ACAS: American Capital Instablogs

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Thursday, May 2, 12:59 PM American Capital (ACAS +1.9%) gets a little love from Wells Fargo after yesterday's post-earnings swoon. The stock trades at a massive discount to its BDC brethren - 0.74x NAV compared to 1.08x for the group - likely because of its policy of buying back shares instead of paying a dividend. Did ACAS have credit issues during the financial crisis? Yes, but no more so than MCGC which trades at book. "Market irrationality," say the analysts. 6 Comments [Financials, Quick Ideas]
Wednesday, May 1, 3:07 PM American Capital (ACAS -4.9%) bulls may be getting a buying opportunity post-earnings. A $47M sequential decline in revenue is largely the result of non-recurring factors, according to management (CC transcript). Of a $49M increase in non-accruals, CFO John Erickson reminds the company is often in a "very" junior position and weaker performance can force a loan into non-accrual status, but that doesn't mean the return disappears. (presentation slides). 2 Comments [Financials, On the Move]
Tuesday, April 30, 4:32 PM More on American Capital (ACAS) Q1 earnings: Net asset value of $19.04, up 7% or $1.20 from Dec. 31; today's closing price is 20% below NAV. 9M shares repurchased at average price of $14.23, accretive to NAV by $0.14. $98M of new committed investments during quarter at average interest rate of 10.6%, off 80 bps from Q4. Loans in non-accrual status jumps to 11.3% of total from 9% in Q4. Conference call tomorrow at 11 ET. Shares -1.5% AH. (PR) Comment! [Earnings, Financials]
Tuesday, April 30, 4:03 PM American Capital (ACAS): Q1 EPS of $0.21 misses by $0.07. Revenue of $133M misses by $23.93M. (PR) 1 Comment [Earnings, Breaking News, Financials]
Tuesday, April 30, 12:10 AM Notable earnings after Tuesday’s close: ACAS, AFFX, AJG, AMRS, APU, ATLS, AUY, AVB, BCOV, BGC, BLMN, BXP, CAVM, CLD, CRAY, DDR, DENN, DGI, DWA, EEP, EIX, ELGX, ELLI, ENTR, EQR, EZPW, FEIC, FIRE, FISV, FLEX, FMC, FTNT, GDOT, GEVO, GNW, HCBK, HT, HTCH, IACI, INT, JIVE, JLL, JMBA, LEAP, MDU, MERU, MRGE, MSPD, MTW, MWA, MX, NANO, NCR, NUVA, OKE, OKS, PRAA, PRXL, QCOR, QEP, REXX, RGC, RPXC, SGI, SHOR, SIMG, SKT, SM, SONS, STR, SWI, TE, TRMB, TRN, UGI, ULTI, UNTD, UNXL, VNR, VRSK, VRTX, WNC, WRI, WU, XCO Comment! [Earnings]
Monday, April 29, 5:35 PM Notable earnings after Tuesday’s close: ACAS, AFFX, AJG, AMRS, APU, ATLS, AUY, AVB, BCOV, BGC, BLMN, BXP, CAVM, CLD, CRAY, DDR, DENN, DGI, DWA, EEP, EIX, ELGX, ELLI, ENTR, EQR, EZPW, FEIC, FIRE, FISV, FLEX, FMC, FTNT, GDOT, GEVO, GNW, HCBK, HT, HTCH, IACI, INT, JIVE, JLL, JMBA, LEAP, MDU, MERU, MRGE, MSPD, MTW, MWA, MX, NANO, NCR, NUVA, OKE, OKS, PRAA, PRXL, QCOR, QEP, REXX, RGC, RPXC, SGI, SHOR, SIMG, SKT, SM, SONS, STR, SWI, TE, TRMB, TRN, UGI, ULTI, UNTD, UNXL, VNR, VRSK, VRTX, WNC, WRI, WU, XCO 2 Comments [Earnings]
Thursday, April 4, 2:33 PM American Capital (ACAS +0.6%) has its price target lifted to $15 from $12 at UBS which reiterates its Hold on the stock. The company also gets a shout out from Todd Sullivan who implores AIG to copy American Capital's strategy of aggressively buying back shares as long as they're below book value. 10 Comments [Financials]
Friday, March 29, 9:00 AM American Capital (ACAS) purchased 9M shares of common stock - 3% of the float - in Q1 for an average price of $14.23/share. The company has made clear it will aggressively buy shares (and refrain from a dividend) as long as the stock trades well south of NAV ($17.84 as of Dec. 31). The stock's more than doubled since the repurchases began in 2011 Q3. (PR) 5 Comments [Financials]
Thursday, February 28, 11:21 AM Billed as a private equity ETF, the newly listed PEX owns no Blackstone, KKR, or Fortress. The top U.S. holdings - ARCC, ACAS, PSEC, AINV, FSC - will be well-known to fans of BDCs though. 9 Comments [Financials]
Wednesday, February 20, 9:29 AM American Capital (ACAS) sells Paradigm Precision Holdings to a portfolio company of the Carlyle Group for $127M. American Capital's compounded annual rate of return since the 2007 investment comes to 11%. (PR) Comment! [Financials]
Monday, February 11, 8:04 AM More on American Capital (ACAS) Q4 earnings: Net asset value of $17.84 up 29% Y/Y, and remains a large premium (33.9%) to the share price. 8.8M shares (almost 3% of the float) repurchased during quarter at average price of $11.72 - added $0.18 to NAV. (PR) 3 Comments [Financials, Earnings]
Monday, February 11, 7:57 AM American Capital (ACAS): Q4 EPS of $0.26 beats by $0.01. Net asset value/share of $17.84, up from $17.39 in Q3. (PR) 1 Comment [Earnings, Breaking News, Financials]
Monday, February 11, 12:05 AM Notable earnings before Monday’s open: ACAS, BWP, L, RDN Comment! [Earnings]
Sunday, February 10, 5:30 PM Notable earnings before Monday’s open: ACAS, BWP, L, RDN Comment! [Earnings]
Thursday, January 17, 9:13 AM American Capital (ACAS) sells one of its portfolio companies, Lifoam Holdings to Jarden Corp. (JAH) for $60M, realizing a gain of $14M. American Capital's compounded ARR was 11% over the life of the investment. (PR) Comment! [Financials]
Friday, December 28, 2012, 10:52 AM American Capital (ACAS) announces it purchased 8.8M shares - about 2.8% of the float - during Q4 at an average price of $11.72. Since 2011 Q3, the company has bought back 15.2% of the float at an average price of $9.46. The company says buybacks (not including this Q's purchases) were accretive to the tune of $0.90/share of NAV, which stood at $17.39 on Sept. 30 (45% above the current $12 share price). (PR) 3 Comments [Financials]

ACAS American Capital

ACAS

American Capital