Beynon believes Boyd can generate $380 million in discretionary FCF by the end of this year. But the company’s debt burden remains concerning.<\/p>\n
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\u201cAs of September 30, 2019, Boyd Gaming had cash on hand of $235.1 million, and total debt of $3.85 billion,\u201d said the operator of the Gold Coast and Suncoast in Las Vegas.<\/p>\n<\/div>\n
With a \u201cneutral\u201d rating on the stock, the Macquarie analyst reiterated a 2019 EBITDA estimate on Boyd of $799 million, while trimming his 2020 forecast to $823 million from $830 million. Beynon did slightly boost his 2021 EBITDA projection to $861 million from $857 million<\/strong>.<\/p>\nPositives And Negatives<\/h2>\n
Boyd’s strength in Las Vegas and ability to keep a lid on costs were among the bright spots for the company in the third quarter. But there are also some areas the operator can improve.<\/p>\n
\u201cOn the positive, BYD expanded margins in LVL, controlled corporate costs, and grew acquired asset EBITDA by 6% yoy,\u201d said Beynon. \u201c3Q and YTD margins of 26.1% (+175bp) and 26.8% (+108bp) remain slightly behind industry leading peers.\u201d<\/p>\n
The analyst pared his 12-month price target on Boyd to $30 from $33. The stock trades around $26.50 at this writing<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"Shares of regional casino operator Boyd Gaming Corp. (NYSE:BYD) were higher by about two percent in midday trading Wednesday, a day after the company delivered third-quarter earnings. But some sell-side analysts are not impressed with the results. For the quarter ending Sept. 30, Boyd earned 39 cents a share on revenue of $819.6 million. Wall […]<\/p>\n","protected":false},"author":46,"featured_media":128930,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
Boyd Third Quarter Results Were Fair, But Didn't Have Analysts Fawning<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n