GSBD: Recap: Divvy Back in Play

研报英文原文证据摘录

GSBD: Recap: Divvy Back in Play

BDC Equity Research

Wells Fargo Express Takeaways

Goldman Sachs BDC, Inc. (GSBD) | Rating: Underweight | Price Target: $8.00

Analyst: Finian P. O'Shea

Financials Investment Thesis

We rate shares of GSBD Underweight on recent credit experienceFY (Dec) 2026E 2027E 2028E

$ and a likely challenged path in rotating out of its legacy portfolio

ESTIMATES and restructured credits as the origination machine now looks more

EPS senior on new deals.

Q1 0.22 A 0.27 E 0.27 E

Q2 0.27 E 0.27 E 0.26 E

Q3 0.27 E 0.27 E 0.26 E Risk vs. Reward – Upside/Downside Price Target Scenarios

Q4 0.27 E 0.27 E 0.25 E

AN 1.03 E 1.08 E 1.04 E

Rev. (MM) 309.1 E 295.0 E 281.2 E Upside Scenario $10.00

WELLS FARGO vs. CONSENSUS

Consensus Estimate 1.23 E 1.19 E 1.08 E Base Case $8.00 * $9.28

Difference from Consensus (9.5)% (3.2)%

Downside Scenario $7.00

VALUATION

P/E 9.0x 8.6x 8.9x

$6 $7 $8 $9 $12EV/Revenue 9.4x 9.8x 10.3x

Consensus Estimate: EPS; Source: FactSet

Source: Company Data, Wells Fargo Securities estimates, and Factset.

NA = Not Available, NE = No Estimate *As of 05/08/26

Source: Wells Fargo Securities, LLC estimates and Factset.

Base Case | $8.00 Upside Scenario | $10.00 Downside Scenario | $7.00

Based on recently challenged credit and An upside scenario in the near term likely A downside scenario in the near term likely

restructured content, we estimate GSBD involves improved credit performance involves weakening credit performance

shares should trade to $8, reflecting a 13% and contracting credit spreads. In such an and widening credit spreads. In such an

yield on forward NOI. environment, we'd expect GSBD shares environment, we'd expect GSBD shares to

to re-rate to an 11% NOI yield, or $10 per re-rate to a 15% NOI yield, or $7 per share.

share.