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PennantPark Floating Rate Capital

Nasdaq:PFLT
Snowflake Description

Very undervalued with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PFLT
Nasdaq
$173M
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

PennantPark Floating Rate Capital Ltd. is a business development company. The last earnings update was 60 days ago. More info.


Add to Portfolio Compare Print
  • PennantPark Floating Rate Capital is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • PennantPark Floating Rate Capital has significant price volatility in the past 3 months.
PFLT Share Price and Events
7 Day Returns
-19.3%
NasdaqGS:PFLT
-1.2%
US Capital Markets
-2%
US Market
1 Year Returns
-65.6%
NasdaqGS:PFLT
-14.1%
US Capital Markets
-15.1%
US Market
PFLT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
PennantPark Floating Rate Capital (PFLT) -19.3% -60.3% -63.8% -65.6% -67.7% -68.4%
US Capital Markets -1.2% -19.8% -24.6% -14.1% 1% 18.8%
US Market -2% -19.7% -23.2% -15.1% 3.7% 14.4%
1 Year Return vs Industry and Market
  • PFLT underperformed the Capital Markets industry which returned -14.1% over the past year.
  • PFLT underperformed the Market in United States of America which returned -15.1% over the past year.
Price Volatility
PFLT
Industry
5yr Volatility vs Market

Value

 Is PennantPark Floating Rate Capital 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 PennantPark Floating Rate Capital 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 PennantPark Floating Rate Capital.

NasdaqGS:PFLT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $11.71 * 6.6%
$0.77
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. $11.71
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

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 NasdaqGS:PFLT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
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))
= 0.745 (1 + (1- 21%) (400.33%))
1.125
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (1.125 * 5.44%)
7.86%

Discounted Cash Flow Calculation for NasdaqGS:PFLT using Excess Returns Model Model

The calculations below outline how an intrinsic value for PennantPark Floating Rate Capital 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.

NasdaqGS:PFLT Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (6.6% – 7.86%) * $11.71)
$-0.15
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.15 / (7.86% - 1.74%)
$-2.40
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $11.71 + $-2.40
$9.31
NasdaqGS:PFLT Discount to Share Price
Calculation Result
Value per share (USD) From above. $9.31
Current discount Discount to share price of $4.46
= -1 x ($4.46 - $9.31) / $9.31
52.1%

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

Current Discount
Amount off the current price PennantPark Floating Rate Capital is available for.
Intrinsic value
>50%
Share price is $4.46 vs Future cash flow value of $9.31
Current Discount Checks
For PennantPark Floating Rate Capital to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • PennantPark Floating Rate Capital's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • PennantPark Floating Rate Capital'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 PennantPark Floating Rate Capital's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are PennantPark Floating Rate Capital's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:PFLT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $0.42
NasdaqGS:PFLT Share Price ** NasdaqGS (2020-04-03) in USD $4.46
United States of America Capital Markets Industry PE Ratio Median Figure of 92 Publicly-Listed Capital Markets Companies 33.79x
United States of America Market PE Ratio Median Figure of 2,947 Publicly-Listed Companies 12.4x

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

** Primary Listing of PennantPark Floating Rate Capital.

NasdaqGS:PFLT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 4.46 ÷ 0.42

10.55x

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

  • PennantPark Floating Rate Capital is good value based on earnings compared to the US Capital Markets industry average.
  • PennantPark Floating Rate Capital is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does PennantPark Floating Rate Capital's expected growth come at a high price?
Raw Data
NasdaqGS:PFLT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.55x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
29.2%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 36 Publicly-Listed Capital Markets Companies 2.07x
United States of America Market PEG Ratio Median Figure of 2,010 Publicly-Listed Companies 0.89x

*Line of best fit is calculated by linear regression .

