Goldman Sachs BDC, Inc.

DB:GSB Stock Report

Market Cap: €1.5b

Goldman Sachs BDC Valuation

Is GSB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of GSB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GSB (€12.06) is trading below our estimate of fair value (€19.15)

Significantly Below Fair Value: GSB is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GSB?

Key metric: As GSB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for GSB. This is calculated by dividing GSB's market cap by their current earnings.
What is GSB's PE Ratio?
PE Ratio19.9x
EarningsUS$75.87m
Market CapUS$1.51b

Price to Earnings Ratio vs Peers

How does GSB's PE Ratio compare to its peers?

Insufficient data to calculate this valuation analysis check
The above table shows the PE ratio for GSB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Averagen/a
GSB Goldman Sachs BDC
19.9x54.3%€1.5b

Price-To-Earnings vs Peers: Insufficient data to calculate GSB's Price-To-Earnings Ratio vs. peers for valuation analysis.

Price to Earnings Ratio vs Industry

How does GSB's PE Ratio compare vs other companies in the DE Capital Markets Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AR4 AURELIUS Equity Opportunities SE KGaA
3.9xn/aUS$406.78m
HXCK Ernst Russ
3.8x-18.2%US$206.28m
VG8 Varengold Bank
1.8xn/aUS$24.05m
XE8 Black Sea Property
0.7xn/aUS$7.68m
No more companies available in this PE range
GSB 19.9xIndustry Avg. 20.3xNo. of Companies6PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: GSB is good value based on its Price-To-Earnings Ratio (19.9x) compared to the German Capital Markets industry average (20.3x).

Price to Earnings Ratio vs Fair Ratio

What is GSB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GSB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.9x
Fair PE Ratio25.9x

Price-To-Earnings vs Fair Ratio: GSB is good value based on its Price-To-Earnings Ratio (19.9x) compared to the estimated Fair Price-To-Earnings Ratio (25.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst GSB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€12.06
€12.02
-0.3%
3.7%€12.33€11.39n/a3
Nov ’25€12.22
€12.05
-1.4%
6.5%€12.81€10.98n/a3
Oct ’25€12.30
€12.05
-2.1%
6.5%€12.81€10.98n/a3
Sep ’25€12.60
€12.05
-4.4%
6.5%€12.81€10.98n/a3
Aug ’25€13.84
€13.97
+0.9%
5.6%€14.74€12.89n/a3
Jul ’25€14.14
€14.04
-0.7%
5.6%€14.81€12.96n/a3
Jun ’25€14.04
€14.04
-0.008%
5.6%€14.81€12.96n/a3
May ’25€14.58
€13.84
-5.1%
1.6%€13.99€13.52n/a3
Apr ’25€13.75
€13.69
-0.5%
1.6%€13.84€13.38n/a3
Mar ’25€13.78
€13.73
-0.4%
1.5%€13.84€13.38n/a4
Feb ’25€13.88
€13.50
-2.7%
2.8%€13.85€12.93n/a4
Jan ’25€13.26
€13.43
+1.2%
2.4%€13.89€12.97n/a4
Dec ’24€13.38
€13.60
+1.6%
2.4%€14.07€13.13n/a4
Nov ’24€12.89
€13.18
+2.3%
2.4%€13.63€12.72€12.224
Oct ’24€13.62
€13.18
-3.3%
2.4%€13.63€12.72€12.304
Sep ’24€13.19
€13.18
-0.1%
2.4%€13.63€12.72€12.604
Aug ’24€12.87
€12.39
-3.7%
5.3%€13.39€11.61€13.844
Jul ’24€12.64
€12.50
-1.1%
5.5%€13.63€11.82€14.144
Jun ’24€12.20
€12.50
+2.4%
5.5%€13.63€11.82€14.044
May ’24€12.39
€14.24
+14.9%
6.9%€15.50€12.76€14.584
Apr ’24€12.24
€14.89
+21.6%
5.7%€16.07€13.71€13.754
Mar ’24€14.98
€14.89
-0.6%
5.7%€16.07€13.71€13.784
Feb ’24€14.34
€15.51
+8.2%
4.2%€15.88€14.39€13.884
Jan ’24€12.91
€15.51
+20.1%
4.2%€15.88€14.39€13.264
Dec ’23€14.67
€15.51
+5.7%
4.2%€15.88€14.39€13.384
Nov ’23€15.58
€17.22
+10.6%
10.0%€19.25€14.69€12.894

Analyst Forecast: Target price is lower than the current share price.

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