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Oaktree Specialty Lending

DB:FFC
Snowflake Description

Undervalued with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FFC
DB
$457M
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Oaktree Specialty Lending Corporation is a business development company specializing in investments in middle market, bridge financing, first and second lien debt financing, mezzanine debt, senior and junior secured debt, expansions, sponsor-led acquisitions, and management buyouts in small and mid-sized companies. The last earnings update was 55 days ago. More info.


Add to Portfolio Compare Print
  • Oaktree 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.
  • Oaktree Specialty Lending has significant price volatility in the past 3 months.
FFC Share Price and Events
7 Day Returns
6.8%
DB:FFC
3%
DE Capital Markets
2.2%
DE Market
1 Year Returns
-38.8%
DB:FFC
-6.9%
DE Capital Markets
-17.2%
DE Market
FFC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Oaktree Specialty Lending (FFC) 6.8% -38.4% -41% -38.8% -31.4% -56.8%
DE Capital Markets 3% -17.7% -13.1% -6.9% -24.7% -54.9%
DE Market 2.2% -15.7% -24% -17.2% -23.3% -27.8%
1 Year Return vs Industry and Market
  • FFC underperformed the Capital Markets industry which returned -6.9% over the past year.
  • FFC underperformed the Market in Germany which returned -17.2% over the past year.
Price Volatility
FFC
Industry
5yr Volatility vs Market
Related Companies

FFC Value

 Is Oaktree 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 Oaktree 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 Oaktree Specialty Lending.

DB:FFC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= $6.55 * 6.7%
$0.44
Book Value of Equity per Share Median Book Value from the past 5 years. $6.55
Discount Rate (Cost of Equity) See below 6.7%
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:FFC
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))
= 0.753 (1 + (1- 21%) (117.46%))
1.302
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.3
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.302 * 5.44%)
6.7%

Discounted Cash Flow Calculation for DB:FFC using Excess Returns Model Model

The calculations below outline how an intrinsic value for Oaktree 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:FFC Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (6.7% – 6.7%) * $6.55)
$0.00
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.00 / (6.7% - -0.39%)
$-0.01
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $6.55 + $-0.01
$6.54
DB:FFC Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:FFC represents 0.87578x of NasdaqGS:OCSL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.87578x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 6.54 x 0.87578
€5.72
Value per share (EUR) From above. €5.72
Current discount Discount to share price of €2.82
= -1 x (€2.82 - €5.72) / €5.72
50.7%

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

Current Discount
Amount off the current price Oaktree Specialty Lending is available for.
Intrinsic value
>50%
Share price is €2.82 vs Future cash flow value of €5.72
Current Discount Checks
For Oaktree Specialty Lending to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Oaktree Specialty Lending's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Oaktree 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 Oaktree Specialty Lending's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Oaktree Specialty Lending's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:FFC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $0.80
NasdaqGS:OCSL Share Price ** NasdaqGS (2020-04-01) in USD $3.22
Germany Capital Markets Industry PE Ratio Median Figure of 16 Publicly-Listed Capital Markets Companies 22.55x
Germany Market PE Ratio Median Figure of 398 Publicly-Listed Companies 16.76x

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

** Primary Listing of Oaktree Specialty Lending.

DB:FFC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:OCSL Share Price ÷ EPS (both in USD)

= 3.22 ÷ 0.80

4.04x

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

  • Oaktree Specialty Lending is good value based on earnings compared to the DE Capital Markets industry average.
  • Oaktree Specialty Lending is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Oaktree Specialty Lending's expected growth come at a high price?
Raw Data
DB:FFC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.04x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
-12.1%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 6 Publicly-Listed Capital Markets Companies 1.59x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 4.04x ÷ -12.1%

-0.33x

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

  • Oaktree 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 Oaktree Specialty Lending's assets?
Raw Data
DB:FFC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $6.61
NasdaqGS:OCSL Share Price * NasdaqGS (2020-04-01) in USD $3.22
Germany Capital Markets Industry PB Ratio Median Figure of 31 Publicly-Listed Capital Markets Companies 1.5x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.44x
DB:FFC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:OCSL Share Price ÷ Book Value per Share (both in USD)

= 3.22 ÷ 6.61

0.49x

* Primary Listing of Oaktree Specialty Lending.

