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Goldman Sachs BDC

DB:GSB
Snowflake Description

Undervalued with high growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GSB
DB
$539M
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Goldman Sachs BDC, Inc. is a business development company specializing in middle market and mezzanine investment in private companies. The last earnings update was 38 days ago. More info.


Add to Portfolio Compare Print
  • Goldman Sachs BDC is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • Goldman Sachs BDC has significant price volatility in the past 3 months.
GSB Share Price and Events
7 Day Returns
-1.5%
DB:GSB
12.3%
DE Capital Markets
7.2%
DE Market
1 Year Returns
-35.6%
DB:GSB
-8.8%
DE Capital Markets
-17.5%
DE Market
GSB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Goldman Sachs BDC (GSB) -1.5% -33.3% -39% -35.6% -48.2% -36.8%
DE Capital Markets 12.3% -26.5% -16.8% -8.8% -29% -56.3%
DE Market 7.2% -22.3% -26.1% -17.5% -25.7% -29.1%
1 Year Return vs Industry and Market
  • GSB underperformed the Capital Markets industry which returned -8.8% over the past year.
  • GSB underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
GSB
Industry
5yr Volatility vs Market
Related Companies

GSB Value

 Is Goldman Sachs BDC undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Goldman Sachs BDC to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Goldman Sachs BDC.

DB:GSB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $18.09 * 6.7%
$1.21
Book Value of Equity per Share Median Book Value from the past 5 years. $18.09
Discount Rate (Cost of Equity) See below 7.3%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:GSB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.754 (1 + (1- 21%) (142.92%))
1.406
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.41
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.406 * 5.44%)
7.26%

Discounted Cash Flow Calculation for DB:GSB using Excess Returns Model Model

The calculations below outline how an intrinsic value for Goldman Sachs BDC is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:GSB Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (6.7% – 7.26%) * $18.09)
$-0.11
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.11 / (7.26% - -0.39%)
$-1.37
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $18.09 + $-1.37
$16.71
DB:GSB Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:GSB represents 0.88853x of NYSE:GSBD
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.88853x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 16.71 x 0.88853
€14.85
Value per share (EUR) From above. €14.85
Current discount Discount to share price of €11.84
= -1 x (€11.84 - €14.85) / €14.85
20.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Goldman Sachs BDC is available for.
Intrinsic value
20%
Share price is €11.84 vs Future cash flow value of €14.85
Current Discount Checks
For Goldman Sachs BDC to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Goldman Sachs BDC's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Goldman Sachs BDC's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Goldman Sachs BDC's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Goldman Sachs BDC's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:GSB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $0.90
NYSE:GSBD Share Price ** NYSE (2020-03-27) in USD $13.33
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 21.49x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.49x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Goldman Sachs BDC.

DB:GSB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:GSBD Share Price ÷ EPS (both in USD)

= 13.33 ÷ 0.90

14.87x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Goldman Sachs BDC is good value based on earnings compared to the DE Capital Markets industry average.
  • Goldman Sachs BDC is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Goldman Sachs BDC's expected growth come at a high price?
Raw Data
DB:GSB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.87x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
60.9%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.49x
Germany Market PEG Ratio Median Figure of 252 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

DB:GSB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.87x ÷ 60.9%

0.24x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Goldman Sachs BDC is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Goldman Sachs BDC's assets?
Raw Data
DB:GSB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $16.75
NYSE:GSBD Share Price * NYSE (2020-03-27) in USD $13.33
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.61x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.42x
DB:GSB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:GSBD Share Price ÷ Book Value per Share (both in USD)

= 13.33 ÷ 16.75

0.8x

* Primary Listing of Goldman Sachs BDC.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Goldman Sachs BDC is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Goldman Sachs BDC's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Goldman Sachs BDC has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

