Professor Edward Altman Collaborates with Golub Capital on New Middle Market Index
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Excerpt: The Golub Capital Altman Index measures the actual revenue and EBITDA (earnings before interest, taxes, depreciation and amortization) growth of U.S. middle market private companies for the first two months of each calendar quarter and provides insight into anticipated quarterly performance of US public companies. The Golub Capital Altman Index is based on aggregated data from approximately 150 companies in the loan portfolio of Golub Capital, a leading middle market lender.
Reported shortly before public company quarterly earnings season, the performance of the Golub Capital Altman Index has been highly correlated with the median growth rates in revenue and EBITDA of the companies in the S&P 500, S&P SmallCap 600, and Russell 2000 indexes, as well as quarterly Gross Domestic Product (GDP), since data began to be tracked in 2012.
Produced by Golub Capital in collaboration with Dr. Edward I. Altmani , the Max L. Heine Professor of Finance at the NYU Stern School of Business and a global authority on corporate credit investments, the index (1) is representative of the general performance of middle market companies, which are a major contributor to U.S. private sector output and employment,ii (2) can be easily compared to the performance of the public companies that make up major stock market indexes, (3) is relevant to the aggregate economic performance of the U.S. economy, and (4) provides timely information for the investment community.
The latest report, along with a white paper detailing the methodology used to create the index, is available here.
Reported shortly before public company quarterly earnings season, the performance of the Golub Capital Altman Index has been highly correlated with the median growth rates in revenue and EBITDA of the companies in the S&P 500, S&P SmallCap 600, and Russell 2000 indexes, as well as quarterly Gross Domestic Product (GDP), since data began to be tracked in 2012.
Produced by Golub Capital in collaboration with Dr. Edward I. Altmani , the Max L. Heine Professor of Finance at the NYU Stern School of Business and a global authority on corporate credit investments, the index (1) is representative of the general performance of middle market companies, which are a major contributor to U.S. private sector output and employment,ii (2) can be easily compared to the performance of the public companies that make up major stock market indexes, (3) is relevant to the aggregate economic performance of the U.S. economy, and (4) provides timely information for the investment community.
The latest report, along with a white paper detailing the methodology used to create the index, is available here.