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

  • Oaktree Specialty Lending is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Oaktree 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. Oaktree 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.

FFC Future Performance

 How is Oaktree Specialty Lending expected to perform in the next 1 to 3 years based on estimates from 7 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
-12.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Oaktree Specialty Lending expected to grow at an attractive rate?
  • Oaktree 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
  • Oaktree Specialty Lending's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Oaktree Specialty Lending's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:FFC Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:FFC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts -12.1%
DB:FFC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 3.6%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 39.4%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 0.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*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:FFC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:FFC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-09-30 138 64 7
2020-09-30 128 59 7
2020-04-01
DB:FFC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 140 85 112
2019-09-30 148 216 126
2019-06-30 151 83 146
2019-03-31 147 56 150
2018-12-31 143 80 105
2018-09-30 139 54 47
2018-06-30 136 279 -112
2018-03-31 149 283 -142
2017-12-31 160 374 -153
2017-09-30 178 487 -197
2017-06-30 201 410 -75
2017-03-31 221 367 -74

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Oaktree Specialty Lending's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Oaktree Specialty Lending's revenue is expected to grow by 3.6% 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:FFC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Oaktree Specialty Lending Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:FFC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-09-30 0.46 0.52 0.40 8.00
2020-09-30 0.41 0.47 0.37 7.00
2020-04-01
DB:FFC Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 0.80
2019-09-30 0.89
2019-06-30 1.03
2019-03-31 1.06
2018-12-31 0.74
2018-09-30 0.33
2018-06-30 -0.79
2018-03-31 -1.01
2017-12-31 -1.09
2017-09-30 -1.39
2017-06-30 -0.53
2017-03-31 -0.52

*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.
  • Unable to establish if Oaktree Specialty Lending will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Oaktree 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.
Oaktree Specialty Lending has a total score of 0/6, 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.

FFC Past Performance

  How has Oaktree 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 Oaktree 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.
  • Oaktree Specialty Lending has delivered over 20% year on year earnings growth in the past 5 years.
  • Oaktree Specialty Lending's 1-year earnings growth is less than its 5-year average (7% vs 20.8%)
  • Oaktree Specialty Lending's earnings growth has exceeded the DE Capital Markets industry average in the past year (7% vs 3.2%).
Earnings and Revenue History
Oaktree 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 Oaktree Specialty Lending Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:FFC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 140.39 112.29 51.90
2019-09-30 147.70 126.16 47.37
2019-06-30 151.41 145.52 47.96
2019-03-31 146.59 149.79 44.61
2018-12-31 143.12 104.92 44.03
2018-09-30 138.72 46.76 42.95
2018-06-30 136.23 -112.04 42.58
2018-03-31 149.30 -142.35 47.72
2017-12-31 160.08 -153.17 51.73
2017-09-30 177.96 -196.97 56.63
2017-06-30 201.39 -74.93 55.22
2017-03-31 220.50 -74.09 71.85
2016-12-31 234.51 -77.91 68.04
2016-09-30 247.87 -66.56 86.45
2016-06-30 252.48 -65.51 88.53
2016-03-31 258.36 -39.78 81.09
2015-12-31 265.26 -19.02 93.44
2015-09-30 265.48 15.40 93.88
2015-06-30 277.92 46.22 97.01
2015-03-31 282.30 46.00 98.42
2014-12-31 287.96 50.36 99.95
2014-09-30 293.95 112.53 99.92
2014-06-30 274.83 110.23 93.83
2014-03-31 258.60 115.95 87.46
2013-12-31 241.16 117.68 80.02
2013-09-30 221.61 101.82 73.19
2013-06-30 207.05 102.76 68.10

*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.
  • Oaktree Specialty Lending has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Oaktree Specialty Lending used its assets more efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Oaktree Specialty Lending's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Oaktree 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.
Oaktree Specialty Lending has a total score of 3/6, 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.