GSB Future Performance

 How is Goldman Sachs BDC expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
60.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Goldman Sachs BDC expected to grow at an attractive rate?
  • Goldman Sachs BDC's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Goldman Sachs BDC's earnings growth is expected to exceed the Germany market average.
  • Goldman Sachs BDC's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:GSB Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:GSB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 60.9%
DB:GSB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 34.3%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 41.2%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:GSB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:GSB Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31
2021-12-31 299 45 172 3
2020-12-31 217 -1,574 126 3
2020-03-29
DB:GSB Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 147 -35 36
2019-09-30 148 -75 26
2019-06-30 149 -266 36
2019-03-31 148 -108 37
2018-12-31 147 -49 54
2018-09-30 145 -64 67
2018-06-30 141 -51 66
2018-03-31 140 -36 53
2017-12-31 137 -49 50
2017-09-30 133 12 43
2017-06-30 133 68 47
2017-03-31 126 -10 50

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Goldman Sachs BDC's earnings are expected to grow significantly at over 20% yearly.
  • Goldman Sachs BDC's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:GSB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Goldman Sachs BDC Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:GSB Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 1.98 1.98 1.98 1.00
2020-12-31 1.94 1.94 1.94 1.00
2020-03-29
DB:GSB Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 0.90
2019-09-30 0.65
2019-06-30 0.90
2019-03-31 0.93
2018-12-31 1.34
2018-09-30 1.67
2018-06-30 1.65
2018-03-31 1.35
2017-12-31 1.28
2017-09-30 1.14
2017-06-30 1.29
2017-03-31 1.37

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Goldman Sachs BDC is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Goldman Sachs BDC's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Goldman Sachs BDC has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

GSB Past Performance

  How has Goldman Sachs BDC performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Goldman Sachs BDC's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Goldman Sachs BDC's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Goldman Sachs BDC's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Goldman Sachs BDC's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
Goldman Sachs BDC's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Goldman Sachs BDC Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:GSB Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 147.26 36.15 29.41
2019-09-30 147.76 25.99 27.38
2019-06-30 148.89 36.11 29.41
2019-03-31 147.73 37.44 30.64
2018-12-31 146.73 53.68 36.08
2018-09-30 144.92 67.22 40.31
2018-06-30 141.35 66.32 40.95
2018-03-31 140.13 53.43 37.07
2017-12-31 136.78 49.55 35.63
2017-09-30 133.11 42.85 33.93
2017-06-30 132.65 47.40 35.08
2017-03-31 125.96 49.82 36.02
2016-12-31 125.11 40.65 33.55
2016-09-30 126.47 36.25 32.02
2016-06-30 125.41 27.07 29.73
2016-03-31 123.41 38.00 31.40
2015-12-31 118.44 46.63 32.63
2015-09-30 110.94 49.22 31.23
2015-06-30 97.12 46.99 27.47
2015-03-31 85.91 41.49 21.09
2014-12-31 73.28 36.92 15.74
2014-09-30 58.52 42.97 13.37
2014-06-30 46.49 36.83 9.85
2014-03-31 33.48 25.92 7.95
2013-12-31 22.84 17.98 6.24

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Goldman Sachs BDC has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Goldman Sachs BDC used its assets more efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Goldman Sachs BDC has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Goldman Sachs BDC's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Goldman Sachs BDC has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

GSB Health

 How is Goldman Sachs BDC's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Goldman Sachs BDC's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Goldman Sachs BDC's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Goldman Sachs BDC's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Goldman Sachs BDC's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Goldman Sachs BDC Company Filings, last reported 2 months ago.

DB:GSB Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 676.13 769.73 9.41
2019-09-30 684.84 727.74 11.10
2019-06-30 693.43 842.82 10.12
2019-03-31 694.75 704.40 5.89
2018-12-31 709.89 659.10 6.11
2018-09-30 728.64 573.29 4.65
2018-06-30 726.49 504.71 9.21
2018-03-31 726.71 526.49 6.93
2017-12-31 725.83 542.53 11.61
2017-09-30 731.16 443.81 11.97
2017-06-30 730.70 408.09 37.49
2017-03-31 663.60 501.62 8.93
2016-12-31 665.14 498.15 4.57
2016-09-30 674.97 471.25 14.67
2016-06-30 668.48 468.55 15.45
2016-03-31 677.71 428.05 11.80
2015-12-31 688.65 419.00 22.71
2015-09-30 703.54 447.00 11.72
2015-06-30 706.27 301.00 11.48
2015-03-31 687.56 224.00 8.99
2014-12-31 574.58 350.00 8.61
2014-09-30 587.04 237.00 7.52
2014-06-30 589.04 35.00 10.08
2014-03-31 607.79 0.00 7.41
2013-12-31 607.79 0.00 7.41
  • Goldman Sachs BDC's level of debt (113.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (60.5% vs 113.8% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are well covered by earnings (EBIT is 3.3x coverage).
X
Financial health checks
We assess Goldman Sachs BDC's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Goldman Sachs BDC has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

