UPDATE: Oppenheimer Starts Golub Capital BDC (GBDC) at Outperform
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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."
Shares of Golub Capital BDC closed at $15.17 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesGolub Capital, Earnings
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