FFC Health

 How is Oaktree 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 Oaktree Specialty Lending's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Oaktree Specialty Lending's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Oaktree Specialty Lending's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Oaktree 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 0.1x 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 Oaktree Specialty Lending Company Filings, last reported 3 months ago.

DB:FFC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 931.08 536.47 21.53
2019-09-30 930.63 473.37 15.41
2019-06-30 930.05 537.28 5.64
2019-03-31 923.46 592.18 12.82
2018-12-31 872.36 607.14 56.19
2018-09-30 858.04 637.21 13.38
2018-06-30 838.10 607.08 56.62
2018-03-31 827.23 579.43 7.95
2017-12-31 819.60 623.09 45.44
2017-09-30 867.66 675.37 53.02
2017-06-30 1,010.75 910.73 143.62
2017-03-31 1,019.63 887.58 84.57
2016-12-31 1,030.27 1,070.60 179.84
2016-09-30 1,142.29 1,149.34 117.92
2016-06-30 1,184.38 1,222.37 138.11
2016-03-31 1,225.97 1,166.27 122.27
2015-12-31 1,263.11 1,154.84 82.59
2015-09-30 1,353.09 1,198.80 138.38
2015-06-30 1,400.63 1,087.49 180.58
2015-03-31 1,407.77 1,284.73 108.75
2014-12-31 1,405.63 1,389.86 64.26
2014-09-30 1,478.48 1,152.08 86.73
2014-06-30 1,351.32 1,330.86 74.66
2014-03-31 1,365.30 1,374.32 45.40
2013-12-31 1,369.97 1,051.23 42.60
2013-09-30 1,368.87 646.00 143.29
2013-06-30 1,197.27 674.00 59.62
  • Oaktree Specialty Lending's level of debt (57.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (98.8% vs 57.6% today).
  • Debt is not well covered by operating cash flow (15.9%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.9x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Oaktree 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. Oaktree 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.

FFC Dividends

 What is Oaktree 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
11.8%
Current annual income from Oaktree Specialty Lending dividends. Estimated to be 11.97% next year.
If you bought €2,000 of Oaktree Specialty Lending shares you are expected to receive €236 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?
  • Oaktree Specialty Lending's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • Oaktree Specialty Lending's dividend is above the markets top 25% of dividend payers in Germany (4.87%).
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:FFC 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 7 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 3.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

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

DB:FFC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-09-30 0.39 7.00
2020-09-30 0.38 7.00
2020-04-01
DB:FFC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-11-20 0.380 7.917
2018-11-29 0.400 7.826
2017-11-29 0.465 9.887
2017-02-09 0.500 10.320
2016-10-24 0.720 13.088
2016-02-09 0.720 13.570
2015-12-01 0.787 13.382
2014-11-26 1.100 16.035
2014-07-07 1.100 11.769
2014-02-06 1.000 10.544
2013-08-07 1.150 11.589
2013-05-08 1.150 10.841
2013-01-15 1.150 10.647
2012-11-28 1.150 10.860
2012-08-08 1.150 10.773
2012-05-08 1.150 11.732
2012-02-08 1.214 12.418
2011-11-14 1.247 12.662
2011-08-03 1.279 13.352
2011-05-04 1.279 10.850
2011-01-31 1.060 7.972
2010-12-02 1.060 8.741
2010-08-04 1.040 9.472
2009-11-13 1.080 9.591
2009-08-05 1.000 9.658
2009-04-15 1.000 11.217

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Oaktree Specialty Lending's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Oaktree 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 Oaktree Specialty Lending afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Oaktree 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.

FFC Management

 What is the CEO of Oaktree 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
Armen Panossian
AGE 42
TENURE AS CEO 0.6 years
CEO Bio

