GOLUB CAPITAL BDC INC (GBDC) Stock Fundamental Analysis
NASDAQ:GBDC - Nasdaq - US38173M1027 - Common Stock - Currency: USD
Taking everything into account, GBDC scores 5 out of 10 in our fundamental rating. GBDC was compared to 223 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
GBDC had positive earnings in the past year.
In the past year GBDC had a positive 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
The Return On Assets of GBDC (3.14%) is comparable to the rest of the industry.
The Return On Equity of GBDC (6.82%) is worse than 60.99% of its industry peers.
With a Return On Invested Capital value of 3.52%, GBDC perfoms like the industry average, outperforming 43.05% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for GBDC is below the industry average of 7.05%.
The 3 year average ROIC (3.44%) for GBDC is below the current ROIC(3.52%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.14% | ||
| ROE | 6.82% | ||
| ROIC | 3.52% |
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 has a Profit Margin of 37.78%. This is amongst the best in the industry. GBDC outperforms 80.27% of its industry peers.
In the last couple of years the Profit Margin of GBDC has declined.
GBDC has a better Operating Margin (52.94%) than 90.13% of its industry peers.
In the last couple of years the Operating Margin of GBDC has remained more or less at the same level.
Looking at the Gross Margin, with a value of 51.42%, GBDC is in line with its industry, outperforming 58.74% of the companies in the same industry.
GBDC's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 52.94% | ||
| PM (TTM) | 37.78% | ||
| GM | 51.42% |
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
The number of shares outstanding for GBDC has been increased compared to 5 years ago.
Compared to 1 year ago, GBDC has an improved debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 0.73, we must say that GBDC is in the distress zone and has some risk of bankruptcy.
GBDC's Altman-Z score of 0.73 is in line compared to the rest of the industry. GBDC outperforms 42.60% of its industry peers.
The Debt to FCF ratio of GBDC is 13.37, which is on the high side as it means it would take GBDC, 13.37 years of fcf income to pay off all of its debts.
GBDC's Debt to FCF ratio of 13.37 is in line compared to the rest of the industry. GBDC outperforms 50.22% of its industry peers.
A Debt/Equity ratio of 1.15 is on the high side and indicates that GBDC has dependencies on debt 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 | 13.37 | ||
| Altman-Z | 0.73 |
ROIC/WACCN/A
WACCN/A
2.3 Liquidity
GBDC has a Current Ratio of 2.20. This indicates that GBDC is financially healthy and has no problem in meeting its short term obligations.
With a decent Current ratio value of 2.20, GBDC is doing good in the industry, outperforming 71.30% of the companies in the same industry.
GBDC has a Quick Ratio of 2.20. This indicates that GBDC is financially healthy and has no problem in meeting its short term obligations.
GBDC's Quick ratio of 2.20 is fine compared to the rest of the industry. GBDC outperforms 71.30% 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 -24.18% in the last year.
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 23.72% in the past year. This is a very strong growth!
GBDC shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 33.28% yearly.
EPS 1Y (TTM)-24.18%
EPS 3Y-11.29%
EPS 5Y1.92%
EPS Q2Q%-6.67%
Revenue 1Y (TTM)23.72%
Revenue growth 3Y33.13%
Revenue growth 5Y33.28%
Sales Q2Q%33.94%
3.2 Future
Based on estimates for the next years, GBDC will show a small growth in Earnings Per Share. The EPS will grow by 3.44% on average per year.
Based on estimates for the next years, GBDC will show a small growth in Revenue. The Revenue will grow by 5.48% on average per year.
EPS Next Y18.64%
EPS Next 2Y7.79%
EPS Next 3Y3.44%
EPS Next 5YN/A
Revenue Next Year20.89%
Revenue Next 2Y9.44%
Revenue Next 3Y5.48%
Revenue Next 5YN/A
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better 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
A Price/Earnings ratio of 10.89 indicates a reasonable valuation of GBDC.
Compared to the rest of the industry, the Price/Earnings ratio of GBDC indicates a somewhat cheap valuation: GBDC is cheaper than 65.02% of the companies listed in the same industry.
When comparing the Price/Earnings ratio of GBDC to the average of the S&P500 Index (29.35), we can say GBDC is valued rather cheaply.
GBDC is valuated reasonably with a Price/Forward Earnings ratio of 9.18.
GBDC's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. GBDC is cheaper than 73.99% of the companies in the same industry.
