Bally's Corp (NYSE: BALY)

Sector: Consumer Cyclical Industry: Resorts & Casinos CIK: 0001747079
Market Cap 677.33 Mn
P/B 1.30
P/E -1.19
P/S 0.28
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 5.36
Total Debt (Qtr) 5.63 Bn
Debt/Equity (Qtr) 10.79
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About

Bally's Corp, a Delaware corporation and a global player in the gaming, hospitality, and entertainment industry, is publicly traded on the New York Stock Exchange under the symbol BALY. The company operates in a highly competitive landscape, characterized by numerous operators striving for market dominance. Bally's main business activities encompass the operation of casinos and resorts, as well as the provision of online gaming services. These activities are carried out in various countries and regions, including the United States, the United Kingdom,...

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Investment thesis

Bull case

  • Healthy cash reserves of 239.91M provide 2.13x coverage of short-term debt 112.64M, demonstrating strong liquidity position and minimal refinancing risk.
  • Tangible assets of 3.98B provide robust 5.90x coverage of other current liabilities 674.94M, indicating strong asset backing.
  • Cash reserves of 239.91M exceed inventory value of 22.61M by 10.61x, indicating strong liquidity and inventory management.
  • Tangible assets of 3.98B provide robust 4.27x coverage of current liabilities 932.70M, showing strong asset backing.
  • Cash position of 239.91M fully covers payables of 145.11M by 1.65x, showing strong vendor relationship management.

Bear case

  • High receivables of 214.45M relative to inventory of 22.61M (9.48 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Tax assets of 14.48M provide limited offset against tax liabilities of 456.13M, which is 0.03x, indicating potential future cash flow pressure from tax obligations.
  • Retained earnings of (296.83M) provide limited buffer against comprehensive income items of 66.08M, which is -4.49x, indicating elevated exposure to market risks.
  • Tangible assets of 3.98B provide limited backing for working capital of (295.61M), which is -13.46x, suggesting increased operational risk in market downturns.
  • Other non-current assets of 658.50M provide minimal coverage for long-term debt of 5.52B, which is 0.12x, indicating potential asset-liability mismatch.

Peer comparison

Companies in the Resorts & Casinos
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 LVS Las Vegas Sands Corp 39.82 Bn 24.48 3.06 15.78 Bn
2 WYNN Wynn Resorts Ltd 20.12 Bn 2,860.00 4.09 12.20 Bn
3 MGM MGM Resorts International 9.16 Bn 44.51 0.52 31.26 Bn
4 BYD Boyd Gaming Corp 8.33 Bn -92.47 2.92 2.46 Bn
5 MTN Vail Resorts Inc 4.91 Bn 196.79 4.35 3.38 Bn
6 HGV Hilton Grand Vacations Inc. 4.44 Bn 83.82 0.89 7.28 Bn
7 CZR Caesars Entertainment, Inc. 3.93 Bn -7.83 0.34 24.88 Bn
8 RRR Red Rock Resorts, Inc. 3.66 Bn 20.78 2.12 3.41 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.72 1.18
EV to Cash from Ops. EV/CFO 40.84 39.36
EV to Debt EV to Debt 0.97 32.02
EV to EBIT EV/EBIT -20.68 44.55
EV to EBITDA EV/EBITDA 30.21 19.91
EV to Free Cash Flow [EV/FCF] EV/FCF -43.99 -82.04
EV to Market Cap EV to Market Cap 8.03 4.40
EV to Revenue EV/Rev 2.22 4.33
Price to Book Value [P/B] P/B 1.30 3.49
Price to Earnings [P/E] P/E -1.19 199.09
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 2.40
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 38.73
Dividend per Basic Share Div per Share (Qtr) 0.00 1.07
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 21.58
Interest Coverage Int. cover (Qtr) 0.00 -1.90
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 7.02
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -14.48 3.69
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 6.21
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 -15.96
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 -13.29
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 -1.32
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 -10.90
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 9.03
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 81.04
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 4.33
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.49
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.11
Cash Ratio Cash Ratio (Qtr) 0.26 0.59
Current Ratio Curr Ratio (Qtr) 0.68 0.90
Debt to Equity Ratio Debt/Equity (Qtr) 10.79 4.57
Interest Cover Ratio Int Coverage (Qtr) 0.00 -1.90
Times Interest Earned Times Interest Earned (Qtr) 0.00 -1.90
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 18.45
EBIT Margin % EBIT Margin % (Qtr) 0.00 11.71
EBT Margin % EBT Margin % (Qtr) 0.00 4.06
Gross Margin % Gross Margin % (Qtr) 0.00 47.91
Net Profit Margin % Net Margin % (Qtr) 0.00 2.46