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TPG Specialty Lending

DB:1T6
Snowflake Description

Undervalued with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1T6
DB
$983M
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

TPG Specialty Lending, Inc. is a business development company. The last earnings update was 38 days ago. More info.


Add to Portfolio Compare Print
  • TPG Specialty Lending is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • TPG Specialty Lending has significant price volatility in the past 3 months.
1T6 Share Price and Events
7 Day Returns
5.5%
DB:1T6
12.3%
DE Capital Markets
7.2%
DE Market
1 Year Returns
-25.4%
DB:1T6
-8.8%
DE Capital Markets
-17.5%
DE Market
1T6 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
TPG Specialty Lending (1T6) 5.5% -32.7% -30.6% -25.4% -29.1% -17.8%
DE Capital Markets 12.3% -26.5% -16.8% -8.8% -29% -56.3%
DE Market 7.2% -22.3% -26.1% -17.5% -25.7% -29.1%
1 Year Return vs Industry and Market
  • 1T6 underperformed the Capital Markets industry which returned -8.8% over the past year.
  • 1T6 underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
1T6
Industry
5yr Volatility vs Market
Related Companies

1T6 Value

 Is TPG Specialty Lending undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of TPG Specialty Lending to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for TPG Specialty Lending.

DB:1T6 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 7 analysts.
= Stable Book Value * Return on Equity
= $16.91 * 12%
$2.04
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. $16.91
Discount Rate (Cost of Equity) See below 6.6%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:1T6
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.754 (1 + (1- 21%) (111.37%))
1.28
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.28
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.28 * 5.44%)
6.57%

Discounted Cash Flow Calculation for DB:1T6 using Excess Returns Model Model

The calculations below outline how an intrinsic value for TPG Specialty Lending is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:1T6 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12% – 6.57%) * $16.91)
$0.92
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.92 / (6.57% - -0.39%)
$13.28
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $16.91 + $13.28
$30.19
DB:1T6 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:1T6 represents 0.90482x of NYSE:TSLX
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.90482x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 30.19 x 0.90482
€27.32
Value per share (EUR) From above. €27.32
Current discount Discount to share price of €13.33
= -1 x (€13.33 - €27.32) / €27.32
51.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price TPG Specialty Lending is available for.
Intrinsic value
>50%
Share price is €13.33 vs Future cash flow value of €27.32
Current Discount Checks
For TPG Specialty Lending to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • TPG Specialty Lending's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • TPG Specialty Lending's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for TPG Specialty Lending's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are TPG Specialty Lending's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:1T6 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $2.34
NYSE:TSLX Share Price ** NYSE (2020-03-27) in USD $14.73
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 21.49x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.49x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of TPG Specialty Lending.

DB:1T6 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:TSLX Share Price ÷ EPS (both in USD)

= 14.73 ÷ 2.34

6.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TPG Specialty Lending is good value based on earnings compared to the DE Capital Markets industry average.
  • TPG Specialty Lending is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does TPG Specialty Lending's expected growth come at a high price?
Raw Data
DB:1T6 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
-5.9%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.49x
Germany Market PEG Ratio Median Figure of 252 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

DB:1T6 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.3x ÷ -5.9%

-1.08x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TPG Specialty Lending earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on TPG Specialty Lending's assets?
Raw Data
DB:1T6 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $16.83
NYSE:TSLX Share Price * NYSE (2020-03-27) in USD $14.73
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.61x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.42x
DB:1T6 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:TSLX Share Price ÷ Book Value per Share (both in USD)

= 14.73 ÷ 16.83

0.88x

* Primary Listing of TPG Specialty Lending.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TPG Specialty Lending is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess TPG Specialty Lending's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. TPG Specialty Lending has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

1T6 Future Performance

 How is TPG Specialty Lending expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-5.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is TPG Specialty Lending expected to grow at an attractive rate?
  • TPG Specialty Lending's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • TPG Specialty Lending's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • TPG Specialty Lending's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:1T6 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:1T6 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts -5.9%
DB:1T6 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 5.1%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 41.2%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:1T6 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:1T6 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 278 76 138 7
2020-12-31 267 53 133 8
2020-03-28
DB:1T6 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 251 -378 155
2019-09-30 260 68 131
2019-06-30 253 29 138
2019-03-31 257 201 124
2018-12-31 262 119 119
2018-09-30 236 -285 132
2018-06-30 225 -263 119
2018-03-31 218 -187 117
2017-12-31 211 82 112
2017-09-30 212 209 118
2017-06-30 213 182 130
2017-03-31 201 95 148