NasdaqGS:PFLT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.55x ÷ 29.2%

0.36x

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

  • PennantPark Floating Rate Capital is good value based on expected growth next year.
Price based on value of assets
What value do investors place on PennantPark Floating Rate Capital's assets?
Raw Data
NasdaqGS:PFLT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $12.95
NasdaqGS:PFLT Share Price * NasdaqGS (2020-04-03) in USD $4.46
United States of America Capital Markets Industry PB Ratio Median Figure of 182 Publicly-Listed Capital Markets Companies 7.67x
United States of America Market PB Ratio Median Figure of 5,144 Publicly-Listed Companies 1.2x
NasdaqGS:PFLT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 4.46 ÷ 12.95

0.34x

* Primary Listing of PennantPark Floating Rate Capital.

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

  • PennantPark Floating Rate Capital is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess PennantPark Floating Rate Capital'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. PennantPark Floating Rate Capital has a total score of 6/6, 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.

Future Performance

 How is PennantPark Floating Rate Capital expected to perform in the next 1 to 3 years based on estimates from 6 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
29.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is PennantPark Floating Rate Capital expected to grow at an attractive rate?
  • PennantPark Floating Rate Capital's earnings growth is expected to exceed the low risk savings rate of 1.7%.
Growth vs Market Checks
  • PennantPark Floating Rate Capital's earnings growth is expected to exceed the United States of America market average.
  • PennantPark Floating Rate Capital's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:PFLT Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:PFLT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 29.2%
NasdaqGS:PFLT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 4.3%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.3%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*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
NasdaqGS:PFLT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:PFLT Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-09-30 104 45 5
2020-09-30 101 41 5
2020-04-05
NasdaqGS:PFLT Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 94 -144 16
2019-09-30 93 -121 11
2019-06-30 90 -121 15
2019-03-31 87 -132 16
2018-12-31 81 -207 37
2018-09-30 72 -208 33
2018-06-30 65 -166 33
2018-03-31 60 -72 38
2017-12-31 57 -58 29
2017-09-30 55 -77 36
2017-06-30 53 -116 41
2017-03-31 49 -191 45

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • PennantPark Floating Rate Capital's earnings are expected to grow significantly at over 20% yearly.
  • PennantPark Floating Rate Capital's revenue is expected to grow by 4.3% 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
NasdaqGS:PFLT 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 6 Analyst Estimates (S&P Global) See Below

All data from PennantPark Floating Rate Capital Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:PFLT Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-09-30 1.16 1.23 1.00 6.00
2020-09-30 1.06 1.33 0.54 5.00
2020-04-05
NasdaqGS:PFLT Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 0.42
2019-09-30 0.29
2019-06-30 0.39
2019-03-31 0.40
2018-12-31 0.94
2018-09-30 0.87
2018-06-30 0.91
2018-03-31 1.07
2017-12-31 0.90
2017-09-30 1.20
2017-06-30 1.43
2017-03-31 1.66

*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 PennantPark Floating Rate Capital will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess PennantPark Floating Rate Capital'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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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.
PennantPark Floating Rate Capital has a total score of 3/6, 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.

Past Performance

  How has PennantPark Floating Rate Capital 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 PennantPark Floating Rate Capital'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.
  • PennantPark Floating Rate Capital's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • PennantPark Floating Rate Capital's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • PennantPark Floating Rate Capital's 1-year earnings growth is negative, it can't be compared to the US Capital Markets industry average.
Earnings and Revenue History
PennantPark Floating Rate Capital'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 PennantPark Floating Rate Capital Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:PFLT 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 94.40 16.39 24.12
2019-09-30 92.95 11.42 20.43
2019-06-30 90.40 15.06 19.27
2019-03-31 87.06 15.51 17.02
2018-12-31 80.55 36.57 14.55
2018-09-30 72.20 33.49 15.21
2018-06-30 64.77 33.33 15.95
2018-03-31 60.43 37.70 16.72
2017-12-31 57.15 29.40 16.40
2017-09-30 54.95 36.33 17.30
2017-06-30 53.14 41.36 17.15
2017-03-31 48.75 45.44 15.44
2016-12-31 46.88 40.59 15.29
2016-09-30 43.00 33.49 13.13
2016-06-30 38.70 18.82 8.58
2016-03-31 35.00 10.12 7.83
2015-12-31 31.64 13.81 7.51
2015-09-30 30.36 12.50 6.70
2015-06-30 30.79 13.57 7.50
2015-03-31 31.35 13.78 7.85
2014-12-31 30.99 14.90 8.01
2014-09-30 30.36 20.51 9.06
2014-06-30 28.23 23.68 9.21
2014-03-31 25.23 20.31 7.96
2013-12-31 21.75 16.28 6.60
2013-09-30 18.87 11.98 5.94
2013-06-30 16.26 10.48 5.31

*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.
  • PennantPark Floating Rate Capital has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • PennantPark Floating Rate Capital used its assets more efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • PennantPark Floating Rate Capital has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess PennantPark Floating Rate Capital'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.
PennantPark Floating Rate Capital 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.

