Mon, May 11, 11:52 AM| Comment!
Wed, May 6, 4:33 PM
- Q1 pretax NOI of $78M or $0.28 per share vs. $60M and $0.21 in Q4.
- Net asset value per share of $20.12 slips from $20.50 at start of year, with $0.36 of that the result from forex translation of the European Capital balance sheet. Today's close of $14.90 is a 26% discount to book.
- Spin-off plans revised: Company now plans to spin off just one new BDC (not two) which will be known as American Capital Income, and which will own almost all of American Capital's (NASDAQ:ACAS) existing investment assets. American Capital will remain in the asset management business.
- The move was made as Sponsor Finance originations increased to $689M in 2014, up 167% from the previous year. American Capital Income is expected to exit lower-yielding loans to instead concentrate on Sponsor Finance.
- Previously: American Capital misses by $0.14, beats on revenue (May 6)
- Shares -0.55% after hours
Wed, May 6, 4:13 PM| Comment!
Tue, May 5, 5:35 PM
- ACAS, ALB, ALDW, AMTG, ANAC, AREX, ATML, ATO, ATVI, AUQ, AWK, BEAT, BGC, BNFT, BREW, BRKR, BWC, CCRN, CECO, CF, CHEF, CHGG, CJES, CKP, CLR, CLVS, CODI, CPA, CPE, CSLT, CSOD, CUZ, CXW, CZR, DMD, DPM, ECR, EFC, EGN, ENSG, EPAM, EPM, EQC, ESS, ETE, ETP, EXTR, EXXI, FLTX, FNGN, FNV, FOXA, FRSH, GBDC, GMCR, GUID, HIVE, HR, HUBS, IL, IO, IVR, JKHY, JONE, KIM, KND, KW, LCI, LGCY, LHCG, MASI, MCHX, MELI, MET, MITT, MRIN, MRO, MTDR, NEWP, NLY, NP, NSIT, NSTG, NUS, OAS, ORA, OSUR, PAYC, PDLI, PEGA, PFMT, PGTI, PHH, PMT, PNNT, PRAA, PRI, PRU, PSEC, PTLA, QLTY, QTM, REG, RIG, RIGP, RST, RYN, SBY, SD, SGM, SLH, SN, SQNM, SUN, SWM, SXL, SZYM, TCAP, THRX, TRIP, TROX, TSLA, TTPH, TUMI, TWO, VECO, VNDA, VRNS, VVC, WBMD, WFM, WGL, WTI, XNPT
Wed, Mar. 25, 12:43 PM
- American Capital (NASDAQ:ACAS) had been a big buyer of its stock for nearly three years, but suspended purchases about a year ago amid a strategic review that ultimately led to a plan to spinoff the BDC business.
- While waiting for said spin-off to take place, and under some activist pressure, American Capital today announces the resumption of its repurchase program as of Feb. 23.
- The stock price is currently $15.06 vs. Dec. 31 NAV of $20.50.
- Source: Press Release
- Shares have added about a dime since the news broke, now flat on the session.
Fri, Mar. 6, 11:35 AM| Comment!
Thu, Mar. 5, 3:20 PM
- The activist investor - an owner of about 2.4% of American Capital (ACAS +1.3%) - is pleased with the plan to spin off the asset management business from the BDC, but not thrilled with management's decision since to shun repurchases in favor of funding new investments.
- American Capital believes the market will assign a high multiple to the management business (American Capital Asset Management), and therefore the best use of capital is to build up assets.
- Orange wants to see both a high multiple on ACAM and a share price on the BDC that's more inline with net asset value, and believes investors would reward a management consistently buying back stock when it's meaningfully undervalued.
- American Capital currently trades at about 73% of the last-reported NAV.
- "A balanced combination of growth investments and capital returns would build immediate credibility and demonstrate that management is a good steward of capital," says Orange, urging the company to set aside at least one-third of the $600M-$800M allocated for ACAM growth.
- Shares have gained about 1.5% since the letter hit.
- Source: Press Release
Wed, Feb. 25, 7:37 AM
- Q4 pretax net operating income of $60M or $0.21 per share vs. $52M and $0.19 one year ago.