GSB Dividends

 What is Goldman Sachs BDC's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
13.5%
Current annual income from Goldman Sachs BDC dividends. Estimated to be 13.75% next year.
If you bought €2,000 of Goldman Sachs BDC shares you are expected to receive €270 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Goldman Sachs BDC's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • Goldman Sachs BDC's dividend is above the markets top 25% of dividend payers in Germany (4.96%).
Upcoming dividend payment

Purchase Goldman Sachs BDC before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:GSB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 320 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:GSB Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 1.80 1.00
2021-12-31 1.85 4.00
2020-12-31 1.83 4.00
2020-03-29
DB:GSB Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-20 1.800 11.930
2019-11-07 1.800 8.492
2019-05-10 1.800 9.017
2019-02-28 1.800 8.724
2018-11-01 1.800 8.842
2018-08-03 1.800 8.316
2018-08-02 1.800 8.325
2018-02-22 1.800 8.897
2017-11-02 1.800 8.258
2017-08-03 1.800 8.095
2017-05-04 1.800 7.932
2017-02-28 1.800 7.235
2016-11-03 1.800 7.720
2016-10-17 1.800 8.256
2016-03-02 1.800 8.879

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Goldman Sachs BDC has been paying a dividend for less than 10 years.
  • Goldman Sachs BDC has only been paying a dividend for 4 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Goldman Sachs BDC's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Goldman Sachs BDC's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Goldman Sachs BDC afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Goldman Sachs BDC has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

GSB Management

 What is the CEO of Goldman Sachs BDC's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Brendan McGovern
AGE 48
TENURE AS CEO 7 years
CEO Bio

Mr. Brendan M. McGovern has been the Chief Executive Officer and President at Goldman Sachs BDC, Inc. since March 2013 and Goldman Sachs Middle Market Lending Corp. since June 2016. Mr. McGovern heads GSAM’s Private Credit Group, is Chief Executive Officer and President of GS PMMC. Mr. McGovern serves as a Managing Director since 2006. Mr. McGovern joined Goldman Sachs in 2006. He serves as co-head and senior portfolio manager of the GSAM Credit Alternatives portfolio management team and Senior Portfolio Manager at Goldman Sachs Asset Management, L.P. Previously, he was a Research Analyst at Dresdner Kleinwort, Research Division. Prior to joining this, Mr. McGovern served as a Managing Director in the global investment group at Amaranth Advisors, where he worked on various desks, including merger arbitrage, U.S. convertibles, U.S. credit and co-headed Amaranth Advisors’s private placement efforts for both debt and equity linked products in the U.S. He has extensive investment experience. Mr. McGovern also serves on the Board of Directors for the Oxalosis and Hyperoxaluria Foundation.

CEO Compensation
  • Insufficient data for Brendan to compare compensation growth.
  • Insufficient data for Brendan to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Goldman Sachs BDC management team in years:

7
Average Tenure
44
Average Age
  • The average tenure for the Goldman Sachs BDC management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Brendan McGovern

