Discounted Cash Flow (DCF) Analysis Unlevered

Goldman Sachs BDC, Inc. (GSBD)

$13.77

-0.22 (-1.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,142.50 | 13.77 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 62.1043.29146.59170.09357.45656.391,205.342,213.384,064.467,463.61
Revenue (%)
EBITDA 82.2174.11217.45253.05428.35945.891,736.953,189.585,857.0610,755.38
EBITDA (%)
EBIT 82.2174.11217.45253.05312.49733.141,346.272,472.174,539.688,336.27
EBIT (%)
Depreciation ----115.86212.75390.68717.411,317.382,419.12
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 6.119.4132.1433.761,868.84782.651,437.192,639.134,846.268,899.24
Total Cash (%)
Account Receivables 9.575.8024.1923.3731.7889.17163.74300.68552.141,013.89
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 20.5320.4755.8560.75137.76252.98464.55853.061,566.472,876.53
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.77
Beta 1.261
Diluted Shares Outstanding 101.69
Cost of Debt
Tax Rate 1.91
After-tax Cost of Debt 4.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.453
Total Debt -
Total Equity 1,400.29
Total Capital 1,400.29
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 62.1043.29146.59170.09357.45656.391,205.342,213.384,064.467,463.61
EBITDA 82.2174.11217.45253.05428.35945.891,736.953,189.585,857.0610,755.38
EBIT 82.2174.11217.45253.05312.49733.141,346.272,472.174,539.688,336.27
Tax Rate 4.12%4.36%0.81%0.84%1.91%2.41%2.41%2.41%2.41%2.41%
EBIAT 78.8370.88215.69250.92306.52715.491,313.872,412.684,430.428,135.64
Depreciation ----115.86212.75390.68717.411,317.382,419.12
Accounts Receivable -3.77-18.400.83-8.41-57.39-74.57-136.94-251.46-461.76
Inventories ----------
Accounts Payable --0.0635.384.9077.01115.21211.57388.51713.421,310.06
Capital Expenditure ----------
UFCF -----986.071,841.553,381.656,209.7611,403.06
WACC
PV UFCF 900.931,537.272,579.184,327.257,260.10
SUM PV UFCF 16,604.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.45
Free cash flow (t + 1) 11,631.12
Terminal Value 156,122.42
Present Value of Terminal Value 99,400.01

Intrinsic Value

Enterprise Value 116,004.75
Net Debt -177.58
Equity Value 116,182.32
Shares Outstanding 101.69
Equity Value Per Share 1,142.50