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 231 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 decent growth rate and is not valued too expensively.
1. Profitability
1.1 Basic Checks
In the past year GBDC was profitable.
In the past year GBDC had a positive cash flow from operations.
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 (3.14%) is comparable to the rest of the industry.
GBDC has a Return On Equity (6.82%) which is in line with its industry peers.
GBDC has a Return On Invested Capital of 3.52%. This is comparable to the rest of the industry: GBDC outperforms 43.72% 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 7.24%.
The last Return On Invested Capital (3.52%) for GBDC is above the 3 year average (3.44%), which is a sign of increasing profitability.
| 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's Profit Margin of 37.78% is amongst the best of the industry. GBDC outperforms 80.09% of its industry peers.
GBDC's Profit Margin has declined in the last couple of years.
GBDC's Operating Margin of 52.94% is amongst the best of the industry. GBDC outperforms 90.48% 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 59.74% 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
GBDC has more shares outstanding than it did 5 years ago.
The debt/assets ratio for GBDC has been reduced compared to a year ago.
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 42.42% 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 has a Debt to FCF ratio of 13.37. This is comparable to the rest of the industry: GBDC outperforms 48.05% 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.
With a Debt to Equity ratio value of 1.15, GBDC perfoms like the industry average, outperforming 43.72% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.15 | ||
| Debt/FCF | 13.37 | ||
| 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.
The Current ratio of GBDC (2.20) is better than 74.03% of its industry peers.
A Quick Ratio of 2.20 indicates that GBDC has no problem at all paying its short term obligations.
GBDC has a Quick ratio of 2.20. This is in the better half of the industry: GBDC outperforms 74.46% 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.
The Earnings Per Share has been growing slightly by 1.92% on average over the past years.
Looking at the last year, GBDC shows a very strong growth in Revenue. The Revenue has grown by 20.16%.
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)20.16%
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 Y13.14%
EPS Next 2Y3.81%
EPS Next 3Y0.9%
EPS Next 5YN/A
Revenue Next Year18.78%
Revenue Next 2Y6.29%
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
A Price/Earnings ratio of 13.52 indicates a correct valuation of GBDC.
GBDC's Price/Earnings is on the same level as the industry average.
The average S&P500 Price/Earnings ratio is at 26.19. GBDC is valued slightly cheaper when compared to this.
GBDC is valuated reasonably with a Price/Forward Earnings ratio of 10.06.
Based on the Price/Forward Earnings ratio, GBDC is valued a bit cheaper than the industry average as 69.70% of the companies are valued more expensively.
The average S&P500 Price/Forward Earnings ratio is at 22.13. GBDC is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.52 | ||
| Fwd PE | 10.06 |
4.2 Price Multiples
Based on the Price/Free Cash Flow ratio, GBDC is valued a bit cheaper than 71.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.84 | ||
| EV/EBITDA | N/A |
4.3 Compensation for Growth
The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.03
PEG (5Y)7.05
EPS Next 2Y3.81%
EPS Next 3Y0.9%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 10.48%, GBDC is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 8.17, GBDC pays a bit more dividend than its industry peers.
GBDC's Dividend Yield is rather good when compared to the S&P500 average which is at 2.40.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 10.48% |
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.
The dividend of GBDC decreased in the last 3 years.
Dividend Growth(5Y)15.32%
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
123.52% of the earnings are spent on dividend by GBDC. This is not a sustainable payout ratio.
GBDC's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP123.52%
EPS Next 2Y3.81%
EPS Next 3Y0.9%
15.28
+0.11 (+0.73%)
Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)
Earnings (Next)
Inst Owners39.94%
Inst Owner Change5.86%
Ins Owners6.36%
Ins Owner Change0%
Market Cap4.07B
Analysts81.82
Price Target15.64 (2.36%)
Short Float %2.38%
Short Ratio3.43
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 10.48% |
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)-4.17%
PT rev (3m)-4.17%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)-4.17%
EPS NY rev (3m)-4.63%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)-1.74%
Revenue NY rev (3m)-1.74%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.52 | ||
| Fwd PE | 10.06 | ||
| P/S | 5.62 | ||
| P/FCF | 11.84 | ||
| P/OCF | 11.84 | ||
| P/B | 1.01 | ||
| P/tB | 1.01 | ||
| EV/EBITDA | N/A |
EPS(TTM)1.13
EY7.4%
EPS(NY)1.52
Fwd EY9.94%
FCF(TTM)1.29
FCFY8.45%
OCF(TTM)1.29
OCFY8.45%
SpS2.72
BVpS15.07
TBVpS15.07
PEG (NY)1.03
PEG (5Y)7.05
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 | 0.74 |
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)-44.33%
EPS 3Y-11.29%
EPS 5Y1.92%
EPS Q2Q%-45.45%
EPS Next Y13.14%
EPS Next 2Y3.81%
EPS Next 3Y0.9%
EPS Next 5YN/A
Revenue 1Y (TTM)20.16%
Revenue growth 3Y33.13%
Revenue growth 5Y33.28%
Sales Q2Q%30.24%
Revenue Next Year18.78%
Revenue Next 2Y6.29%
Revenue Next 3Y3.4%
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