Golub Capital BDC, Inc. (GBDC) vs Sprott Inc. (SII)

Golub Capital BDC, Inc. and Sprott Inc. are both Asset Management companies. Golub Capital BDC, Inc. and Sprott Inc. are of similar size ($3.2B and $3.2B). Golub Capital BDC, Inc. trades at the lower P/E: 19.2× against 30.5×. Sprott Inc. grew revenue faster over the last twelve months: 102.2% against −8.73%. Sprott Inc. has the higher net margin (26.4% vs 21.5%) and the higher return on invested capital (44.7% vs 2.81%). Both pay a dividend; Golub Capital BDC, Inc. yields more (9.10% vs 2.72%). Across the 22 metrics below, Golub Capital BDC, Inc. leads on 12 and Sprott Inc. on 10.

Valuation

Metric GBDC SII Asset Management median
P/E 19.17 30.48 14.62
P/S 4.05 8.02 2.97
P/B 0.88 8.17 0.94
Price to free cash flow 3.53 63.59 8.93
EV/EBITDA 13.25 20.65 10.32
EV/Sales 10.27 7.59 5.72
Earnings yield 5.22% 3.28% 4.53%
Free cash flow yield 28.34% 1.57% 4.65%

Profitability

Metric GBDC SII Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 78.18% 36.07% 33.03%
Net margin 21.45% 26.36% 13.53%
Free cash flow margin 114.85% 34.94% 12.44%
Return on equity 4.46% 28.57% 4.83%
Return on assets 1.95% 22.06% 1.57%
Return on invested capital 2.81% 44.69% 3.04%

Growth

Metric GBDC SII Asset Management median
Revenue growth (TTM) (8.73%) 102.23% 6.97%
EPS growth (last fiscal year) 4.41% 36.65% —
Revenue growth, 5-year CAGR 23.84% 18.54% 12.13%
Net income growth, 5-year CAGR 47.00% 20.08% 0.00%

Health

Metric GBDC SII Asset Management median
Debt to equity 1.22 0.00 0.42
Current ratio 1.33 3.43 1.28
Net debt to EBITDA 6.94 (1.26) 1.06

Dividend

Metric GBDC SII Asset Management median
Dividend yield 9.10% 2.72% 6.92%
Payout ratio 1.33 0.73 0.77

Size

Metric GBDC SII Asset Management median
Market cap 3.22b 3.20b 721.34m

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