Investment firm Goldman Sachs BDC Q3 EPS declines

Overview

• Goldman Sachs BDC Q3 EPS at $0.22 vs $0.32 year ago

• Net asset value per share decreased 2.1% to $12.75

• The direct lending Business Development Company (BDC) repurchased 2.1 mln shares for $25.1 mln in Q3

Outlook

• Company did not provide specific guidance for future quarters or full year in its press release

Result Drivers

• NON-ACCRUAL STATUS - Co placed 1st Lien/Senior Secured Debt in Vardiman Black Holdings on non-accrual status due to financial underperformance

• NEGATIVE NET FUNDED ACTIVITY - Co reported net funded investment activity of $(59.8) million due to higher sales and repayments

• HIGH SECURED DEBT - 98.2% of investment portfolio comprised of senior secured debt, including 96.7% in first lien investments

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the corporate financial services peer group is "buy."

• Wall Street's median 12-month price target for Goldman Sachs BDC Inc is $10.75, about 9.4% above its November 6 closing price of $9.74

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago

Press Release: ID:nBw4P62n4a

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