Health

 How is PennantPark Floating Rate Capital'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 PennantPark Floating Rate Capital's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • PennantPark Floating Rate Capital is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • PennantPark Floating Rate Capital's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of PennantPark Floating Rate Capital'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 0.2x 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 PennantPark Floating Rate Capital Company Filings, last reported 3 months ago.

NasdaqGS:PFLT Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 501.98 692.26 56.29
2019-09-30 503.06 623.55 63.34
2019-06-30 506.73 549.66 25.36
2019-03-31 513.26 486.30 33.74
2018-12-31 529.79 479.28 35.18
2018-09-30 535.84 467.63 72.22
2018-06-30 535.88 390.78 31.18
2018-03-31 541.96 323.40 48.41
2017-12-31 537.42 328.89 127.79
2017-09-30 457.91 256.86 18.91
2017-06-30 456.31 293.66 48.95
2017-03-31 456.23 300.42 43.97
2016-12-31 377.14 299.86 24.20
2016-09-30 375.91 232.39 28.91
2016-06-30 367.64 190.37 16.79
2016-03-31 361.84 127.99 13.45
2015-12-31 367.02 95.70 14.04
2015-09-30 372.89 29.60 21.43
2015-06-30 213.45 140.02 10.48
2015-03-31 212.97 117.59 9.84
2014-12-31 210.94 136.01 10.39
2014-09-30 214.53 146.95 13.11
2014-06-30 216.27 154.90 9.94
2014-03-31 215.35 173.20 5.08
2013-12-31 212.14 139.20 5.32
2013-09-30 210.07 99.60 4.58
2013-06-30 144.09 85.60 6.94
  • PennantPark Floating Rate Capital's level of debt (137.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (64.4% vs 137.9% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • 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 PennantPark Floating Rate Capital'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. PennantPark Floating Rate Capital 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.

Dividends

 What is PennantPark Floating Rate Capital'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
25.56%
Current annual income from PennantPark Floating Rate Capital dividends. Estimated to be 24.68% next year.
If you bought $2,000 of PennantPark Floating Rate Capital shares you are expected to receive $511 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?
  • PennantPark Floating Rate Capital's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (2.05%).
  • PennantPark Floating Rate Capital's dividend is above the markets top 25% of dividend payers in United States of America (5.71%).
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
NasdaqGS:PFLT 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 6 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 2.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1938 Stocks 3.1%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2.1%
United States of America Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