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • TPG Specialty Lending's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • TPG Specialty Lending's revenue is expected to grow by 5.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:1T6 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from TPG Specialty Lending Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:1T6 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 2.02 2.12 1.94 7.00
2020-12-31 1.96 2.06 1.84 9.00
2020-03-28
DB:1T6 Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 2.34
2019-09-30 1.99
2019-06-30 2.11
2019-03-31 1.90
2018-12-31 1.86
2018-09-30 2.10
2018-06-30 1.93
2018-03-31 1.94
2017-12-31 1.86
2017-09-30 1.96
2017-06-30 2.17
2017-03-31 2.48

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • TPG Specialty Lending is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess TPG Specialty Lending's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
TPG Specialty Lending has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

1T6 Past Performance

  How has TPG Specialty Lending performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare TPG Specialty Lending's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • TPG Specialty Lending's year on year earnings growth rate has been positive over the past 5 years.
  • TPG Specialty Lending's 1-year earnings growth exceeds its 5-year average (29.9% vs 12.5%)
  • TPG Specialty Lending's earnings growth has exceeded the DE Capital Markets industry average in the past year (29.9% vs 5.1%).
Earnings and Revenue History
TPG Specialty Lending's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from TPG Specialty Lending Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:1T6 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 251.50 154.58 70.35
2019-09-30 259.70 131.11 71.06
2019-06-30 252.66 138.15 69.93
2019-03-31 256.63 123.93 70.41
2018-12-31 261.91 119.02 71.89
2018-09-30 236.00 131.53 66.71
2018-06-30 225.30 118.91 63.90
2018-03-31 217.72 117.17 62.21
2017-12-31 210.90 111.61 60.36
2017-09-30 211.78 117.59 61.36
2017-06-30 213.39 129.70 62.67
2017-03-31 200.61 147.51 60.73
2016-12-31 192.41 137.01 59.74
2016-09-30 186.26 99.94 59.41
2016-06-30 179.12 72.40 55.36
2016-03-31 178.44 56.87 56.02
2015-12-31 173.42 63.57 54.61
2015-09-30 175.63 81.72 50.57
2015-06-30 167.26 90.98 49.17
2015-03-31 167.57 84.17 46.64
2014-12-31 163.32 85.05 42.62
2014-09-30 145.11 92.30 39.37
2014-06-30 130.01 89.96 34.25
2014-03-31 105.29 76.87 27.41
2013-12-31 92.61 66.98 24.44
2013-09-30 83.21 58.39 22.19
2013-06-30 74.47 55.71 21.06
2013-03-31 64.84 49.27 18.92

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • TPG Specialty Lending has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • TPG Specialty Lending used its assets more efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • TPG Specialty Lending's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess TPG Specialty Lending's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
TPG Specialty Lending has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

1T6 Health

 How is TPG Specialty Lending's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up TPG Specialty Lending's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • TPG Specialty Lending's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • TPG Specialty Lending's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of TPG Specialty Lending's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from TPG Specialty Lending Company Filings, last reported 2 months ago.

DB:1T6 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,119.30 1,094.47 4.83
2019-09-30 1,108.26 902.31 3.15
2019-06-30 1,101.64 929.86 5.00
2019-03-31 1,074.06 724.52 4.03
2018-12-31 1,063.20 608.01 3.27
2018-09-30 1,073.18 877.40 4.65
2018-06-30 1,062.04 858.19 3.13
2018-03-31 1,043.97 835.91 3.17
2017-12-31 969.28 703.43 3.52
2017-09-30 966.74 564.56 6.15
2017-06-30 968.10 572.16 14.19
2017-03-31 959.64 604.00 4.65
2016-12-31 952.21 680.71 4.94
2016-09-30 940.47 680.12 5.43
2016-06-30 924.02 663.93 5.91
2016-03-31 894.67 626.06 5.67
2015-12-31 820.74 642.42 2.83
2015-09-30 843.97 538.62 5.48
2015-06-30 855.29 557.15 2.76
2015-03-31 841.53 485.22 4.00
2014-12-31 835.41 395.86 3.43
2014-09-30 838.89 382.20 9.16
2014-06-30 837.43 296.39 7.25
2014-03-31 804.76 402.08 28.80
2013-12-31 574.70 432.27 3.47
2013-09-30 561.09 338.27 19.64
2013-06-30 526.55 378.97 111.47
2013-03-31 519.35 263.66 164.67
  • TPG Specialty Lending's level of debt (97.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (47.5% vs 97.8% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are well covered by earnings (EBIT is 4.5x coverage).
X
Financial health checks
We assess TPG Specialty Lending's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. TPG Specialty Lending has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

