UPDATE: Oppenheimer Starts Golub Capital BDC (GBDC) at Outperform

September 21, 2021 4:04 PM EDT
Get Alerts GBDC Hot Sheet
Price: $15.99 +0.06%

Rating Summary:
    4 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 10 | New: 47
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(Updated - September 21, 2021 4:08 PM EDT)

Oppenheimer analyst Mitchel Penn initiates coverage on Golub Capital BDC (NASDAQ: GBDC) with a Outperform rating and a price target of $16.00.

The analyst comments "Golub Capital BDC, Inc. is an externally managed RIC-BDC that invests primarily in middle market businesses in the form of senior secured and one-stop loans as well as, to a lesser extent, junior debt, and equity investments. We are forecasting earnings per share of $1.89 and $1.20 for 2021 and 2022, respectively, which would equate to an ROE of 13.2% and 8.0%. Our 2021 EPS estimate reflects actual net realized/ unrealized gains and losses; while our 2022 EPS estimate does not. We project that Golub can earn a 9% ROE, and given an estimated cost of equity capital of 8.5%, we calculate a fair value of $16/share or 1.06x book value. Given the stock trading around $15, we are initiating coverage with an Outperform rating."

For an analyst ratings summary and ratings history on Golub Capital BDC click here. For more ratings news on Golub Capital BDC click here.

Shares of Golub Capital BDC closed at $15.17 yesterday.

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