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

NasdaqGS:PFLT Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-09-30 1.11 6.00
2020-09-30 1.09 6.00
2020-04-05
NasdaqGS:PFLT Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-03-03 1.140 19.441
2020-02-04 1.140 9.437
2020-01-03 1.140 9.328
2019-12-03 1.140 9.224
2019-11-04 1.140 9.591
2019-10-04 1.140 9.922
2019-09-05 1.140 9.831
2019-08-05 1.140 9.934
2019-07-02 1.140 9.787
2019-06-04 1.140 9.821
2019-05-06 1.140 9.388
2019-04-04 1.140 8.718
2019-03-06 1.140 8.844
2019-02-07 1.140 8.690
2019-01-07 1.140 8.994
2018-12-06 1.140 9.577
2018-11-06 1.140 8.765
2018-10-04 1.140 8.885
2018-09-07 1.140 8.610
2018-08-07 1.140 8.368
2018-07-06 1.140 8.362
2018-06-06 1.140 8.243
2018-05-04 1.140 8.424
2018-04-05 1.140 8.526
2018-03-05 1.140 8.708
2018-02-06 1.140 8.960
2018-01-05 1.140 8.359
2017-12-04 1.140 8.228
2017-11-03 1.140 8.171
2017-09-05 1.140 7.958
2017-07-05 1.140 8.015
2017-06-02 1.140 8.085
2017-05-02 1.140 8.138
2017-04-04 1.140 8.278
2017-03-02 1.140 8.270
2017-01-04 1.140 8.181
2016-12-02 1.140 8.122
2016-11-02 1.140 8.586
2016-10-04 1.140 8.622
2016-09-02 1.140 8.735
2016-07-05 1.140 8.905
2016-06-02 1.140 9.245
2016-05-05 1.140 9.534
2016-02-04 1.140 9.926
2015-11-12 1.140 10.196
2015-08-06 1.140 9.296
2015-03-05 1.140 8.115
2015-02-03 1.080 7.844
2015-01-05 1.080 7.906
2014-11-04 1.080 7.752
2014-10-02 1.080 7.820
2014-09-03 1.080 7.642
2014-08-04 1.080 7.678
2014-07-02 1.080 7.702
2014-06-03 1.080 7.728
2014-05-02 1.080 7.819
2014-04-02 1.080 7.837
2014-03-04 1.080 7.772
2014-02-04 1.080 7.715
2014-01-03 1.080 7.882
2013-12-03 1.080 7.862
2013-11-04 1.080 7.960
2013-10-02 1.050 7.878
2013-09-04 1.050 7.788
2013-08-02 1.050 7.739
2013-07-01 1.050 7.408
2013-06-03 1.050 7.265
2013-05-01 1.050 7.329
2013-04-01 1.050 7.472
2013-02-28 1.050 7.434
2013-01-31 1.020 7.339
2013-01-02 0.990 7.483
2012-10-01 0.990 7.667
2012-09-04 0.960 7.499
2012-08-01 0.960 7.674
2012-07-02 0.960 7.931
2012-06-01 0.960 8.118
2012-05-03 0.960 8.185
2012-04-02 0.900 7.692
2012-03-01 0.900 7.609
2012-02-01 0.900 7.658
2012-01-03 0.900 8.246
2011-12-01 0.840 7.956
2011-11-01 0.840 8.040
2011-10-03 0.840 8.061
2011-09-01 0.840 7.674
2011-08-04 0.840 7.355
2011-07-08 0.720 5.866
2011-06-14 0.600 4.780

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

  • Whilst dividend payments have been stable, PennantPark Floating Rate Capital has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but PennantPark Floating Rate Capital only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of PennantPark Floating Rate Capital's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.4x 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 PennantPark Floating Rate Capital's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 PennantPark Floating Rate Capital afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. PennantPark Floating Rate Capital has a total score of 2/6, see the detailed checks below.


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

Management

 What is the CEO of PennantPark Floating Rate Capital'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
Art Penn
COMPENSATION $0
AGE 56
TENURE AS CEO 10.3 years
CEO Bio

Mr. Arthur Howard Penn, also known as Art, has been Chief Executive Officer of MCG Capital Corporation since August 18, 2015. Mr. Penn is the Founder and Managing Partner at PennantPark Investment Advisers. He founded the PennantPark Investment Corporation in 2007. He serves as the Chief Executive Officer and Chairman at PennantPark Investment Corporation since 2007. He has been the Chairman of the Board and the Chief Executive Officer of PennantPark Floating Rate Capital Ltd. since October 2010. He has over 25 years of experience in the mezzanine lending, leveraged finance, distressed debt, and private equity businesses. He served as Vice President at Apollo Investment Corporation. He served as Managing Partner of Apollo Global Management, LLC. He served as Chief Financial Officer and Interim Chief Compliance Officer of PennantPark Investment Corporation. He co-founded Apollo Investment Management, L.P. in 2004, where he served as Managing Partner from 2004 to 2006. He served as Chief Operating Officer at Apollo Investment Corporation, from February 2004 to February 2006 and served as President and Chief Operating Officer from February 2006 to November 2006. He served as Managing Partner at Apollo Value Fund L.P. from 2003 to November 2006. He served as a Treasurer at Apollo Investment Corporation. He joined Apollo in April 2003 as a Partner with a focus on Apollo’s debt-oriented activities. From 2002 to 2003, he was a Managing Director at CDC-IXIS Capital Markets. He served as the Global Head of Leveraged Finance at UBS Warburg LLC, from 1999 to 2001 and UBS Investment Bank. While at UBS, he oversaw UBS activities in bank debt, high yield bonds, mezzanine securities, and restructuring advisory and led a worldwide team of over 100 professionals. He served at UBS Group AG, New Street Capital Corporation, Deutsche Bank Trust Corporation and UBS Financial Services Inc. He served as Global Head of Fixed Income Capital Markets at BT Securities Corporation and BT Alex Brown Incorporated from 1994 to 1999. From 1992 to 1994, he served as the Head of High Yield Capital Markets at Lehman Brothers Holdings, Inc. He has been involved in originating, structuring, negotiating, consummating, managing, and monitoring investments in each of these businesses. He has been a Director of PennantPark Investment Corporation since February 2007. Mr. Penn holds an MBA degree in Finance and a BS in Finance degree from the University of Pennsylvania’s Wharton School of Business.