Mr. Armen Panossian, J.D. serves as Chief Executive Officer and Chief Investment Officer at Oaktree Specialty Lending Corporation since September 30, 2019. He serves as Chairman of the Board, Chief Executive Officer, Chief Investment Officer and Director at Oaktree Strategic Income II, Inc. since September 30, 2019. He serves as Chief Executive Officer and Chief Investment Officer at Oaktree Strategic Income Corporation. He serves as a Head of Liquid Credit since May 2019, Managing Director and Portfolio Manager at Oaktree Capital Management, L.P. As Portfolio Manager he looks after for Oaktree’s U.S. Senior Loan strategy. He also oversees the firm’s Structured Credit, U.S., European and Global High Yield Bond, European Senior Loan, and U.S., Non-U.S. and High Income Convertibles strategies. Mr. Panossian joined the Oaktree Capital Management, L.P. in 2007 as a Member of the Distressed and Value Opportunities team where he contributed to the analysis and portfolio construction of its funds. He is currently a part of United States Senior Loans. as a senior member of its Distressed Debt investment team. In January 2014, Mr. Panossian joined the U.S. Senior Loan team as a Co-Portfolio Manager and lead the development of Oaktree’s CLO business. He joined the firm from Pequot Capital Management, where he spent three years and served as a Vice President, working on their distressed debt strategy. Mr. Panossian's prior experience includes two years as a Financial Analyst in the Mergers and Acquisitions Department at Morgan Stanley Dean Witter. He received a B.A. degree in Economics with honors and distinction from Stanford University, where he was elected to Phi Beta Kappa. Mr. Panossian then went on to receive an M.S. degree in Health Service Research from Stanford Medical School and J.D. and M.B.A. degrees from Harvard Law School and Harvard Business School, respectively. He is fluent in Armenian and proficient in Spanish.

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

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

2.1
Average Tenure
50
Average Age
  • The tenure for the Oaktree Specialty Lending management team is about average.
Management Team

Sunny Khorana

TITLE
Managing Director of Origination
AGE
46

Armen Panossian

TITLE
CEO & Chief Investment Officer
AGE
42
TENURE
0.6 yrs

Matt Pendo

TITLE
President & COO
AGE
55
TENURE
0.7 yrs

Mel Carlisle

TITLE
CFO & Treasurer
AGE
50
TENURE
2.5 yrs

Michael Mosticchio

TITLE
Investor Relations

Kim Larin

TITLE
Chief Compliance Officer
AGE
50
TENURE
2.5 yrs

Brian Finkelstein

TITLE
Managing Director

Greg Browne

TITLE
Managing Director of Healthcare Leveraged Finance Origination
TENURE
9 yrs

Eric Johnson

TITLE
Managing Director
TENURE
2.1 yrs

Aman Kumar

TITLE
Senior Vice President
TENURE
2.1 yrs
Board of Directors Tenure

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

2.5
Average Tenure
62
Average Age
  • The average tenure for the Oaktree Specialty Lending board of directors is less than 3 years, this suggests a new board.
Board of Directors

