GOLUB CAPITAL BDC INC (GBDC) Stock Fundamental Analysis
NASDAQ:GBDC - Nasdaq - US38173M1027 - Common Stock - Currency: USD
GBDC gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 233 industry peers in the Capital Markets industry. Both the profitability and the financial health of GBDC get a neutral evaluation. Nothing too spectacular is happening here. GBDC has a correct valuation and a medium growth rate.
1. Profitability
1.1 Basic Checks
In the past year GBDC was profitable.
GBDC had a negative operating cash flow in the past year.
GBDC had positive earnings in each of the past 5 years.
In multiple years GBDC reported negative operating cash flow during the last 5 years.
1.2 Ratios
The Return On Assets of GBDC (3.39%) is comparable to the rest of the industry.
GBDC has a Return On Equity (7.34%) which is comparable to the rest of the industry.
GBDC has a Return On Invested Capital (3.73%) which is comparable to the rest of the industry.
The Average Return On Invested Capital over the past 3 years for GBDC is below the industry average of 7.84%.
The 3 year average ROIC (3.44%) for GBDC is below the current ROIC(3.73%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.39% | ||
| ROE | 7.34% | ||
| ROIC | 3.73% |
ROA(3y)3.45%
ROA(5y)3.64%
ROE(3y)7.67%
ROE(5y)7.69%
ROIC(3y)3.44%
ROIC(5y)3.07%
1.3 Margins
GBDC's Profit Margin of 35.50% is amongst the best of the industry. GBDC outperforms 80.26% of its industry peers.
GBDC's Profit Margin has declined in the last couple of years.
GBDC has a Operating Margin of 49.05%. This is amongst the best in the industry. GBDC outperforms 83.26% of its industry peers.
In the last couple of years the Operating Margin of GBDC has remained more or less at the same level.
GBDC has a Gross Margin (48.69%) which is comparable to the rest of the industry.
GBDC's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 49.05% | ||
| PM (TTM) | 35.5% | ||
| GM | 48.69% |
OM growth 3Y-0.23%
OM growth 5Y1.16%
PM growth 3Y-30.14%
PM growth 5YN/A
GM growth 3Y-3.61%
GM growth 5Y-0.75%
2. Health
2.1 Basic Checks
Compared to 1 year ago, GBDC has more shares outstanding
GBDC has more shares outstanding than it did 5 years ago.
GBDC has a better debt/assets ratio than last year.
2.2 Solvency
Based on the Altman-Z score of 0.74, we must say that GBDC is in the distress zone and has some risk of bankruptcy.
GBDC has a Altman-Z score of 0.74. This is comparable to the rest of the industry: GBDC outperforms 44.64% of its industry peers.
GBDC has a Debt/Equity ratio of 1.15. This is a high value indicating a heavy dependency on external financing.
Looking at the Debt to Equity ratio, with a value of 1.15, GBDC is in line with its industry, outperforming 42.06% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.15 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 0.74 |
ROIC/WACCN/A
WACCN/A
2.3 Liquidity
A Current Ratio of 2.20 indicates that GBDC has no problem at all paying its short term obligations.
GBDC has a Current ratio of 2.20. This is in the better half of the industry: GBDC outperforms 72.53% of its industry peers.
A Quick Ratio of 2.20 indicates that GBDC has no problem at all paying its short term obligations.
With a decent Quick ratio value of 2.20, GBDC is doing good in the industry, outperforming 72.53% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.2 | ||
| Quick Ratio | 2.2 |
3. Growth
3.1 Past
GBDC shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -44.33%.
Measured over the past 5 years, GBDC shows a small growth in Earnings Per Share. The EPS has been growing by 1.92% on average per year.
The Revenue has grown by 28.09% in the past year. This is a very strong growth!
Measured over the past years, GBDC shows a very strong growth in Revenue. The Revenue has been growing by 33.28% on average per year.
EPS 1Y (TTM)-44.33%
EPS 3Y-11.29%
EPS 5Y1.92%
EPS Q2Q%-45.45%
Revenue 1Y (TTM)28.09%
Revenue growth 3Y33.13%
Revenue growth 5Y33.28%
Sales Q2Q%30.24%
3.2 Future
GBDC is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 0.90% yearly.
The Revenue is expected to grow by 3.40% on average over the next years.
EPS Next Y7.06%
EPS Next 2Y2.69%
EPS Next 3Y0.9%
EPS Next 5YN/A
Revenue Next Year17.94%
Revenue Next 2Y5.49%
Revenue Next 3Y3.4%
Revenue Next 5YN/A
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 13.04, which indicates a correct valuation of GBDC.
Based on the Price/Earnings ratio, GBDC is valued a bit cheaper than the industry average as 60.94% of the companies are valued more expensively.
GBDC's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.29.
A Price/Forward Earnings ratio of 9.91 indicates a reasonable valuation of GBDC.
Based on the Price/Forward Earnings ratio, GBDC is valued a bit cheaper than the industry average as 73.39% of the companies are valued more expensively.
When comparing the Price/Forward Earnings ratio of GBDC to the average of the S&P500 Index (21.74), we can say GBDC is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.04 | ||
| Fwd PE | 9.91 |
4.2 Price Multiples
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | N/A |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
PEG (NY)1.85
PEG (5Y)6.8
EPS Next 2Y2.69%
EPS Next 3Y0.9%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 10.56%, GBDC is a good candidate for dividend investing.
