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Golub Capital BDC

DB:OGL
Snowflake Description

Reasonable growth potential average dividend payer.

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

Golub Capital BDC, Inc. is a business development company and operates as an externally managed closed-end non-diversified management investment company. The last earnings update was 53 days ago. More info.


Add to Portfolio Compare Print
  • Golub Capital BDC is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • Golub Capital BDC has significant price volatility in the past 3 months.
OGL Share Price and Events
7 Day Returns
-13.1%
DB:OGL
-3.5%
DE Capital Markets
-3%
DE Market
1 Year Returns
-39.9%
DB:OGL
-11.3%
DE Capital Markets
-20.6%
DE Market
OGL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Golub Capital BDC (OGL) -13.1% -37.3% -40.8% -39.9% -48.2% -41.9%
DE Capital Markets -3.5% -21.2% -17.8% -11.3% -27.2% -56.6%
DE Market -3% -19.1% -26.2% -20.6% -25.6% -30.7%
1 Year Return vs Industry and Market
  • OGL underperformed the Capital Markets industry which returned -11.3% over the past year.
  • OGL underperformed the Market in Germany which returned -20.6% over the past year.
Price Volatility
OGL
Industry
5yr Volatility vs Market

Value

 Is Golub Capital 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 Golub Capital 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 Golub Capital BDC.

DB:OGL 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
= $16.04 * 7.9%
$1.26
Book Value of Equity per Share Median Book Value from the past 5 years. $16.04
Discount Rate (Cost of Equity) See below 8%
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:OGL
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))
= 0.747 (1 + (1- 21%) (181.39%))
1.547
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.55
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.547 * 5.44%)
8.03%

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

The calculations below outline how an intrinsic value for Golub Capital 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:OGL Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.9% – 8.03%) * $16.04)
$-0.03
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.03 / (8.03% - -0.39%)
$-0.30
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $16.04 + $-0.30
$15.74
DB:OGL Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:OGL represents 1.0073x of NasdaqGS:GBDC
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.0073x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 15.74 x 1.0073
€15.85
Value per share (EUR) From above. €15.85
Current discount Discount to share price of €9.65
= -1 x (€9.65 - €15.85) / €15.85
39.1%

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

Current Discount
Amount off the current price Golub Capital BDC is available for.
Intrinsic value
39%
Share price is €9.65 vs Future cash flow value of €15.85
Current Discount Checks
For Golub Capital BDC to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Golub Capital BDC's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Golub Capital 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 Golub Capital BDC's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Golub Capital BDC's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:OGL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $0.12
NasdaqGS:GBDC Share Price ** NasdaqGS (2020-04-02) in USD $9.58
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 22.18x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.57x

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

** Primary Listing of Golub Capital BDC.

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

= NasdaqGS:GBDC Share Price ÷ EPS (both in USD)

= 9.58 ÷ 0.12

77.9x

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

  • Golub Capital BDC is overvalued based on earnings compared to the DE Capital Markets industry average.
  • Golub Capital BDC is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Golub Capital BDC's expected growth come at a high price?
Raw Data
DB:OGL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 77.9x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
60.3%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.53x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 77.9x ÷ 60.3%

1.29x

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

  • Golub Capital BDC is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Golub Capital BDC's assets?
Raw Data
DB:OGL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $16.66
NasdaqGS:GBDC Share Price * NasdaqGS (2020-04-02) in USD $9.58
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.66x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:OGL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:GBDC Share Price ÷ Book Value per Share (both in USD)

= 9.58 ÷ 16.66

0.58x

* Primary Listing of Golub Capital BDC.

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

  • Golub Capital BDC is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Golub Capital 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. Golub Capital BDC has a total score of 2/6, 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.

Future Performance

 How is Golub Capital BDC expected to perform in the next 1 to 3 years based on estimates from 4 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
60.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Golub Capital BDC expected to grow at an attractive rate?
  • Golub Capital BDC's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Golub Capital BDC's earnings growth is expected to exceed the Germany market average.
  • Golub Capital BDC's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:OGL Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:OGL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 60.3%
DB:OGL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 10.4%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 37.7%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 0.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.2%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4%

