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GBDC

Golub Capital BDC NasdaqGS:GBDC Stock Report

Last Price

US$13.94

Market Cap

US$2.4b

7D

-1.8%

1Y

-11.1%

Updated

25 May, 2022

Data

Company Financials +
GBDC fundamental analysis
Snowflake Score
Valuation4/6
Future Growth1/6
Past Performance1/6
Financial Health2/6
Dividends3/6

GBDC Stock Overview

Golub Capital BDC, Inc. (GBDC) is a business development company and operates as an externally managed closed-end non-diversified management investment company.

Golub Capital BDC Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Golub Capital BDC
Historical stock prices
Current Share PriceUS$13.94
52 Week HighUS$16.23
52 Week LowUS$13.55
Beta0.59
1 Month Change-8.89%
3 Month Change-10.35%
1 Year Change-11.10%
3 Year Change-21.38%
5 Year Change-31.43%
Change since IPO-5.24%

Recent News & Updates

May 26

Golub Capital: Initiating A Position In This 8.5%-Yielding BDC

We discuss Q1 results from GBDC and highlight key income dynamics of the portfolio. GBDC outperformed the broader sector in Q1, delivering a 2.6% return and a rise in the NAV. Its Adjusted NII was a penny below its Q4 level but on par with Q3. Dividend coverage on this basis is 100%. GBDC is well-positioned to grow its income given its string of positive net new investments and its high income beta to rising short-term rates. Its defensive stance is also a plus in the current market environment and is one reason we initiated a position in our Core Income Portfolio.

Apr 14

Golub Capital: Collect A Covered 7.8% Yield From This BDC

Golub Capital has assembled a large, diversified and high-quality loan portfolio. Credit quality and investment yields are stable. The stock sells for just book value.

Feb 21

Golub Capital: 7.6% Yield, Get Paid To Own This Stalwart BDC

Golub Capital has a strong track record of shareholder returns and maintains a safe portfolio strategy. It maintains a sound balance sheet and pays a high yield that's covered by adjusted NII. It's positioned to benefit from higher interest rates, and the stock currently trades below its historical valuations.

Shareholder Returns

GBDCUS Capital MarketsUS Market
7D-1.8%3.3%1.0%
1Y-11.1%-13.5%-15.1%

Return vs Industry: GBDC exceeded the US Capital Markets industry which returned -14% over the past year.

Return vs Market: GBDC exceeded the US Market which returned -13.2% over the past year.

Price Volatility

Is GBDC's price volatile compared to industry and market?
GBDC volatility
GBDC Average Weekly Movement2.6%
Capital Markets Industry Average Movement0.4%
Market Average Movement7.8%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market2.9%

Stable Share Price: GBDC is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: GBDC's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2009n/aDavid Golubhttps://www.golubcapitalbdc.com

Golub Capital BDC, Inc. (GBDC) 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. It typically invests in diversified consumer services, automobiles, healthcare technology, insurance, health care equipment and supplies, hotels, restaurants and leisure, healthcare providers and services, IT services and specialty retails.

Golub Capital BDC Fundamentals Summary

How do Golub Capital BDC's earnings and revenue compare to its market cap?
GBDC fundamental statistics
Market CapUS$2.38b
Earnings (TTM)US$284.48m
Revenue (TTM)US$329.41m

8.4x

P/E Ratio

7.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
GBDC income statement (TTM)
RevenueUS$329.41m
Cost of RevenueUS$0
Gross ProfitUS$329.41m
Other ExpensesUS$44.93m
EarningsUS$284.48m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)1.66
Gross Margin100.00%
Net Profit Margin86.36%
Debt/Equity Ratio112.8%

How did GBDC perform over the long term?

See historical performance and comparison

Dividends

8.6%

Current Dividend Yield

70%

Payout Ratio

Does GBDC pay a reliable dividends?

See GBDC dividend history and benchmarks
When do you need to buy GBDC by to receive an upcoming dividend?
Golub Capital BDC dividend dates
Ex Dividend DateJun 02 2022
Dividend Pay DateJun 29 2022
Days until Ex dividend6 days
Days until Dividend pay date33 days

Does GBDC pay a reliable dividends?