1T6 Dividends

 What is TPG Specialty Lending's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
12.29%
Current annual income from TPG Specialty Lending dividends. Estimated to be 13.96% next year.
If you bought €2,000 of TPG Specialty Lending shares you are expected to receive €246 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • TPG Specialty Lending's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • TPG Specialty Lending's dividend is above the markets top 25% of dividend payers in Germany (4.96%).
Upcoming dividend payment

Purchase TPG Specialty Lending before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:1T6 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 320 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:1T6 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.83 5.00
2020-12-31 2.34 4.00
2020-03-28
DB:1T6 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-19 1.810 10.190
2019-02-20 1.780 8.633
2018-02-21 1.750 9.157
2017-11-07 1.920 9.683
2017-05-04 1.720 8.325
2017-02-22 1.560 7.727
2016-11-07 1.560 8.359
2016-08-03 1.560 8.667
2016-02-24 1.560 9.444
2015-08-04 1.560 9.280
2015-05-28 1.530 8.631
2015-02-24 1.530 8.491
2014-08-04 1.540 8.970
2014-05-08 1.540 7.672
2014-03-26 1.560 8.993

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TPG Specialty Lending has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but TPG Specialty Lending only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of TPG Specialty Lending's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess TPG Specialty Lending's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can TPG Specialty Lending afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. TPG Specialty Lending has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

1T6 Management

 What is the CEO of TPG Specialty Lending's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Josh Easterly
AGE 43
TENURE AS CEO 6.3 years
CEO Bio

Mr. Joshua Easterly has been Chief Executive Officer of TPG Specialty Lending, Inc. since January 2018. He serves as the Co-Chief Investment Officer at TSL Advisers, LLC. Mr. Easterly serves as the Co-Chief Investment Officer of The Specialty Lending Team at TPG Capital, L.P.; TPG Opportunities Partners II, L.P.; and TPG Opportunity Fund III, L.P. He served as Co-Chief Executive Officer at TPG Specialty Lending, Inc. since December 2013 until December 31, 2017. He serves as a Partner at and TPG Special Situations Partners (“TSSP”). He served as Vice President at TPG Specialty Lending, Inc. Mr. Easterly’s has depth of experience investing in a variety of distressed and special situations transactions as well as extensive knowledge of the business and operations. Between 2008 and 2010, he was a Managing Director at Goldman, Sachs & Co. in the Americas Special Situations Group. He served as Co-Head of Specialty Lending Group at The Goldman Sachs Group, Inc. From 2006 to 2008, he served as a Director and Co-Head of the Goldman Sachs Specialty Lending Group. Prior to joining Goldman, Sachs & Co. in March 2006, Mr. Easterly served as a Senior Vice President, Northeast Regional Originations Manager at Wells Fargo Foothill. He has been the Chairman of the Board at TPG Specialty Lending, Inc. since March 2011. Mr. Easterly graduated from California State University, Fresno with a B.S. degree in Business Administration, magna cum laude.