TITLE
President & CEO
AGE
48
TENURE
7 yrs

Jonathan Lamm

TITLE
Treasurer & CFO
AGE
44
TENURE
7 yrs

Jon Yoder

TITLE
Chief Operating Officer
AGE
45
TENURE
7 yrs

Carmine Rossetti

TITLE
Principal Accounting Officer
AGE
40
TENURE
2.8 yrs

David Yu

TITLE
Head of Research & Executive VP
AGE
37
TENURE
7 yrs

Katherine Schneider

TITLE
Investor Relations

Julien Yoo

TITLE
Chief Compliance Officer
AGE
47
TENURE
0.8 yrs

Jordan Walter

TITLE
Executive Vice President
AGE
38
TENURE
2 yrs

Michael Mastropaolo

TITLE
Executive Vice President
AGE
40
TENURE
1 yrs

Salvatore Lentini

TITLE
Executive Vice President
AGE
46
TENURE
7 yrs
Board of Directors Tenure

Average tenure and age of the Goldman Sachs BDC board of directors in years:

4.1
Average Tenure
60
Average Age
  • The tenure for the Goldman Sachs BDC board of directors is about average.
Board of Directors

Jaime Ardila Gómez

TITLE
Independent Chairman of the Board
AGE
64
TENURE
2.2 yrs

Ross Kari

TITLE
Independent Director
AGE
60
TENURE
4.6 yrs

Kaysie Uniacke

TITLE
Interested Director
AGE
57
TENURE
6.2 yrs

Ann Lane

TITLE
Independent Director
AGE
64
TENURE
4.1 yrs

Susan McGee

TITLE
Independent Director
AGE
60
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Goldman Sachs BDC individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
26. Mar 20 Buy Brendan McGovern Individual 24. Mar 20 24. Mar 20 5,000 €10.42 €52,104
26. Mar 20 Buy Jordan Walter Individual 24. Mar 20 24. Mar 20 1,732 €10.49 €18,161
25. Mar 20 Buy Jonathan Lamm Individual 23. Mar 20 23. Mar 20 3,500 €9.39 €32,859
25. Mar 20 Buy Michael Mastropaolo Individual 23. Mar 20 23. Mar 20 1,890 €9.42 €17,809
25. Mar 20 Buy Katherine Uniacke Individual 20. Mar 20 20. Mar 20 6,667 €11.54 €73,626
25. Mar 20 Buy Brendan McGovern Individual 19. Mar 20 19. Mar 20 8,000 €12.14 €97,115
23. Mar 20 Buy Ross Kari Individual 20. Mar 20 20. Mar 20 5,000 €11.03 €55,170
23. Mar 20 Buy Jonathan Lamm Individual 19. Mar 20 20. Mar 20 1,000 €10.75 €10,719
23. Mar 20 Buy Michael Mastropaolo Individual 19. Mar 20 20. Mar 20 3,185 €10.95 €34,049
23. Mar 20 Buy Jon Yoder Individual 19. Mar 20 20. Mar 20 6,000 €11.04 €66,048
23. Mar 20 Buy David Yu Individual 20. Mar 20 20. Mar 20 1,750 €10.42 €18,232
11. Mar 20 Buy Jaime Ardila Gómez Individual 09. Mar 20 09. Mar 20 5,564 €16.11 €87,174
X
Management checks
We assess Goldman Sachs BDC's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Goldman Sachs BDC has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

GSB News

Simply Wall St News

GSB Company Info

Description

Goldman Sachs BDC, Inc. is a business development company specializing in middle market and mezzanine investment in private companies. It seeks to make capital appreciation through direct originations of secured debt, senior secured debt, junior secured debt, including first lien, first lien/last-out unitranche and second lien debt, unsecured debt, including mezzanine debt and, to a lesser extent, investments in equities. The fund primarily invests in United States. It seeks to invest between $10 million and $75 million in companies with EBITDA between $5 million and $75 million annually.

Details
Name: Goldman Sachs BDC, Inc.
GSB
Exchange: DB
Founded: 2012
$485,721,691
40,401,637
Website: http://www.goldmansachsbdc.com/content/gsam/us/en/bdc/homepage.html
Address: Goldman Sachs BDC, Inc.
200 West Street,
New York,
New York, 10282,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE GSBD Common Stock New York Stock Exchange US USD 18. Mar 2015
DB GSB Common Stock Deutsche Boerse AG DE EUR 18. Mar 2015
Number of employees
Current staff
Staff numbers
0
Goldman Sachs BDC employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/29 00:07
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/03/25
Last earnings filing: 2020/02/20
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.