Definitive Analysis | Institutional-Grade Financial Research
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

Golub Capital BDC, Inc. (GBDC)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$33.38 - $89.11$51.14
Multi-Stage$24.76 - $26.94$25.83
Blended Fair Value$38.49
Current Price$13.69
Upside181.12%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS21.97%19.89%1.381.270.720.580.520.510.280.270.290.22
YoY Growth--8.88%76.63%23.36%11.56%1.98%81.17%5.97%-7.45%29.02%-0.87%
Dividend Yield--10.11%8.39%4.77%4.43%3.39%3.63%1.53%1.62%1.59%1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)376.65
(-) Cash Dividends Paid (M)368.21
(=) Cash Retained (M)8.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)75.3347.0828.25
Cash Retained (M)8.448.448.44
(-) Cash Required (M)-75.33-47.08-28.25
(=) Excess Retained (M)-66.89-38.64-19.81
(/) Shares Outstanding (M)266.00266.00266.00
(=) Excess Retained per Share-0.25-0.15-0.07
LTM Dividend per Share1.381.381.38
(+) Excess Retained per Share-0.25-0.15-0.07
(=) Adjusted Dividend1.131.241.31
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.50%6.50%7.50%
Fair Value$33.38$51.14$89.11
Upside / Downside143.84%273.58%550.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)376.65401.13427.20454.97484.54516.04531.52
Payout Ratio97.76%96.21%94.66%93.10%91.55%90.00%92.50%
Projected Dividends (M)368.21385.92404.37423.59443.61464.43491.65

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)350.47353.79357.11
Year 2 PV (M)333.50339.85346.26
Year 3 PV (M)317.27326.37335.65
Year 4 PV (M)301.74313.34325.28
Year 5 PV (M)286.89300.74315.13
PV of Terminal Value (M)4,995.115,236.385,486.88
Equity Value (M)6,584.986,870.487,166.32
Shares Outstanding (M)266.00266.00266.00
Fair Value$24.76$25.83$26.94
Upside / Downside80.83%88.67%96.79%

High-Yield Dividend Screener

« Prev Page 5 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
PFEPfizer Inc.6.75%$1.7098.83%
COGCabot Oil & Gas Corporation6.71%$1.4952.20%
VZVerizon Communications Inc.6.66%$2.7057.56%
ACAssociated Capital Group, Inc.6.63%$2.2186.94%
VACMarriott Vacations Worldwide Corporation6.62%$3.9078.61%
SSTKShutterstock, Inc.6.61%$1.2475.34%
EPDEnterprise Products Partners L.P.6.60%$2.1280.06%
SXCSunCoke Energy, Inc.6.57%$0.4863.44%
DINDine Brands Global, Inc.6.56%$2.1890.98%
CBLCBL & Associates Properties, Inc.6.54%$2.4261.13%
CRICarter's, Inc.6.47%$2.1585.39%
KYNKayne Anderson Energy Infrastructure Fund, Inc.6.47%$0.8035.36%
SMMCXWestern Asset Managed Municipals Fund Class C6.45%$0.9671.65%
HESMHess Midstream LP6.39%$2.2187.39%
WRB-PFW.R. Berkley Corporation 5.10%6.38%$1.2726.69%
RMTRoyce Micro-Cap Trust, Inc.6.37%$0.6732.29%
PNFPIMCO New York Municipal Income Fund6.30%$0.4854.92%
ENREnergizer Holdings, Inc.6.29%$1.2536.44%
UPSUnited Parcel Service, Inc.6.29%$6.3598.06%
NWBINorthwest Bancshares, Inc.6.27%$0.7593.81%
UIHCUnited Insurance Holdings Corp.6.27%$0.485.99%
TROWT. Rowe Price Group, Inc.6.24%$6.5369.41%
JRSHJerash Holdings (US), Inc.6.20%$0.190.52%
MUABlackRock MuniAssets Fund, Inc.6.14%$0.6673.39%
VKIInvesco Advantage Municipal Income Trust II6.11%$0.5676.68%
GL-PDGlobe Life Inc. 4.25% Junior Su6.10%$1.037.35%
CLNYColony Capital, Inc.6.07%$0.5213.43%
OMFOneMain Holdings, Inc.6.07%$4.2071.06%
VICIVICI Properties Inc.6.07%$1.7165.54%
IMMRImmersion Corporation6.06%$0.3914.22%
KRNYKearny Financial Corp.5.99%$0.4493.99%
DMFBNY Mellon Municipal Income, Inc.5.97%$0.4129.64%
UNBUnion Bankshares, Inc.5.96%$1.4157.02%
ARTMXArtisan Mid Cap Fund Inv Shs5.91%$1.9591.77%
SABASaba Capital Income & Opportunities Fund II5.87%$0.4924.55%
BRDBeard Energy Transition Acquisition Corp.5.86%$0.6395.51%
ETRNEquitrans Midstream Corporation5.81%$0.7269.91%
EHLDVEuroholdings Ltd5.80%$0.285.02%
REPXRiley Exploration Permian, Inc.5.80%$1.5438.01%
AIIAmerican Integrity Insurance Group, Inc.5.79%$1.1726.25%
VRTSVirtus Investment Partners, Inc.5.75%$9.3547.12%
CXHMFS Investment Grade Municipal Trust5.74%$0.4680.40%
GESGuess', Inc.5.72%$0.9661.52%
KRCKilroy Realty Corporation5.71%$2.1779.80%
WRB-PEW. R. Berkley Corporation 5.70% SB DB 20585.68%$1.2726.69%
LEOBNY Mellon Strategic Municipals, Inc.5.66%$0.3637.22%
WLYBJohn Wiley & Sons, Inc.5.64%$1.7692.90%
KMPBKemper Corporation 5.875% Fixed5.60%$1.3132.45%
CBTXCBTX, Inc.5.56%$1.6354.55%
0HST.LCampbell Soup Company5.53%$1.5580.10%