Company Valuation: Sixth Street Specialty Lending, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,710 1,442 1,891 1,988 2,052 1,695 - -
Change - -15.7% 31.18% 5.11% 3.26% -17.4% - -
Enterprise Value (EV) 1 2,880 2,858 3,646 3,861 3,776 3,408 3,470 1,695
Change - -0.77% 27.59% 5.91% -2.21% -9.74% 1.8% -51.14%
P/E 8.38x 12.9x 8.28x 10.5x 12x 17.4x 9.9x 9.82x
PBR 1.39x 1.08x 1.27x 1.24x 1.28x 1.09x 1.09x -
PEG - -0.3x 0.1x -0.5x -1.1x -0.4x 0.1x 12.34x
Capitalization / Revenue 6.14x 4.66x 4.32x 4.12x 4.57x 4.37x 4.21x 4.25x
EV / Revenue 10.3x 9.24x 8.32x 8x 8.41x 8.79x 8.61x 4.25x
EV / EBITDA - - - - - - - -
EV / EBIT 15.9x 12.3x 11x 10.2x 10.9x 18.1x 19.5x -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 3.59 1.84 1.84 1.84 2.05 1.73 1.735 1.705
Rate of return 15.3% 10.3% 8.52% 8.64% 9.44% 9.73% 9.76% 9.59%
EPS 2 2.79 1.38 2.61 2.03 1.81 1.024 1.796 1.81
Distribution rate 129% 133% 70.5% 90.6% 113% 169% 96.6% 94.2%
Net sales 1 278.6 309.3 438.1 482.5 449.1 387.6 403.1 398.8
EBITDA - - - - - - - -
EBIT 1 181.4 231.9 332.5 378.1 344.9 188.7 178 -
Net income 1 211.8 108.1 222 186.6 170.5 95.89 171.2 174.5
Net Debt 1 1,170 1,416 1,755 1,874 1,724 1,713 1,774 -
Reference price 2 23.39 17.80 21.60 21.30 21.72 17.78 17.78 17.78
Nbr of stocks (in thousands) 73,104 80,983 87,546 93,318 94,494 95,343 - -
Announcement Date 2/17/22 2/16/23 2/15/24 2/13/25 2/12/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.36x8.79x - 9.73% 1.7B
Average 17.36x 8.79x 9.73% 1.7B
Weighted average by Cap. 17.36x 8.79x 9.73%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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