Golub Capital BDC
Market Cap
US$1.7b
Last Updated
2020/03/28 04:21 UTC
Data Sources
Company Financials +
Executive Summary
Golub Capital BDC, Inc. is a business development company and operates as an externally managed closed-end non-diversified management investment company.
Rewards
Snowflake Analysis
Similar Companies
Share Price & News
How has Golub Capital BDC's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: GBDC's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
14.2%
GBDC
12.8%
US Capital Markets
10.5%
US Market
1 Year Return
-28.7%
GBDC
-11.4%
US Capital Markets
-11.5%
US Market
Return vs Industry: GBDC underperformed the US Capital Markets industry which returned -11.4% over the past year.
Return vs Market: GBDC underperformed the US Market which returned -11.5% over the past year.
Shareholder returns
| GBDC | Industry | Market | |
|---|---|---|---|
| 7 Day | 14.2% | 12.8% | 10.5% |
| 30 Day | -25.3% | -19.0% | -15.4% |
| 90 Day | -31.0% | -23.9% | -21.4% |
| 1 Year | -22.8%-28.7% | -9.6%-11.4% | -9.6%-11.5% |
| 3 Year | -19.4%-35.9% | 6.1%-0.1% | 12.6%5.4% |
| 5 Year | 6.3%-27.8% | 32.4%19.9% | 32.8%18.1% |
Price Volatility Vs. Market
How volatile is Golub Capital BDC's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 years ago | Simply Wall St
What Do Investors Need To Know About Golub Capital BDC Inc's (GBDC) Future?Valuation
Is Golub Capital BDC undervalued compared to its fair value and its price relative to the market?
20.0%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: GBDC ($12.74) is trading below our estimate of fair value ($15.93)
Significantly Below Fair Value: GBDC is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: GBDC is poor value based on its PE Ratio (103.6x) compared to the Capital Markets industry average (29.1x).
PE vs Market: GBDC is poor value based on its PE Ratio (103.6x) compared to the US market (13x).
Price to Earnings Growth Ratio
PEG Ratio: GBDC is poor value based on its PEG Ratio (1.8x)
Price to Book Ratio
PB vs Industry: GBDC is good value based on its PB Ratio (0.8x) compared to the US Capital Markets industry average (6.7x).
Future Growth
How is Golub Capital BDC forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
56.5%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: GBDC's forecast earnings growth (56.5% per year) is above the savings rate (1.7%).
Earnings vs Market: GBDC's earnings (56.5% per year) are forecast to grow faster than the US market (12.3% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: GBDC's revenue (14.8% per year) is forecast to grow faster than the US market (7.3% per year).
High Growth Revenue: GBDC's revenue (14.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if GBDC's Return on Equity is forecast to be high in 3 years time
Past Performance
How has Golub Capital BDC performed over the past 5 years?
-8.3%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: GBDC has a large one-off loss of $85.3M impacting its December 31 2019 financial results.
Growing Profit Margin: GBDC's current net profit margins (4.7%) are lower than last year (51%).
Past Earnings Growth Analysis
Earnings Trend: GBDC's earnings have declined by -8.3% per year over the past 5 years.
Accelerating Growth: GBDC's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: GBDC had negative earnings growth (-87.3%) over the past year, making it difficult to compare to the Capital Markets industry average (10.6%).
Return on Equity
High ROE: GBDC's Return on Equity (0.4%) is considered low.
Financial Health
How is Golub Capital BDC's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: GBDC has a low level of unsold assets or inventory.
Debt Coverage by Assets: GBDC's debt is not covered by short term assets (assets are 0.1x debt).
Financial Institutions Analysis
Asset Level: GBDC's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if GBDC has a sufficient allowance for bad loans.
Low Risk Liabilities: GBDC reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if GBDC has an acceptable proportion of non-loan assets held.
Low Risk Deposits: GBDC has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if GBDC has an appropriate level of bad loans.
Dividend
What is Golub Capital BDC's current dividend yield, its reliability and sustainability?
11.38%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: GBDC's dividend (11.38%) is higher than the bottom 25% of dividend payers in the US market (1.98%).
High Dividend: GBDC's dividend (11.38%) is in the top 25% of dividend payers in the US market (5.45%)
Stability and Growth of Payments
Stable Dividend: GBDC's dividends per share have been stable in the past 10 years.
Growing Dividend: GBDC's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (1048.9%), GBDC's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.
Management
How experienced are the management team and are they aligned to shareholders interests?
9.3yrs
Average management tenure
CEO
David Golub (57yo)
10.33s
Tenure
Mr. David B Golub serves as President in GC OPAL Advisors LLC. He also serves as the President and Member of Board of Directors at Golub Capital LLC and has been the Vice Chairman from January 2004. Mr. Go ...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 10.33yrs | no data | 0.075% $1.3m | |
| CFO & Treasurer | 9.25yrs | no data | 0.011% $192.5k | |
| Co-General Counsel | 8.58yrs | no data | 0.016% $274.1k | |
| Senior Managing Director of Golub Capital | no data | no data | no data | |
| Senior Managing Director of Golub Capital | no data | no data | no data | |
| Head of Broadly Syndicated Loans | no data | no data | no data | |
| Senior Vice President | no data | no data | no data | |
| Managing Director | no data | no data | no data | |
| Principal | no data | no data | no data | |
| Principal | no data | no data | no data |
9.3yrs
Average Tenure
51yo
Average Age
Experienced Management: GBDC's management team is seasoned and experienced (9.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 10.33yrs | no data | 0.075% $1.3m | |
| Chairman of the Board | 10.33yrs | no data | no data | |
| Director | 10.17yrs | US$72.20k | 0.040% $686.6k | |
| Director | 9.92yrs | US$73.40k | 0.027% $451.9k | |
| Director | 10.17yrs | US$80.90k | 0.15% $2.6m | |
| Director | 8.83yrs | US$73.40k | 0.035% $602.1k |
10.2yrs
Average Tenure
59yo
Average Age
Experienced Board: GBDC's board of directors are seasoned and experienced ( 10.2 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: GBDC insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 36%.
Top Shareholders
Company Information
Golub Capital BDC, Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Golub Capital BDC, Inc.
- Ticker: GBDC
- Exchange: NasdaqGS
- Founded: 2009
- Industry: Asset Management and Custody Banks
- Sector: Diversified Financials
- Market Cap: US$1.705b
- Shares outstanding: 133.81m
- Website: https://www.golubcapitalbdc.com
Location
- Golub Capital BDC, Inc.
- Chicago
- Illinois
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| GBDC | NasdaqGS (Nasdaq Global Select) | Yes | Common Stock | US | USD | Apr 2010 |
| OGL | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Apr 2010 |
| 0IZ6 | LSE (London Stock Exchange) | Yes | Common Stock | GB | USD | Apr 2010 |
Biography
Golub Capital BDC, Inc. is a business development company and operates as an externally managed closed-end non-diversified management investment company. It invests in debt and minority equity investments in middle-market companies that are, in most cases, sponsored by private equity investors. The company seeks to invest in the United States. It primarily invests in senior secured, one stop, unitranche, second lien, subordinated and mezzanine loans of middle-market companies, and warrants.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/03/28 04:21 |
| End of Day Share Price | 2020/03/27 00:00 |
| Earnings | 2019/12/31 |
| Annual Earnings | 2019/09/30 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.