CEO Compensation
  • Insufficient data for Art to compare compensation growth.
  • Insufficient data for Art to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team

Art Penn

TITLE
Founder
AGE
56
TENURE
10.3 yrs

Aviv Efrat

TITLE
Treasurer & CFO
AGE
55
TENURE
9.5 yrs

Jose Briones

TITLE

Whit Williams

TITLE

Thomas Friedmann

TITLE
Secretary

Sal Giannetti

TITLE
Board of Directors Tenure

Average tenure and age of the PennantPark Floating Rate Capital board of directors in years:

9.5
Average Tenure
56
Average Age
  • The tenure for the PennantPark Floating Rate Capital board of directors is about average.
Board of Directors

Art Penn

TITLE
Founder
AGE
56
TENURE
9.5 yrs

Marshall Brozost

TITLE
Director
COMPENSATION
$81K
AGE
52
TENURE
9.5 yrs

Sam Katz

TITLE
Director
COMPENSATION
$84K
AGE
54
TENURE
9.5 yrs

Adam Bernstein

TITLE
Director
COMPENSATION
$81K
AGE
56
TENURE
9.5 yrs

Jeff Flug

TITLE
Director
COMPENSATION
$84K
AGE
57
TENURE
9.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by PennantPark Floating Rate Capital individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
02. Apr 20 Buy Adam Bernstein Individual 31. Mar 20 31. Mar 20 4,000 $4.94 $19,760
25. Mar 20 Buy Aviv Efrat Individual 23. Mar 20 23. Mar 20 18,050 $3.90 $70,406
23. Mar 20 Buy PennantPark Investment Advisers, LLC Company 20. Mar 20 20. Mar 20 22,000 $4.32 $95,082
24. Mar 20 Buy Aviv Efrat Individual 20. Mar 20 20. Mar 20 28,800 $4.36 $125,617
19. Mar 20 Buy PennantPark Investment Advisers, LLC Company 19. Mar 20 19. Mar 20 16,300 $4.17 $68,023
18. Mar 20 Buy PennantPark Investment Advisers, LLC Company 18. Mar 20 18. Mar 20 20,000 $4.26 $85,250
19. Mar 20 Buy Jeffrey Flug Individual 19. Mar 20 19. Mar 20 400 $3.56 $1,423
03. Mar 20 Buy Aviv Efrat Individual 28. Feb 20 28. Feb 20 17,000 $10.81 $183,811
27. Feb 20 Buy PennantPark Investment Advisers, LLC Company 26. Feb 20 26. Feb 20 7,000 $11.80 $82,596
27. Nov 19 Buy PennantPark Investment Advisers, LLC Company 26. Nov 19 26. Nov 19 8,500 $12.28 $104,393
26. Nov 19 Buy PennantPark Investment Advisers, LLC Company 25. Nov 19 25. Nov 19 8,000 $12.03 $96,234
25. Nov 19 Buy PennantPark Investment Advisers, LLC Company 22. Nov 19 22. Nov 19 9,000 $11.78 $106,025
05. Sep 19 Buy Samuel Katz Individual 04. Sep 19 04. Sep 19 25,000 $11.42 $285,408
16. Aug 19 Buy PennantPark Investment Advisers, LLC Company 15. Aug 19 15. Aug 19 8,000 $11.55 $92,383
14. Aug 19 Buy PennantPark Investment Advisers, LLC Company 13. Aug 19 13. Aug 19 10,000 $11.73 $117,343
13. Aug 19 Buy PennantPark Investment Advisers, LLC Company 12. Aug 19 12. Aug 19 8,000 $11.57 $92,523
12. Aug 19 Buy PennantPark Investment Advisers, LLC Company 09. Aug 19 09. Aug 19 9,000 $11.66 $104,951
20. May 19 Buy Aviv Efrat Individual 17. May 19 17. May 19 8,200 $12.05 $98,817
16. May 19 Buy Aviv Efrat Individual 14. May 19 14. May 19 8,200 $12.05 $98,817
16. May 19 Buy PennantPark Investment Advisers, LLC Company 15. May 19 15. May 19 9,500 $12.09 $114,839
15. May 19 Buy PennantPark Investment Advisers, LLC Company 14. May 19 14. May 19 8,000 $12.08 $96,673