GBDC is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.10, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.89 | ||
| Fwd PE | 9.18 |
4.2 Price Multiples
70.85% of the companies in the same industry are more expensive than GBDC, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.6 | ||
| EV/EBITDA | N/A |
4.3 Compensation for Growth
The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.58
PEG (5Y)5.68
EPS Next 2Y7.79%
EPS Next 3Y3.44%
5. Dividend
5.1 Amount
GBDC has a Yearly Dividend Yield of 10.53%, which is a nice return.
Compared to an average industry Dividend Yield of 8.65, GBDC pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.33, GBDC pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 10.53% |
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 decreased its dividend in the last 3 years.
Dividend Growth(5Y)15.32%
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
GBDC pays out 123.52% 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.
DP123.52%
EPS Next 2Y7.79%
EPS Next 3Y3.44%
15.03
+0.22 (+1.49%)
Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)
Earnings (Next)
Inst Owners39.94%
Inst Owner Change9.14%
Ins Owners6.36%
Ins Owner Change0%
Market Cap3.99B
Analysts81.82
Price Target16.32 (8.58%)
Short Float %1.58%
Short Ratio2.78
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 10.53% |
Yearly Dividend1.56
Dividend Growth(5Y)15.32%
DP123.52%
Div Incr Years2
Div Non Decr Years2
Ex-Date
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-55.21%
Min EPS beat(2)-89.91%
Max EPS beat(2)-20.51%
EPS beat(4)1
Avg EPS beat(4)-28.36%
Min EPS beat(4)-89.91%
Max EPS beat(4)5.44%
EPS beat(8)3
Avg EPS beat(8)-19.94%
EPS beat(12)5
Avg EPS beat(12)-22.36%
EPS beat(16)9
Avg EPS beat(16)0.8%
Revenue beat(2)0
Avg Revenue beat(2)-9.79%
Min Revenue beat(2)-13.43%
Max Revenue beat(2)-6.14%
Revenue beat(4)1
Avg Revenue beat(4)-4.95%
Min Revenue beat(4)-13.43%
Max Revenue beat(4)0.64%
Revenue beat(8)4
Avg Revenue beat(8)-3%
Revenue beat(12)6
Avg Revenue beat(12)-2.43%
Revenue beat(16)6
Avg Revenue beat(16)-2.92%
PT rev (1m)-1.54%
PT rev (3m)-1.54%
EPS NQ rev (1m)0%
EPS NQ rev (3m)1.89%
EPS NY rev (1m)-2.62%
EPS NY rev (3m)-2.62%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)1.64%
Revenue NY rev (1m)0.87%
Revenue NY rev (3m)0.87%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.89 | ||
| Fwd PE | 9.18 | ||
| P/S | 5.51 | ||
| P/FCF | 11.6 | ||
| P/OCF | 11.6 | ||
| P/B | 0.99 | ||
| P/tB | 0.99 | ||
| EV/EBITDA | N/A |
EPS(TTM)1.38
EY9.18%
EPS(NY)1.64
Fwd EY10.9%
FCF(TTM)1.3
FCFY8.62%
OCF(TTM)1.3
OCFY8.62%
SpS2.73
BVpS15.12
TBVpS15.12
PEG (NY)0.58
PEG (5Y)5.68
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.14% | ||
| ROE | 6.82% | ||
| ROCE | 4.45% | ||
| ROIC | 3.52% | ||
| ROICexc | 3.57% | ||
| ROICexgc | 3.59% | ||
| OM | 52.94% | ||
| PM (TTM) | 37.78% | ||
| GM | 51.42% | ||
| FCFM | 47.46% |
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-Score7
Asset Turnover0.08
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.15 | ||
| Debt/FCF | 13.37 | ||
| Debt/EBITDA | N/A | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 2.13 | ||
| Cash Conversion | N/A | ||
| Profit Quality | 125.62% | ||
| Current Ratio | 2.2 | ||
| Quick Ratio | 2.2 | ||
| Altman-Z | 0.73 |
F-Score7
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)-24.18%
EPS 3Y-11.29%
EPS 5Y1.92%
EPS Q2Q%-6.67%
EPS Next Y18.64%
EPS Next 2Y7.79%
EPS Next 3Y3.44%
EPS Next 5YN/A
Revenue 1Y (TTM)23.72%
Revenue growth 3Y33.13%
Revenue growth 5Y33.28%
Sales Q2Q%33.94%
Revenue Next Year20.89%
Revenue Next 2Y9.44%
Revenue Next 3Y5.48%
Revenue Next 5YN/A
EBIT growth 1Y31.02%
EBIT growth 3Y32.83%
EBIT growth 5Y34.83%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y76.01%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y76.01%
OCF growth 3YN/A
OCF growth 5YN/A