John Frank

TITLE
Chairman of the Board
AGE
62
TENURE
2.5 yrs

Richard Ruben

TITLE
Independent Director
AGE
63
TENURE
2.5 yrs

Bruce Zimmerman

TITLE
Lead Independent Director
AGE
61
TENURE
2.3 yrs

Craig Jacobson

TITLE
Independent Director
AGE
66
TENURE
2.5 yrs

Deborah Gero

TITLE
Independent Director
AGE
59
TENURE
1.1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Oaktree 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 Craig Jacobson Individual 12. Mar 20 12. Mar 20 25,705 €3.54 €91,093
11. Mar 20 Buy Mathew Pendo Individual 10. Mar 20 10. Mar 20 6,500 €4.02 €26,114
11. Mar 20 Buy Mel Carlisle Individual 09. Mar 20 09. Mar 20 5,000 €4.03 €20,142
10. Mar 20 Buy Deborah Gero Individual 09. Mar 20 09. Mar 20 2,000 €3.97 €7,936
03. Mar 20 Buy Mel Carlisle Individual 28. Feb 20 28. Feb 20 5,000 €4.52 €22,596
28. Feb 20 Buy Deborah Gero Individual 27. Feb 20 27. Feb 20 2,000 €4.71 €9,430
27. Feb 20 Buy Mel Carlisle Individual 25. Feb 20 25. Feb 20 5,000 €4.81 €24,037
25. Feb 20 Buy Deborah Gero Individual 21. Feb 20 21. Feb 20 4,000 €4.90 €19,582
14. Jan 20 Sell Fifth Street Holdings L.P. Company 10. Jan 20 10. Jan 20 -36,837 €4.92 €-181,347
10. Jan 20 Sell Fifth Street Holdings L.P. Company 13. Dec 19 09. Jan 20 -142,836 €4.94 €-704,292
08. Jan 20 Sell Fifth Street Holdings L.P. Company 06. Jan 20 07. Jan 20 -121,759 €4.90 €-596,553
06. Jan 20 Sell Fifth Street Holdings L.P. Company 02. Jan 20 03. Jan 20 -163,980 €4.89 €-801,430
26. Dec 19 Sell Fifth Street Holdings L.P. Company 20. Dec 19 23. Dec 19 -186,500 €4.96 €-920,694
11. Apr 19 Sell Leonard Tannenbaum Individual 09. Apr 19 10. Apr 19 -50,550 €4.71 €-238,174
09. Apr 19 Sell Leonard Tannenbaum Individual 05. Apr 19 08. Apr 19 -13,140 €4.71 €-61,864
20. Dec 19 Sell Fifth Street Holdings L.P. Company 18. Dec 19 18. Dec 19 -135,300 €4.91 €-663,884
18. Dec 19 Sell Fifth Street Holdings L.P. Company 16. Dec 19 17. Dec 19 -370,046 €4.84 €-1,785,253
16. Dec 19 Sell Fifth Street Holdings L.P. Company 12. Dec 19 12. Dec 19 -42,900 €4.72 €-202,622
16. Dec 19 Buy Deborah Gero Individual 12. Dec 19 12. Dec 19 2,000 €4.72 €9,449
16. Dec 19 Buy Mathew Pendo Individual 12. Dec 19 12. Dec 19 5,990 €4.72 €28,281
05. Dec 19 Buy Armen Panossian Individual 03. Dec 19 03. Dec 19 17,500 €4.74 €82,915
03. Dec 19 Sell Fifth Street Holdings L.P. Company 02. Dec 19 02. Dec 19 -600 €4.78 €-2,868
21. Nov 19 Sell Fifth Street Holdings L.P. Company 20. Nov 19 21. Nov 19 -378,199 €4.75 €-1,795,800
26. Nov 19 Buy Deborah Gero Individual 22. Nov 19 22. Nov 19 5,000 €4.75 €23,752
20. Nov 19 Sell Fifth Street Holdings L.P. Company 18. Nov 19 19. Nov 19 -198,500 €4.77 €-944,748
18. Nov 19 Sell Fifth Street Holdings L.P. Company 14. Nov 19 15. Nov 19 -133,800 €4.79 €-638,688
14. Nov 19 Sell Fifth Street Holdings L.P. Company 12. Nov 19 13. Nov 19 -150,261 €4.78 €-717,610
01. Oct 19 Sell Fifth Street Holdings L.P. Company 27. Sep 19 27. Sep 19 -38 €4.80 €-182
01. Oct 19 Sell Fifth Street Holdings L.P. Company 30. Sep 19 30. Sep 19 -84 €4.81 €-404
23. Sep 19 Sell Fifth Street Holdings L.P. Company 19. Sep 19 19. Sep 19 -200 €4.75 €-950
18. Sep 19 Sell Fifth Street Holdings L.P. Company 16. Sep 19 17. Sep 19 -22,725 €4.76 €-108,146
30. Aug 19 Buy Deborah Gero Individual 28. Aug 19 28. Aug 19 2,000 €4.60 €9,198
15. Aug 19 Buy Deborah Gero Individual 13. Aug 19 13. Aug 19 2,000 €4.58 €9,166
10. Jul 19 Sell Fifth Street Holdings L.P. Company 09. Jul 19 09. Jul 19 -1,200 €4.82 €-5,788
09. Jul 19 Sell Fifth Street Holdings L.P. Company 05. Jul 19 08. Jul 19 -59,284 €4.84 €-286,905
05. Jul 19 Sell Fifth Street Holdings L.P. Company 02. Jul 19 03. Jul 19 -38,964 €4.85 €-188,272
02. Jul 19 Sell Fifth Street Holdings L.P. Company 28. Jun 19 01. Jul 19 -55,430 €4.79 €-265,250
28. Jun 19 Sell Fifth Street Holdings L.P. Company 26. Jun 19 27. Jun 19 -52,105 €4.76 €-247,651
25. Jun 19 Sell Fifth Street Holdings L.P. Company 21. Jun 19 24. Jun 19 -70,253 €4.76 €-334,017
20. Jun 19 Sell Fifth Street Holdings L.P. Company 19. Jun 19 20. Jun 19 -59,357 €4.79 €-284,477
19. Jun 19 Sell Fifth Street Holdings L.P. Company 17. Jun 19 18. Jun 19 -57,834 €4.86 €-281,141
17. Jun 19 Sell Fifth Street Holdings L.P. Company 13. Jun 19 14. Jun 19 -98,032 €4.87 €-474,001
13. Jun 19 Buy Deborah Gero Individual 12. Jun 19 12. Jun 19 2,000 €4.82 €9,639
07. Jun 19 Buy Deborah Gero Individual 06. Jun 19 06. Jun 19 3,000 €4.82 €14,451
30. May 19 Sell Fifth Street Holdings L.P. Company 24. May 19 24. May 19 -19,420 €4.95 €-96,063
23. May 19 Sell Fifth Street Holdings L.P. Company 22. May 19 23. May 19 -65,072 €5.04 €-323,600
22. May 19 Sell Fifth Street Holdings L.P. Company 20. May 19 21. May 19 -48,700 €5.06 €-246,088
20. May 19 Sell Fifth Street Holdings L.P. Company 16. May 19 17. May 19 -178,945 €5.10 €-911,336
16. May 19 Sell Fifth Street Holdings L.P. Company 14. May 19 15. May 19 -126,736 €4.93 €-623,191
16. May 19 Buy Deborah Gero Individual 14. May 19 14. May 19 2,000 €4.89 €9,772
13. May 19 Sell Fifth Street Holdings L.P. Company 10. May 19 13. May 19 -149,700 €4.88 €-731,004
10. May 19 Sell Fifth Street Holdings L.P. Company 08. May 19 09. May 19 -364,900 €4.86 €-1,772,246
11. Apr 19 Sell Fifth Street Holdings L.P. Company 09. Apr 19 10. Apr 19 -50,551 €4.71 €-238,178
09. Apr 19 Sell Fifth Street Holdings L.P. Company 05. Apr 19 08. Apr 19 -13,141 €4.71 €-61,869
X
Management checks
We assess Oaktree 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. Oaktree 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.