14. May 19 Buy Samuel Katz Individual 10. May 19 13. May 19 20,000 $12.20 $242,240
14. May 19 Buy PennantPark Investment Advisers, LLC Company 13. May 19 13. May 19 7,000 $12.10 $84,666
13. May 19 Buy PennantPark Investment Advisers, LLC Company 10. May 19 10. May 19 9,000 $12.15 $109,326
X
Management checks
We assess PennantPark Floating Rate Capital'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. PennantPark Floating Rate Capital 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.

News

Simply Wall St News

PennantPark Floating Rate Capital Ltd (PFLT): Has Recent Earnings Growth Beaten Long-Term Trend?

PennantPark Floating Rate Capital's most recent bottom-line is $41M, which compared to the prior year's figure, has climbed up by more than double. … This means that, generally, PennantPark Floating Rate Capital has been able to steadily raise its net income over the past couple of years as well. … Though PennantPark Floating Rate Capital's past data is helpful, it is only one aspect of my investment thesis.

Simply Wall St -

Company Info

Description

PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments. It primarily invests between $10 million and $50 million in investments in senior secured loans and mezzanine debt. It seeks to invest in companies not rated by national rating agencies. The companies if rated would be between BB and CCC under the Standard & Poor's system. The fund invests 30% is invested in non-qualifying assets like investments in public companies whose securities are not thinly traded or do not have a market capitalization of less than $250 million, securities of middle-market companies located outside of the United States, high-yield bonds, distressed debt, private equity, securities of public companies that are not thinly traded, and investment companies as defined in the 1940 Act. Under normal conditions, the fund expects atleast 80 percent of its net assets plus any borrowings for investment purposes to be invested in Floating Rate Loans and investments with similar economic characteristics, including cash equivalents invested in money market funds. It expects to represent 65 percent of its portfolio through senior secured loans. In case of floating rate loans, it holds investments for a period of three to ten years.

Details
Name: PennantPark Floating Rate Capital Ltd.
PFLT
Exchange: NasdaqGS
Founded: 2010
$172,923,450
38,772,074
Website: http://www.pennantpark.com/pflt/about/index.php
Address: PennantPark Floating Rate Capital Ltd.
590 Madison Avenue,
15th Floor,
New York,
New York, 10022,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS PFLT Common Stock Nasdaq Global Select US USD 08. Apr 2011
DB 22P Common Stock Deutsche Boerse AG DE EUR 08. Apr 2011
LSE 0KH0 Common Stock London Stock Exchange GB USD 08. Apr 2011
TASE PFLT Common Stock The Tel-Aviv Stock Exchange IL ILS 08. Apr 2011
Number of employees
Current staff
Staff numbers
0
PennantPark Floating Rate Capital employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 00:31
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/01
Last earnings filing: 2020/02/05
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.