Sunday, December 1, 2013

Premium Reports

I have organized BDCs into Dividend Coverage Tiers and Risk Levels, taking into account my base, worst and best case core earnings projections as well as leverage potential and reduced yield scenarios. The following chart shows some of the premium reports that are currently available and how they work together.

bdc research reports pricing

See sample research report views below.

Types of Reports:
  • Individual BDC Projections (8 to 20 pages) - Taking into account the latest equity or debt offerings as well as any preliminary results released by the company.  For the larger BDCs I try to turnaround the new information before markets open the next day with my personal recommendations.  These reports include:
    • Base case projections over the next three quarters
    • Worst and best cases projections
    • Potential for dividend changes (increased/decreased) and/or special dividends
    • Interest rate sensitivity analysis (100, 200, 300 basis points)
    • Leverage and lower yield dividend coverage analysis (based on new capital structure)
    • Future equity offering forecasts
  • Special Reports -  address specific issues or provide general rankings and side by side analysis
    • Interest Rate Sensitivity Comparison
      • Compares the impact to each BDC for 100, 200, 300 basis point rate increases
    • Suggested BDC Portfolios:
      • Risk averse
      • Total return
      • Recommended higher yield
      • High-yield
    • Overall BDC Rankings 
      •  Risk (portfolio quality and vintage, diversification, repayment exposure, rate sensitivity, credit performance, effective leverage ratios)
      • Profitability (historical and projected dividend coverage, yield compression sustainability, EPS growth, operation cost efficiency)
      • Return (risk adjusted, regular/special dividends,sustainable and growing, NAV growth)
      • Valuation (NAV, earnings, growth rates, total return, appropriate yields)
    • Dividend Coverage Tiers 
      • Base, best and worst case scenarios
      • Optimal leverage and portfolio yield
      • Historical
    •  BDC Pricing & Charts
      • Appropriate yield for risk and dividend coverage levels
      • NAV and earnings multiples
      • Risk adjusted total returns
    • BDC Risk Profiles
      • Comparison of "true" first-lien
      • Exposure to oil/energy, CLOs, subordianted debt and SLPs
      • Reaching for yield vs. strong dividend coverage
      • Quality of management measures
      • Fee structures and shareholder alignment
      • Vintage analysis
    • Portfolio yield compression analysis
    • Earnings projections (base, worst and best cases) and dividend coverage
  •  My Personal BDC Positions
    • Current positions and allocations
    • Intended purchases/sales and pricing
    • List of recent changes to the portfolio
  • New BDCs Added to Coverage
    • Previews for subscribers only with pricing, projections, risk, returns. etc.

  • $195 for all reports through December 31, 2018. (includes all reports from previous quarter)
  • $295 for all reports through March 31, 2019.
  • $450 for all reports through September 30, 2019.

There are currently around 40 reports available including full projections for 24 BDCs (currently AINV, ARCC, BBDC, CCT, CGBD, FDUS, FSIC, GAIN, GBDC, GLAD, GSBD, HTGC, MAIN, MCC, MRCC, NMFC, OCSL, PFLT, PNNT, PSEC, SUNS,  TCPC, TCRD, TPVG, and TSLX are available) with base, best and worst case scenarios.

Please allow up to 24 hours (on weekends and holidays) to receive information to access all reports and email me directly if you have questions:

New Subscriber Options:
Email to send account info:

Sample Views

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