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Prospect Capital's Updated Dividend And NAV Sustainability Analysis - Part 2 (Includes Fiscal Year 2019 Monthly Dividend Projections)

Published Mon, 31 Dec 2018 01:43:58 -0500 on Seeking Alpha

Author’s Note: PART 2 of this article is a continuation from PART 1 which was discussed in a previous publication. Please see PART 1 of this article for a detailed discussion on the dividend sustainability of Prospect Capital Corp. (PSEC). PART 1 helps lead to a better understanding of the topics/trends that will be discussed in PART 2. The link to PART 1’s analysis is provided below:
Prospect Capital's Updated Dividend And NAV Sustainability Analysis - Part 1 (Includes Fiscal Year 2019 Monthly Dividend Projections)
This two-part article is a very detailed analysis of PSEC’s dividend and net asset value (“NAV”) sustainability. I have continued to cover this “in-depth” topic due to the number of readers who have specifically requested such an analysis be performed on PSEC at periodic intervals. There was an even greater number of requests for this specific analysis this quarter due to PSEC’s recent earnings report and the notable sell-off within the business development company (BDC) sector as a whole in December. For readers who just want the summarized conclusions/results, I would suggest scrolling down to the “Conclusions Drawn” section at the bottom of each part of the article.
Focus of PART 2 of Article:
PART 1 of this article analyzed PSEC’s past and projected performance for the fiscal year 2019 regarding the company’s quarterly NII, net ICTI, and cumulative UTI figures (including three... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
APOLLO INVESTMENT 14.22   14.8 0.96 1.80 12.63
NEWTEK BUSINESS SERVICES 19.30   0.0 0.00 2.00 10.59
OAKTREE SPECIALTY LENDING 4.90   0.0 -1.39 0.50 10.02
ARES CAPITAL 16.34   7.4 2.20 1.56 9.58
SOLAR CAPITAL 19.96   11.2 1.78 1.64 8.19
GLADSTONE INVESTMENT 10.54   3.4 3.12 0.82 7.88
PENNANTPARK FLOATING RATE CAPITAL 12.59   14.6 0.86 0.95 7.64
OAKTREE STRATEGIC INCOME 8.27   12.0 0.69 0.62 7.49
GOLUB CAPITAL BDC 17.60   12.8 1.37 1.28 7.41
MAIN STREET CAPITAL 36.03   9.7 3.70 2.34 6.71