*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:OGL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:OGL Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-09-30 313 31 174 4
2020-09-30 323 -156 183 4
2020-04-03
DB:OGL Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 211 -115 10
2019-09-30 172 -119 -19
2019-06-30 164 -50 71
2019-03-31 160 -112 74
2018-12-31 155 -113 79
2018-09-30 152 -9 82
2018-06-30 147 94 89
2018-03-31 144 65 87
2017-12-31 140 64 85
2017-09-30 138 62 82
2017-06-30 137 -88 76
2017-03-31 134 -36 74

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Golub Capital BDC's earnings are expected to grow significantly at over 20% yearly.
  • Golub Capital BDC's revenue is expected to grow by 10.4% yearly, however this is not considered high growth (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:OGL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Golub Capital BDC Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:OGL Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-09-30 1.18 1.35 0.85 4.00
2020-09-30 1.37 1.37 1.37 1.00
2020-04-03
DB:OGL Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 0.12
2019-09-30 -0.29
2019-06-30 1.18
2019-03-31 1.23
2018-12-31 1.32
2018-09-30 1.37
2018-06-30 1.48
2018-03-31 1.47
2017-12-31 1.46
2017-09-30 1.45
2017-06-30 1.37
2017-03-31 1.38

*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.
  • Unable to establish if Golub Capital BDC will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Golub Capital 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.
Golub Capital BDC has a total score of 4/6, 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.

Past Performance

  How has Golub Capital 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 Golub Capital 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.
  • Golub Capital BDC's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Golub Capital BDC's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Golub Capital BDC's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
Golub Capital 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 Golub Capital BDC Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:OGL Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 211.49 10.03 56.48
2019-09-30 172.30 -18.58 42.70
2019-06-30 163.75 71.33 43.94
2019-03-31 160.04 73.85 43.21
2018-12-31 155.13 79.09 42.56
2018-09-30 152.17 81.97 42.98
2018-06-30 146.69 88.52 40.37
2018-03-31 143.71 86.91 38.75
2017-12-31 140.37 84.62 37.61
2017-09-30 137.76 82.29 36.67
2017-06-30 137.32 75.93 38.24
2017-03-31 134.02 74.11 37.95
2016-12-31 131.22 67.55 35.65
2016-09-30 127.87 69.20 34.83
2016-06-30 126.92 72.58 36.11
2016-03-31 125.22 72.57 35.98
2015-12-31 122.92 76.26 37.64
2015-09-30 119.97 70.79 36.46
2015-06-30 117.07 71.50 34.87
2015-03-31 114.69 69.50 33.15
2014-12-31 111.49 65.72 31.83
2014-09-30 109.53 65.39 32.76
2014-06-30 101.69 57.50 30.16
2014-03-31 95.92 53.88 30.12
2013-12-31 90.76 52.04 29.16
2013-09-30 83.77 46.52 26.95
2013-06-30 77.18 42.97 25.19

*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.
  • Golub Capital BDC has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Golub Capital BDC used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Golub Capital BDC's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Golub Capital 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.
Golub Capital BDC has a total score of 0/6, 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.

Health

 How is Golub Capital 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 Golub Capital BDC's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Golub Capital BDC is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Golub Capital BDC's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Golub Capital 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 0.1x 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 Golub Capital BDC Company Filings, last reported 3 months ago.

DB:OGL Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 2,229.08 2,325.23 19.43
2019-09-30 2,222.85 2,119.45 6.52
2019-06-30 968.22 1,045.86 8.28
2019-03-31 966.24 1,046.24 5.84
2018-12-31 964.95 989.71 13.00
2018-09-30 968.85 842.75 6.04
2018-06-30 969.32 882.25 6.93
2018-03-31 964.36 831.28 5.87
2017-12-31 958.30 824.79 5.75
2017-09-30 957.95 776.83 3.99
2017-06-30 948.22 879.52 12.83
2017-03-31 906.88 859.18 4.61
2016-12-31 869.57 884.71 5.71
2016-09-30 878.83 859.55 10.95
2016-06-30 819.98 856.33 3.17
2016-03-31 816.25 833.93 5.34
2015-12-31 816.36 802.95 6.87
2015-09-30 810.87 805.98 5.47
2015-06-30 807.04 823.46 6.49
2015-03-31 737.39 754.82 3.07
2014-12-31 733.72 715.03 5.74
2014-09-30 732.74 697.54 5.14
2014-06-30 726.77 723.56 11.39
2014-03-31 721.93 590.37 12.81
2013-12-31 659.98 591.57 31.89
2013-09-30 658.24 420.91 16.31
2013-06-30 601.50 403.80 12.94
  • Golub Capital BDC's level of debt (104.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (97.5% vs 104.3% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are not well covered by earnings (EBIT is 2.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Golub Capital 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. Golub Capital 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.

