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
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 | 62.10 | 43.29 | 146.59 | 170.09 | 357.45 | 656.39 | 1,205.34 | 2,213.38 | 4,064.46 | 7,463.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 82.21 | 74.11 | 217.45 | 253.05 | 428.35 | 945.89 | 1,736.95 | 3,189.58 | 5,857.06 | 10,755.38 |
| EBITDA (%) | ||||||||||
| EBIT | 82.21 | 74.11 | 217.45 | 253.05 | 312.49 | 733.14 | 1,346.27 | 2,472.17 | 4,539.68 | 8,336.27 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | 115.86 | 212.75 | 390.68 | 717.41 | 1,317.38 | 2,419.12 |
| 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 | 6.11 | 9.41 | 32.14 | 33.76 | 1,868.84 | 782.65 | 1,437.19 | 2,639.13 | 4,846.26 | 8,899.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 9.57 | 5.80 | 24.19 | 23.37 | 31.78 | 89.17 | 163.74 | 300.68 | 552.14 | 1,013.89 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 20.53 | 20.47 | 55.85 | 60.75 | 137.76 | 252.98 | 464.55 | 853.06 | 1,566.47 | 2,876.53 |
| 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 | 62.10 | 43.29 | 146.59 | 170.09 | 357.45 | 656.39 | 1,205.34 | 2,213.38 | 4,064.46 | 7,463.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 82.21 | 74.11 | 217.45 | 253.05 | 428.35 | 945.89 | 1,736.95 | 3,189.58 | 5,857.06 | 10,755.38 |
| EBIT | 82.21 | 74.11 | 217.45 | 253.05 | 312.49 | 733.14 | 1,346.27 | 2,472.17 | 4,539.68 | 8,336.27 |
| Tax Rate | 4.12% | 4.36% | 0.81% | 0.84% | 1.91% | 2.41% | 2.41% | 2.41% | 2.41% | 2.41% |
| EBIAT | 78.83 | 70.88 | 215.69 | 250.92 | 306.52 | 715.49 | 1,313.87 | 2,412.68 | 4,430.42 | 8,135.64 |
| Depreciation | - | - | - | - | 115.86 | 212.75 | 390.68 | 717.41 | 1,317.38 | 2,419.12 |
| Accounts Receivable | - | 3.77 | -18.40 | 0.83 | -8.41 | -57.39 | -74.57 | -136.94 | -251.46 | -461.76 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.06 | 35.38 | 4.90 | 77.01 | 115.21 | 211.57 | 388.51 | 713.42 | 1,310.06 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 986.07 | 1,841.55 | 3,381.65 | 6,209.76 | 11,403.06 |
| WACC | ||||||||||
| PV UFCF | 900.93 | 1,537.27 | 2,579.18 | 4,327.25 | 7,260.10 | |||||
| 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 |