3.22%20.58%37.93%55.29%72.64%90.00%92.50%
Projected Dividends (M)60.30405.50786.831,207.121,669.432,176.992,304.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.50%9.50%9.50%
Growth Rate4.26%5.26%6.26%
Year 1 PV (M)366.80370.32373.83
Year 2 PV (M)643.80656.20668.73
Year 3 PV (M)893.41919.37945.82
Year 4 PV (M)1,117.641,161.141,205.90
Year 5 PV (M)1,318.331,382.781,449.73
PV of Terminal Value (M)21,465.5222,514.9223,604.96
Equity Value (M)25,805.5027,004.7328,248.98
Shares Outstanding (M)84.3384.3384.33
Fair Value$306.01$320.23$334.98
Upside / Downside253.97%270.42%287.49%

High-Yield Dividend Screener

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