Dividends

 What is Golub Capital 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
15.14%
Current annual income from Golub Capital BDC dividends. Estimated to be 13.32% next year.
If you bought €2,000 of Golub Capital BDC shares you are expected to receive €303 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?
  • Golub Capital BDC's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.69%).
  • Golub Capital BDC's dividend is above the markets top 25% of dividend payers in Germany (4.85%).
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:OGL 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 4 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 318 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 4.8%

Industry and Market average data is calculated daily.

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

DB:OGL Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-09-30 1.22 4.00
2020-09-30 1.35 3.00
2020-04-03
DB:OGL Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-10 1.450 9.914
2019-11-25 1.450 7.929
2019-08-07 1.400 7.680
2019-02-06 1.400 7.784
2018-11-28 1.400 7.932
2018-08-08 1.360 7.284
2018-02-13 1.360 7.428
2017-11-20 1.360 7.385
2017-08-07 1.280 6.780
2017-02-08 1.280 6.544
2016-11-16 1.280 6.906
2016-08-03 1.280 6.913
2016-02-08 1.280 7.395
2016-02-05 1.280 8.317
2015-11-17 1.280 7.751
2015-08-05 1.280 7.692
2015-05-11 1.280 7.663
2015-02-06 1.280 7.276
2014-08-07 1.280 7.451
2014-05-08 1.280 7.513
2014-02-06 1.280 7.151
2013-12-03 1.280 6.967
2013-08-08 1.280 7.349
2013-05-03 1.280 7.203
2013-02-07 1.280 7.746
2012-11-29 1.280 8.045
2012-08-06 1.280 8.167
2012-05-02 1.280 8.603
2012-02-06 1.280 8.567
2011-12-08 1.280 8.262
2011-08-08 1.280 8.522
2011-05-05 1.280 8.352
2011-02-10 1.280 7.807
2010-12-13 1.240 7.350
2010-05-13 1.240 8.317

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Golub Capital BDC's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Golub Capital 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 Golub Capital BDC afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Golub Capital BDC has a total score of 4/6, see the detailed checks below.


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

Management

 What is the CEO of Golub Capital 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
David Golub
COMPENSATION $0
AGE 57
TENURE AS CEO 10.4 years
CEO Bio

Mr. David B Golub serves as President in GC OPAL Advisors LLC. He also serves as the President and Member of Board of Directors at Golub Capital LLC and has been the Vice Chairman from January 2004. Mr. Golub has been Chief Executive Officer and President at Golub Capital BDC 3 from August, 2017. He has been Chief Executive Officer of Golub Capital BDC, Inc. from November 2009 and served as its President and was its Chief Operating Officer. He has been President, CEO and Director of Golub Capital Investment Corporation from November 2014. Mr. Golub also serves as Director at Golub Capital BDC 3, Inc. He has been President and Chief Executive Officer of GCIC and GBDC 3 and serves on the board of directors of GCIC and GBDC 3 and has held such positions from November 2014 and August 2017, respectively. Mr. Golub is responsible for the overall management of Golub Capital. He has a particular expertise in securitization of financial assets. He serves as Vice President of Store Operation of The Golub Corporation. Prior to joining Golub Capital in 2003, Mr. Golub served as the Managing Director of Centre Partners Management LLC from 1995 to October 2003. From 1995 to 2000, he served as a Managing Director at Corporate Partners. Prior to that, Mr. Golub was in the Principal Investments Group at Shearson Lehman Brothers, Inc. He served as Chairman of Resource Capital Asset Management. He founded and served until 2004 as Chairman of Centre Pacific, LLC. He serves as a Director of Burton Snowboards, Manorhouse Management, Inc., The Burton Corporation and International Imaging Materials, Inc. He serves as a Member of the Advisory Board at Salmon River Capital LLC. He also serves on the Board of Governors at the National Parkinson Foundation, Inc. Mr. Golub is a member of the board of the Stanford University Graduate School of Business Trust. He has been Interested Director of Golub Capital BDC, Inc. since 2009. Mr. Golub served as the first Chairman and is a long-standing Director of the Michael J. Fox Foundation for Parkinson's Research and a Director of the Manorhouse Retirement Centers. He has been Director of Business Council of New York State Inc. from August 2012. He served as Vice Chairman at The Michael J. Fox Foundation for Parkinson's Research. Mr. Golub served as a Director of Golub Capital since 1995 and its affiliates. Mr. Golub served as a Director of Nationwide Credit, Inc. and has served on the Board of numerous public and private companies including Tyco Toys, Inc. and Dollar Financial. He served as Director at DFC Global Corp., from January 2005 to September 6, 2007. He also served as a Director of the Hudson Guild. He served as a Member of the Advisory Board at World Policy Institute. Mr. Golub received an M.Phil. in International Relations from the Oxford University in 1985, where he was a Marshall Scholar, an M.B.A. from the Stanford Graduate School of Business in 1987, where he was named an Arjay Miller Scholar; and an A.B., magna cum laude, in Government from the Harvard College in 1983.

