Boyd Gaming Corporation

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $400M normalized FCF base (between FY2025 FCF of $388M and a mid-cycle regional-casino run rate); 3% annual FCF growth years 1-5; 2% years 6-10; 9% discount rate; 2% terminal growth; net debt of $1,175M (reported $2,935M TTM net debt less $1.76B of cash proceeds from the recently completed sale of its 5% FanDuel equity stake to Flutter Entertainment); 72.66M shares outstanding.

Reasoning: Boyd regional casino operations generate stable, recurring free cash flow suited to a standard DCF; net debt is adjusted for the completed $1.76B FanDuel-stake cash sale to Flutter, which materially delevers the balance sheet ahead of being fully reflected in trailing reported net-debt data.