CEO Compensation
  • Insufficient data for Josh to compare compensation growth.
  • Insufficient data for Josh to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the TPG Specialty Lending management team in years:

4.3
Average Tenure
44
Average Age
  • The tenure for the TPG Specialty Lending management team is about average.
Management Team

Josh Easterly

TITLE
Chairman of the Board & CEO
AGE
43
TENURE
6.3 yrs

Bo Stanley

TITLE
President
AGE
44
TENURE
3.8 yrs

Ian Simmonds

TITLE
Chief Financial Officer
AGE
46
TENURE
4.3 yrs

Michael Graf

TITLE
VP, Controller & Principal Accounting Officer
AGE
37

Lucy Lu

TITLE
Investor Relations Vice President

Ken Burke

TITLE
Chief Compliance Officer
AGE
36
TENURE
1.2 yrs

Mike Fishman

TITLE
VP & Director
AGE
56

Steven Pluss

TITLE
Vice President
AGE
56
TENURE
6.2 yrs
Board of Directors Tenure

Average tenure and age of the TPG Specialty Lending board of directors in years:

8.9
Average Tenure
56
Average Age
  • The tenure for the TPG Specialty Lending board of directors is about average.
Board of Directors

Josh Easterly

TITLE
Chairman of the Board & CEO
AGE
43
TENURE
9 yrs

Mike Fishman

TITLE
VP & Director
AGE
56
TENURE
8.9 yrs

John Ross

TITLE
Independent Director
COMPENSATION
$142K
AGE
74
TENURE
9 yrs

Richard Higginbotham

TITLE
Independent Director
COMPENSATION
$142K
AGE
71
TENURE
9 yrs

David Stiepleman

TITLE
Director
AGE
47
TENURE
0.5 yrs

Ronald Tanemura

TITLE
Independent Director
COMPENSATION
$132K
AGE
56
TENURE
9 yrs

Jennifer Gordon

TITLE
Director
AGE
43
TENURE
1.2 yrs

Hurley H. Doddy

TITLE
Independent Director
TENURE
1.2 yrs

Judy Slotkin

TITLE
Director
AGE
66
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by TPG Specialty Lending individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
16. Mar 20 Buy Hurley H. Doddy Individual 12. Mar 20 12. Mar 20 250 €14.58 €3,644
16. Mar 20 Buy Kenneth Burke Individual 12. Mar 20 12. Mar 20 1,000 €15.64 €15,639
16. Mar 20 Buy Steven Pluss Individual 12. Mar 20 12. Mar 20 15,000 €15.69 €235,391
12. Mar 20 Buy John Ross Individual 10. Mar 20 11. Mar 20 4,000 €17.36 €69,109
18. Mar 20 Buy Robert Stanley Individual 02. Mar 20 02. Mar 20 11,000 €19.31 €212,437
19. Aug 19 Buy Hurley H. Doddy Individual 15. Aug 19 15. Aug 19 2,500 €18.24 €45,593
14. May 19 Buy Hurley H. Doddy Individual 10. May 19 10. May 19 2,100 €17.62 €36,992
X
Management checks
We assess TPG Specialty Lending's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. TPG Specialty Lending has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

1T6 News

Simply Wall St News

1T6 Company Info

Description

TPG Specialty Lending, Inc. is a business development company. The fund provides senior secured loans (first-lien, second-lien, and unitranche), mezzanine debt, non-control structured equity, and common equity with a focus on co-investments for organic growth, acquisitions, market or product expansion, restructuring initiatives, recapitalizations, and refinancing. The fund invests in business services, software & technology, healthcare, energy, consumer & retail, manufacturing, industrials, royalty related businesses, education, and specialty finance. It seeks to finance middle market companies principally located in the United States. The fund invests in companies with enterprise value between $50 million and $1 billion or more and EBITDA between $10 million and $250 million. The transaction size is between $15 million and $350 million. The fund invests across the spectrum of the capital structure and can arrange syndicated transactions of up to $500 million and hold sizeable positions within its credits.

Details
Name: TPG Specialty Lending, Inc.
1T6
Exchange: DB
Founded: 2010
$886,361,858
66,719,061
Website: http://www.tpgspecialtylending.com
Address: TPG Specialty Lending, Inc.
345 California Street,
Suite 3300,
San Francisco,
California, 94104,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE TSLX Common Stock New York Stock Exchange US USD 21. Mar 2014
DB 1T6 Common Stock Deutsche Boerse AG DE EUR 21. Mar 2014
Number of employees
Current staff
Staff numbers
0
TPG Specialty Lending employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/28 22:30
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/03/25
Last earnings filing: 2020/02/19
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.