My main thesis for the additions to Boyd is from a valuation perspective relative to its price to operating cash flow. The company is trading at a relatively large discount to this number, one that I view is a result of short-term headwinds that won't impact the business over the long-term.
Right now it is trading at 11.43x operating cash flow, while historical averages over the last 5-10 years have been around 14x. I do believe it will eventually hit the 14x mark again after the headwinds have subsided, which would give the stock around 22.5%~ upside from there, and that would assume flat operating cash flow growth as well.
If we assume the company can get back to high single digit/low double digit OCF growth over the next 5 years or so, there is likely more upside in terms of share price.
But at this point in time, I'd put a conservative fair value on the company, strictly based of it reverting back to historical valuations, of $292~