Discounted Cash Flow (DCF) Analysis Unlevered
Goldman Sachs BDC, Inc. (GSBD)
$15.75
-0.13 (-0.82%)
All numbers are in Millions, Currency in USD
Operating Data
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 (%) | ||||||||||
| EBITDA | 70.71 | 82.21 | 74.11 | 217.45 | 253.05 | 392.45 | 623.03 | 989.10 | 1,570.25 | 2,492.86 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 392.45 | 623.03 | 989.10 | 1,570.25 | 2,492.86 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 11.61 | 6.11 | 9.41 | 32.14 | 33.76 | 50.78 | 80.62 | 127.99 | 203.19 | 322.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 12.01 | 9.57 | 5.80 | 24.19 | 23.37 | 43.44 | 68.96 | 109.48 | 173.80 | 275.92 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 19.75 | 20.53 | 20.47 | 55.85 | 60.75 | 102.26 | 162.34 | 257.73 | 409.16 | 649.56 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
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
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 70.71 | 82.21 | 74.11 | 217.45 | 253.05 | 392.45 | 623.03 | 989.10 | 1,570.25 | 2,492.86 |
| EBIT | - | - | - | - | - | 392.45 | 623.03 | 989.10 | 1,570.25 | 2,492.86 |
| Tax Rate | 3.04% | 4.12% | 4.36% | 0.81% | 0.84% | 2.63% | 2.63% | 2.63% | 2.63% | 2.63% |
| EBIAT | - | - | - | - | - | 382.12 | 606.63 | 963.06 | 1,528.92 | 2,427.25 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 2.44 | 3.77 | -18.40 | 0.83 | -20.07 | -25.52 | -40.52 | -64.32 | -102.12 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.78 | -0.06 | 35.38 | 4.90 | 41.50 | 60.08 | 95.39 | 151.43 | 240.40 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 403.55 | 641.19 | 1,017.93 | 1,616.03 | 2,565.54 |
| WACC | ||||||||||
| PV UFCF | 380.17 | 569.05 | 851.06 | 1,272.82 | 1,903.61 | |||||
| SUM PV UFCF | 4,976.71 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.15 |
| Free cash flow (t + 1) | 2,616.85 |
| Terminal Value | 63,056.53 |
| Present Value of Terminal Value | 46,787.52 |
Intrinsic Value
| Enterprise Value | 51,764.23 |
|---|---|
| Net Debt | 1,827.66 |
| Equity Value | 49,936.57 |
| Shares Outstanding | 101.69 |
| Equity Value Per Share | 491.06 |