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Ares Capital's NAV, Dividend, And Valuation Versus 14 BDC Peers - Part 2 (Post Q2 2019 Earnings)

Published Thu, 12 Sep 2019 07:38:21 -0400 on Seeking Alpha

Author’s Note: PART 1 of this article analyzed Ares Capital Corp.’s (ARCC) recent quarterly results and compared several of the company’s metrics to fourteen business development company (“BDC”) peers. PART 1 helps lead to a better understanding of the topics and analysis that will be discussed in PART 2. The link to PART 1’s analysis is provided below:
Ares Capital's NAV, Dividend, And Valuation Vs. 13 BDC Peers - Part 1 (Post Q2 2019 Earnings)
Focus of Article:
The focus of this two-part article is a very detailed analysis comparing ARCC to some of the company’s BDC peers (all sector peers I currently cover). I am writing this two-part article due to the continued requests that such an analysis be specifically performed on ARCC and some of the company’s BDC peers at periodic intervals. 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.
The focus of PART 2 of this article is to compare ARCC’s recent dividend per share rates, yield percentages, and several other highly unique dividend sustainability metrics to fourteen BDC peers. This analysis will show recent past data with supporting documentation within Table 3 below. This article will also project each company’s near-term dividend sustainability which is partially based on the metrics shown in Table 3 and several additional metrics shown in Table 4 below.
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Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
PROSPECT CAPITAL 6.71   16.8 0.40 0.72 10.76
APOLLO INVESTMENT 16.78   14.2 1.18 1.80 10.73
TCP CAPITAL 13.75   29.3 0.47 1.44 10.48
OAKTREE SPECIALTY LENDING 4.90   0.0 -1.39 0.50 10.02
PENNANTPARK FLOATING RATE CAPITAL 11.68   30.0 0.39 1.14 9.81
NEWTEK BUSINESS SERVICES 22.91   0.0 0.00 2.32 8.09
SOLAR CAPITAL 20.87   12.4 1.69 1.64 7.93
OAKTREE STRATEGIC INCOME 8.10   19.8 0.41 0.62 7.51
GOLUB CAPITAL BDC 18.55   15.7 1.18 1.28 6.89
GLADSTONE INVESTMENT 12.34   7.4 1.67 0.82 6.73
MEDLEY CAPITAL 2.61   0.0 -1.62 0.15 5.81
MAIN STREET CAPITAL 43.18   16.8 2.57 2.46 5.69
MEDLEY MANAGEMENT 3.38   0.0 -0.36 0.12 3.56
BLACKROCK 434.75   16.5 26.34 13.20 3.08