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
Stock DCF: 491.06 | 15.75 | undervalue

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 56.1362.1043.29146.59170.09270.03428.69680.571,080.441,715.27
Revenue (%)
EBITDA 70.7182.2174.11217.45253.05392.45623.03989.101,570.252,492.86
EBITDA (%)
EBIT -----392.45623.03989.101,570.252,492.86
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 11.616.119.4132.1433.7650.7880.62127.99203.19322.58
Total Cash (%)
Account Receivables 12.019.575.8024.1923.3743.4468.96109.48173.80275.92
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 19.7520.5320.4755.8560.75102.26162.34257.73409.16649.56
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 56.1362.1043.29146.59170.09270.03428.69680.571,080.441,715.27
EBITDA 70.7182.2174.11217.45253.05392.45623.03989.101,570.252,492.86
EBIT -----392.45623.03989.101,570.252,492.86
Tax Rate 3.04%4.12%4.36%0.81%0.84%2.63%2.63%2.63%2.63%2.63%
EBIAT -----382.12606.63963.061,528.922,427.25
Depreciation ----------
Accounts Receivable -2.443.77-18.400.83-20.07-25.52-40.52-64.32-102.12
Inventories ----------
Accounts Payable -0.78-0.0635.384.9041.5060.0895.39151.43240.40
Capital Expenditure ----------
UFCF -----403.55641.191,017.931,616.032,565.54
WACC
PV UFCF 380.17569.05851.061,272.821,903.61
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