FFC News

Simply Wall St News

FFC Company Info

Description

Oaktree Specialty Lending Corporation is a business development company specializing in investments in middle market, bridge financing, first and second lien debt financing, mezzanine debt, senior and junior secured debt, expansions, sponsor-led acquisitions, and management buyouts in small and mid-sized companies. The fund seeks to invest in education services, business services, retail and consumer, healthcare, manufacturing, food and restaurants, construction and engineering, and media and advertising sectors. It invests between $5 million to $75 million principally in the form of one-stop, first lien, and second lien debt investments, which may include an equity co-investment component in companies with enterprise value between $20 million and $150 million and EBITDA between $3 million and $50 million. The fund has a hold size of up to $75 million and may underwrite transactions up to $100 million. It primarily invests in North America. The fund seeks to be a lead investor in its portfolio companies.

Details
Name: Oaktree Specialty Lending Corporation
FFC
Exchange: DB
Founded: 2007
$415,608,383
140,960,651
Website: http://www.oaktreespecialtylending.com
Address: Oaktree Specialty Lending Corporation
333 South Grand Avenue,
28th Floor,
Los Angeles,
California, 90071,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS OCSL Common Stock Nasdaq Global Select US USD 12. Jun 2008
DB FFC Common Stock Deutsche Boerse AG DE EUR 12. Jun 2008
Number of employees
Current staff
Staff numbers
0
Oaktree Specialty Lending employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/01 22:26
End of day share price update: 2020/04/01 00:00
Last estimates confirmation: 2020/03/31
Last earnings filing: 2020/02/06
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/09/30


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.