Boyd Gaming Corp (BYD) is undervalued and Caesars Entertainment Inc (CZR) is undervalued.
Against our estimates of intrinsic value, CZR trades at the wider discount: a margin of safety of +80%, against +73% for BYD.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.4% (average of 3 methods) values the shares at $270.05; the price of $72.08 is 73% below that value, and 78% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 6.8% (average of 2 methods) values the shares at $145.00; the price of $29.62 is 80% below that value, and 85% of that value comes from beyond year five.
Leak Score 56/100 on 2 of 12 signals
| Metric | BYD | CZR |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $72.08 | $29.62 |
| Intrinsic value | $270.05 | $145.00 |
| Margin of safety | +73% | +80% |
| Leak Score | 100/100 (3/12) | 56/100 (2/12) |
| Market cap | $5.2B | $6.0B |
| Revenue growth, 5 years | 13.4% | 25.9% |
| Operating margin | 18.7% | 17.7% |
| Net margin | 44.3% | -4.0% |
| Return on equity | 93.3% | -12.8% |
| Debt to equity | 1.30 | 7.36 |
| P/E | 3.2x | — |
| Forward P/E | 9.3x | 132.3x |
| P/B | 2.1x | 1.8x |
| Dividend yield | 1.1% | — |