- Net asset value per share of $20.50 vs. $20.46 at end of Q3. Last night's close was $14.90.
- Progress continues to be made on plans to spin off two BDCs to shareholders. "We continue to adjust our assets so that the two new BDCs will be able to pay market rate dividends and so that the asset composition of the new BDCs will meet statutory requirements."
- Earnings call at 11 ET
- Previously: American Capital misses by $0.05, beats on revenue (Feb. 24)
- ACAS flat premarket
Tue, Feb. 24, 10:33 PM| 1 Comment
Mon, Feb. 23, 5:35 PM
- ACAS, AMRS, ARC, AWAY, AWK, BBRG, BGFV, BNFT, BOOM, CBI, CENX, CLGX, CLR, CPRT, DPM, DWA, DY, DYN, EIX, EPR, EXEL, FLTX, FMI, FSLR, GB, GNMK, HEI, HEP, HLS, HPQ, HURN, HWAY, INFI, JAZZ, KONA, KRA, LC, MATX, MMSI, NDSN, NFX, NKTR, NLY, NSTG, NUVA, NYMT, ORA, PZZA, QEP, RJET, RLYP, RRC, RUBI, SAM, SGY, SLCA, SM, TNDM, TRNX, TXTR, VRSK, VVUS, WBMD, XCO, Y, ZAGG
Mon, Jan. 26, 3:18 PM| Comment!
Dec. 3, 2014, 3:28 PM
Dec. 1, 2014, 9:49 AM
- Farrow & Ball was founded in 1946 and manufactures and sells premium paints and wallpaper through a network of more than 50 European and North American showrooms, and about 1.2K independent sellers globally.
- A fund managed by Ares Management's (NYSE:ARES) Private Equity unit has purchased the company from European Capital (an affiliate of ACAS).
- European Capital acquired Farrow & Ball in 2006 and realized a compounded annual rate of return of 22% on its debt and equity investments.
- Source: Press Release
Nov. 25, 2014, 4:33 PM
- It's American Capital's (NASDAQ:ACAS) fifth CLO deal since the financial crisis and its sixth overall. The annual management fee is 50 basis points on total assets.
- The CLO has invested the proceeds in broadly syndicated senior secured floating-rate loans purchased in the primary and secondary markets, and American Capital Asset Management (soon to be spun off) now manages about $2.8B of these loans in six CLOs and American Capital Senior Floating, Ltd.
- Source: Press ReIease
Nov. 6, 2014, 9:14 AM
- Gainers: PLNR +74%. PESI +24%. SWIR +20%. MEET +13%. RVLT +11%. COT +11%. DATA +11%. ACAS +10%. NDLS +9%. KATE +8%. KATE +8%. WFM +9%. HZNP +6%. CECO +6%. DRYS +5%. TRUE +5%.
- Losers: AEZS -51%. SZYM -47%. SNMX -26%. GNW -24%. WWWW -22%. CSOD -19%. PHMD -17%. GERN -14%. MCP -12%. GNRC -11%. WAC -9%. QCOM -7%. Z -7%. PBR -5%.
Nov. 5, 2014, 4:27 PM
- American Capital (NASDAQ:ACAS) will spin off two BDCs - American Capital Growth and Income and American Capital Income - leaving ACAS primarily in the asset management business.
- American Capital Growth and Income's assets will be those primarily issued by companies purchased through American Capital One Stop Buyouts, senior floating rate loans to private companies, and CLO equity investments. This business is at present allocated about $3B of equity.
- American Capital Income's assets will mostly be second lien and mezzanine loans to middle market companies. This business is at present allocated about $1B of equity.
- Both new BDCs will be managed by American Capital. As part of the deal, American Capital will consolidate its operations and remaining assets with American Capital Asset Management. This business at present allocated about $1B of equity.
- The company expects about $25M in cost savings annually, beginning in 2015.
- Source:; Press release
- Previously: American Capital beats by $0.02, beats on revenue
- The earnings conference call is set for tomorrow at 11 ET
- Shares +9.5% after-hours
ACAS vs. ETF Alternatives
American Capital Ltd is an asset management and private equity firm. The Company originates, underwrites and manages investments in the middle market private equity, leveraged finance, real estate, energy and structured products.
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