GOLUB CAPITAL BDC INC (GBDC) Stock Fundamental Analysis
NASDAQ:GBDC - Nasdaq - US38173M1027 - Common Stock - Currency: USD
We assign a fundamental rating of 5 out of 10 to GBDC. GBDC was compared to 233 industry peers in the Capital Markets industry. GBDC has only an average score on both its financial health and profitability. GBDC is not valued too expensively and it also shows a decent growth rate.
1. Profitability
1.1 Basic Checks
In the past year GBDC was profitable.
In the past year GBDC has reported a negative cash flow from operations.
In the past 5 years GBDC has always been profitable.
The reported operating cash flow has been mixed in the past 5 years: GBDC reported negative operating cash flow in multiple years.
1.2 Ratios
GBDC's Return On Assets of 3.39% is in line compared to the rest of the industry. GBDC outperforms 55.79% of its industry peers.
GBDC's Return On Equity of 7.34% is in line compared to the rest of the industry. GBDC outperforms 47.64% of its industry peers.
GBDC's Return On Invested Capital of 3.73% is in line compared to the rest of the industry. GBDC outperforms 48.07% of its industry peers.
GBDC had an Average Return On Invested Capital over the past 3 years of 3.44%. This is below the industry average of 7.84%.
The last Return On Invested Capital (3.73%) for GBDC is above the 3 year average (3.44%), which is a sign of increasing profitability.
| 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.
The Operating Margin of GBDC (49.05%) is better than 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 in line with its industry peers.
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
GBDC has more shares outstanding than it did 1 year ago.
The number of shares outstanding for GBDC has been increased compared to 5 years ago.
GBDC has a better debt/assets ratio than last year.
2.2 Solvency
GBDC has an Altman-Z score of 0.74. This is a bad value and indicates that GBDC is not financially healthy and even has some risk of bankruptcy.
GBDC's Altman-Z score of 0.74 is in line compared 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.
GBDC has a Debt to Equity ratio (1.15) which is in line with its industry peers.
| 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.
The Quick ratio of GBDC (2.20) is better than 72.53% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.2 | ||
| Quick Ratio | 2.2 |
3. Growth
3.1 Past
The earnings per share for GBDC have decreased strongly by -44.33% in the last year.
GBDC shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 1.92% yearly.
The Revenue has grown by 28.09% in the past year. This is a very strong growth!
The Revenue has been growing by 33.28% on average over the past years. This is a very strong growth!
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
The Earnings Per Share is expected to grow by 0.90% on average over the next years.
GBDC is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.40% yearly.
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
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
With a Price/Earnings ratio of 13.07, GBDC is valued correctly.
Compared to the rest of the industry, the Price/Earnings ratio of GBDC indicates a somewhat cheap valuation: GBDC is cheaper than 60.52% of the companies listed in the same industry.
When comparing the Price/Earnings ratio of GBDC to the average of the S&P500 Index (27.45), we can say GBDC is valued rather cheaply.
GBDC is valuated reasonably with a Price/Forward Earnings ratio of 9.93.
Compared to the rest of the industry, the Price/Forward Earnings ratio of GBDC indicates a somewhat cheap valuation: GBDC is cheaper than 73.39% of the companies listed in the same industry.
GBDC is valuated cheaply when we compare the Price/Forward Earnings ratio to 21.90, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.07 | ||
| Fwd PE | 9.93 |
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 GBDC does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)1.85
PEG (5Y)6.82
EPS Next 2Y2.69%
EPS Next 3Y0.9%
5. Dividend
5.1 Amount
GBDC has a Yearly Dividend Yield of 10.56%, which is a nice return.
GBDC's Dividend Yield is a higher than the industry average which is at 8.15.
GBDC's Dividend Yield is rather good when compared to the S&P500 average which is at 2.38.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 10.56% |
5.2 History
On average, the dividend of GBDC grows each year by 15.32%, which is quite nice.
GBDC has paid a dividend for at least 10 years, which is 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.
GBDC's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP139.87%
EPS Next 2Y2.69%
EPS Next 3Y0.9%
14.77
+0.1 (+0.68%)
Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)
Earnings (Next)
Inst Owners42.15%
Inst Owner Change-58.74%
Ins Owners6.33%
Ins Owner Change0%
Market Cap3.93B
Analysts81.82
Price Target15.56 (5.35%)
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 | 13.07 | ||
| Fwd PE | 9.93 | ||
| P/S | 4.74 | ||
| P/FCF | N/A | ||
| P/OCF | N/A | ||
| P/B | 0.98 | ||
| P/tB | 0.98 | ||
| EV/EBITDA | N/A |
EPS(TTM)1.13
EY7.65%
EPS(NY)1.49
Fwd EY10.07%
FCF(TTM)-0.56
FCFYN/A
OCF(TTM)-0.56
OCFYN/A
SpS3.12
BVpS15.07
TBVpS15.07
PEG (NY)1.85
PEG (5Y)6.82
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