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

Average tenure and age of the Golub Capital BDC management team in years:

9.3
Average Tenure
51
Average Age
  • The average tenure for the Golub Capital BDC management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

David Golub

TITLE
CEO & Director
AGE
57
TENURE
10.4 yrs

Ross Teune

TITLE
CFO & Treasurer
AGE
51
TENURE
9.3 yrs

Joshua Levinson

TITLE
Co-General Counsel
AGE
44
TENURE
8.7 yrs

Andy Steuerman

TITLE
Senior Managing Director of Golub Capital
AGE
51

Greg Cashman

TITLE
Senior Managing Director of Golub Capital
AGE
54

Christina Jamieson

TITLE
Head of Broadly Syndicated Loans

Brian Carroll

TITLE
Senior Vice President

Stefano Robertson

TITLE
Managing Director

Craig Petrusha

TITLE
Principal

Matt Fulk

TITLE
Principal
Board of Directors Tenure

Average tenure and age of the Golub Capital BDC board of directors in years:

10.3
Average Tenure
59
Average Age
  • The average tenure for the Golub Capital BDC board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Lawrence Golub

TITLE
Chairman of the Board
AGE
60
TENURE
10.4 yrs

David Golub

TITLE
CEO & Director
AGE
57
TENURE
11.3 yrs

Billy Webster

TITLE
Director
COMPENSATION
$81K
AGE
61
TENURE
10.3 yrs

Anita Rosenberg

TITLE
Director
COMPENSATION
$73K
AGE
55
TENURE
8.9 yrs

John Baily

TITLE
Director
COMPENSATION
$73K
AGE
75
TENURE
10 yrs

Ken Bernstein

TITLE
Director
COMPENSATION
$72K
AGE
58
TENURE
10.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Golub Capital BDC individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
13. Mar 20 Buy Anita Rosenberg Individual 12. Mar 20 12. Mar 20 18,500 €14.16 €261,978
12. Mar 20 Buy William Webster Individual 10. Mar 20 12. Mar 20 12,500 €14.77 €178,254
08. Jan 20 Buy State Teachers Retirement System of Ohio Company 07. Jan 20 07. Jan 20 403,046 €15.80 €6,368,643
X
Management checks
We assess Golub Capital 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. Golub Capital 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.

News

Simply Wall St News

Company Info

Description

Golub Capital BDC, Inc. is a business development company and operates as an externally managed closed-end non-diversified management investment company. It invests in debt and minority equity investments in middle-market companies that are, in most cases, sponsored by private equity investors. The company seeks to invest in the United States. It primarily invests in senior secured, one stop, unitranche, second lien, subordinated and mezzanine loans of middle-market companies, and warrants.

Details
Name: Golub Capital BDC, Inc.
OGL
Exchange: DB
Founded: 2009
$1,172,260,256
133,805,764
Website: http://www.golubcapitalbdc.com
Address: Golub Capital BDC, Inc.
Chicago,
Illinois, United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS GBDC Common Stock Nasdaq Global Select US USD 15. Apr 2010
DB OGL Common Stock Deutsche Boerse AG DE EUR 15. Apr 2010
LSE 0IZ6 Common Stock London Stock Exchange GB USD 15. Apr 2010
Number of employees
Current staff
Staff numbers
0
Golub Capital BDC employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 03:33
End of day share price update: 2020/04/02 00:00
Last estimates confirmation: 2020/04/02
Last earnings filing: 2020/02/10
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/09/30


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.