See GBDC dividend history and benchmarks

Valuation

Is Golub Capital BDC undervalued compared to its fair value and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • PE vs Industry

  • PE vs Market

  • PEG Ratio

  • PB vs Industry


24.4%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: GBDC ($13.94) is trading below our estimate of fair value ($18.44)

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


Price To Earnings Ratio

PE vs Industry: GBDC is good value based on its Price-To-Earnings Ratio (8.4x) compared to the US Capital Markets industry average (29.6x).

PE vs Market: GBDC is good value based on its Price-To-Earnings Ratio (8.4x) compared to the US market (14.9x).


Price to Earnings Growth Ratio

PEG Ratio: GBDC's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: GBDC is overvalued based on its Price-To-Book Ratio (0.9x) compared to the US Capital Markets industry average (-18.8x).

Future Growth

How is Golub Capital BDC forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-14.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GBDC's earnings are forecast to decline over the next 3 years (-14.5% per year).

Earnings vs Market: GBDC's earnings are forecast to decline over the next 3 years (-14.5% per year).

High Growth Earnings: GBDC's earnings are forecast to decline over the next 3 years.

Revenue vs Market: GBDC's revenue (17.8% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: GBDC's revenue (17.8% 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?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


31.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: GBDC has a high level of non-cash earnings.

Growing Profit Margin: GBDC's current net profit margins (86.4%) are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: GBDC's earnings have grown significantly by 31.9% 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 (-32.7%) over the past year, making it difficult to compare to the Capital Markets industry average (96.7%).


Return on Equity

High ROE: GBDC's Return on Equity (10.8%) is considered low.

Financial Health

How is Golub Capital BDC's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: GBDC's short term assets ($197.8M) exceed its short term liabilities ($41.2M).

Long Term Liabilities: GBDC's short term assets ($197.8M) do not cover its long term liabilities ($3.0B).


Debt to Equity History and Analysis

Debt Level: GBDC's net debt to equity ratio (107.6%) is considered high.

Reducing Debt: GBDC's debt to equity ratio has increased from 94.7% to 112.8% over the past 5 years.

Debt Coverage: GBDC's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: GBDC's interest payments on its debt are well covered by EBIT (3.6x coverage).


Balance Sheet

Dividend

What is Golub Capital BDC current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


8.61%

Current Dividend Yield

Upcoming Dividend Payment

TodayMay 26 2022Ex Dividend DateJun 02 2022Dividend Pay DateJun 29 202227 days from Ex DividendBuy in the next 6 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: GBDC's dividend (8.61%) is higher than the bottom 25% of dividend payers in the US market (1.57%).

High Dividend: GBDC's dividend (8.61%) is in the top 25% of dividend payers in the US market (4.06%)


Stability and Growth of Payments

Stable Dividend: GBDC's dividend payments have been volatile in the past 10 years.

Growing Dividend: GBDC's dividend payments have fallen over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (70.3%), GBDC's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: GBDC is paying a dividend but the company has no free cash flows.

Management

How experienced are the management team and are they aligned to shareholders interests?

10.8yrs

Average management tenure


CEO

David Golub (59 yo)

12.5yrs

Tenure

Mr. David B. Golub is President, Chief Executive Officer and Director at Golub Capital BDC 4 LLC. He serves as President, CEO & Director at Golub Capital Direct Lending Unlevered LLC. Mr. Golub is Presiden...


Leadership Team

Experienced Management: GBDC's management team is seasoned and experienced (10.8 years average tenure).


Board Members

Experienced Board: GBDC's board of directors are seasoned and experienced ( 12.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: GBDC insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Golub Capital BDC, Inc.'s 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
  • Implied Market Cap: US$2.382b
  • Shares outstanding: 170.90m
  • Website: https://www.golubcapitalbdc.com

Location

  • Golub Capital BDC, Inc.
  • 200 Park Avenue
  • 25th Floor
  • New York
  • New York
  • 10166
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/05/25 00:00
End of Day Share Price2022/05/25 00:00
Earnings2022/03/31
Annual Earnings2021/09/30


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.