GBDC's Dividend Yield is a higher than the industry average which is at 8.10.
GBDC's Dividend Yield is rather good when compared to the S&P500 average which is at 2.37.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 10.56% |
5.2 History
The dividend of GBDC is nicely growing with an annual growth rate of 15.32%!
GBDC has been paying a dividend for at least 10 years, so it has a reliable track record.
GBDC has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)15.32%
Div Incr Years3
Div Non Decr Years3
5.3 Sustainability
GBDC pays out 139.87% of its income as dividend. This is not a sustainable payout ratio.
The dividend of GBDC is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP139.87%
EPS Next 2Y2.69%
EPS Next 3Y0.9%
14.74
-0.03 (-0.2%)
Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)
Earnings (Next)
Inst Owners42.15%
Inst Owner Change-0.01%
Ins Owners6.33%
Ins Owner Change0%
Market Cap3.93B
Analysts81.82
Price Target15.56 (5.56%)
Short Float %2.55%
Short Ratio4.56
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 10.56% |
Yearly Dividend1.56
Dividend Growth(5Y)15.32%
DP139.87%
Div Incr Years3
Div Non Decr Years3
Ex-Date
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-16.47%
Min EPS beat(2)-28.26%
Max EPS beat(2)-4.68%
EPS beat(4)0
Avg EPS beat(4)-35.84%
Min EPS beat(4)-89.91%
Max EPS beat(4)-4.68%
EPS beat(8)3
Avg EPS beat(8)-14.61%
EPS beat(12)3
Avg EPS beat(12)-28.97%
EPS beat(16)7
Avg EPS beat(16)-12.46%
Revenue beat(2)0
Avg Revenue beat(2)-6.35%
Min Revenue beat(2)-6.55%
Max Revenue beat(2)-6.16%
Revenue beat(4)0
Avg Revenue beat(4)-8.07%
Min Revenue beat(4)-13.43%
Max Revenue beat(4)-6.14%
Revenue beat(8)3
Avg Revenue beat(8)-3.63%
Revenue beat(12)6
Avg Revenue beat(12)-2.6%
Revenue beat(16)6
Avg Revenue beat(16)-3.1%
PT rev (1m)-0.54%
PT rev (3m)-4.69%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-5.74%
EPS NY rev (1m)-5.37%
EPS NY rev (3m)-9.31%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-2.89%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-2.44%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.04 | ||
| Fwd PE | 9.91 | ||
| P/S | 4.73 | ||
| P/FCF | N/A | ||
| P/OCF | N/A | ||
| P/B | 0.98 | ||
| P/tB | 0.98 | ||
| EV/EBITDA | N/A |
EPS(TTM)1.13
EY7.67%
EPS(NY)1.49
Fwd EY10.09%
FCF(TTM)-0.56
FCFYN/A
OCF(TTM)-0.56
OCFYN/A
SpS3.12
BVpS15.07
TBVpS15.07
PEG (NY)1.85
PEG (5Y)6.8
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.39% | ||
| ROE | 7.34% | ||
| ROCE | 4.73% | ||
| ROIC | 3.73% | ||
| ROICexc | 3.79% | ||
| ROICexgc | 3.81% | ||
| OM | 49.05% | ||
| PM (TTM) | 35.5% | ||
| GM | 48.69% | ||
| FCFM | N/A |
ROA(3y)3.45%
ROA(5y)3.64%
ROE(3y)7.67%
ROE(5y)7.69%
ROIC(3y)3.44%
ROIC(5y)3.07%
ROICexc(3y)3.5%
ROICexc(5y)3.12%
ROICexgc(3y)3.51%
ROICexgc(5y)3.13%
ROCE(3y)4.36%
ROCE(5y)3.88%
ROICexcg growth 3Y11.12%
ROICexcg growth 5Y17.99%
ROICexc growth 3Y10.97%
ROICexc growth 5Y17.86%
OM growth 3Y-0.23%
OM growth 5Y1.16%
PM growth 3Y-30.14%
PM growth 5YN/A
GM growth 3Y-3.61%
GM growth 5Y-0.75%
F-Score3
Asset Turnover0.1
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.15 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | N/A | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 1.68 | ||
| Cash Conversion | N/A | ||
| Profit Quality | N/A | ||
| Current Ratio | 2.2 | ||
| Quick Ratio | 2.2 | ||
| Altman-Z | 0.74 |
F-Score3
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-44.33%
EPS 3Y-11.29%
EPS 5Y1.92%
EPS Q2Q%-45.45%
EPS Next Y7.06%
EPS Next 2Y2.69%
EPS Next 3Y0.9%
EPS Next 5YN/A
Revenue 1Y (TTM)28.09%
Revenue growth 3Y33.13%
Revenue growth 5Y33.28%
Sales Q2Q%30.24%
Revenue Next Year17.94%
Revenue Next 2Y5.49%
Revenue Next 3Y3.4%
Revenue Next 5YN/A
EBIT growth 1Y23.55%
EBIT growth 3Y32.83%
EBIT growth 5Y34.83%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-368.83%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-368.83%
OCF growth 3YN/A
OCF growth 5YN/A