Discounted Cash Flow (DCF) Analysis Levered
Goldman Sachs BDC, Inc. (GSBD)
$15.75
-0.13 (-0.82%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 56.13 | 62.10 | 43.29 | 146.59 | 170.09 | 270.03 | 428.69 | 680.57 | 1,080.44 | 1,715.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -49.30 | -49.24 | -35.27 | 165.78 | -29.86 | -82.66 | -131.23 | -208.34 | -330.75 | -525.08 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | - | - | - | - | - | -82.66 | -131.23 | -208.34 | -330.75 | -525.08 |
Weighted Average Cost Of Capital
| Share price | $ 15.75 |
|---|---|
| Beta | 1.264 |
| Diluted Shares Outstanding | 101.69 |
| Cost of Debt | |
| Tax Rate | 0.84 |
| After-tax Cost of Debt | 3.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.640 |
| Total Debt | 1,861.43 |
| Total Equity | 1,601.63 |
| Total Capital | 3,463.06 |
| Debt Weighting | 53.75 |
| Equity Weighting | 46.25 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 56.13 | 62.10 | 43.29 | 146.59 | 170.09 | 270.03 | 428.69 | 680.57 | 1,080.44 | 1,715.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -49.30 | -49.24 | -35.27 | 165.78 | -29.86 | -82.66 | -131.23 | -208.34 | -330.75 | -525.08 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | -82.66 | -131.23 | -208.34 | -330.75 | -525.08 |
| WACC | ||||||||||
| PV LFCF | -57.78 | -86.42 | -129.24 | -193.29 | -289.08 | |||||
| SUM PV LFCF | -1,018.63 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.15 |
| Free cash flow (t + 1) | -535.58 |
| Terminal Value | -12,905.51 |
| Present Value of Terminal Value | -9,575.80 |
Intrinsic Value
| Enterprise Value | -10,594.43 |
|---|---|
| Net Debt | 1,827.66 |
| Equity Value | -12,422.09 |
| Shares Outstanding | 101.69 |
| Equity Value Per Share | -122.16 |