NMFC Reports NII of $0.3029/share compared to a Div of $0.34/share
New Mountain Finance Corporation reported for Q1-16 Total Investment Income of $40.976 million or $0.5754/share and 'adjusted' Net Investment Income of $21.567 million or $0.3029/diluted share. The Net Increase in Net Assets Resulting from Operations was $8.051 million or $0.1131/share. NMFC's net asset value per share was $12.87 compared to $13.08 last quarter - a fall of 1.6%. (NII was $0.34/basic share. When I see the de facto 'debt' cost of preferred shares subtracted from TII to calculate NII - then I calculate NII based on basic shares. I did not see a debt cost subtraction done by NMFC - so I calculated NII based on diluted shares.)
Consensus analyst projections from Yahoo Finance:
|Earnings Est||Current Qtr.
|No. of Analysts||6.00||6.00||6.00||5.00|
|Year Ago EPS||0.34||0.35||1.39||1.39|
|Revenue Est||Current Qtr.
|No. of Analysts||4||4||4||3|
|Year Ago Sales||36.54M||37.90M||153.86M||171.00M|
My historical context spreadsheets:
|Realized & Unrealized Gains||-13.516||-42.548||-10.855||0.011||3.852||-34.865||-13.389||6.373||7.390||3.119||6.664||-6.682||8.298|
|Realized & Unrealized Gains/share||-0.19||-0.66||-0.18||0.07||-0.62||-0.26||0.12||0.16||0.07||0.17||-0.21||0.33|
|Total investment income||40.976||41.967||37.447||37.905||36.536||36.748||34.706||33.708||30.439||26.783|
|Net investment income||21.567||22.521||20.487||20.253||19.062||25.919||20.800||17.289||16.058||14.826|
|Adjusted Net investment income||21.567||22.521||20.487||20.253||19.062||19.200||18.100||18.500||17.800||16.400|
|Investments @ fair value||1.520||1.542||1.478||1.309||1.435||1.455||1.354||1.311||1.180||1.116|
|Wt Av Share Count||71.211||66.968||66.002||65.313||65.218||57.998||59.290||54.293||47.968||42.933|
|NII/share before incentive fees||$0.46||$0.40||$0.34||$0.34||$0.33|
|NII/share after incentive fees||$0.3029||$0.3363||$0.3104||$0.3101||$0.2922||$0.34||$0.35||$0.36||$0.37||$0.35|
|Wt Av Yield||10.4%||10.7%||10.4%||10.8%||10.6%||10.7%||10.7%||10.7%||10.9%||11.0%|
|Portfolio company Debt/EBITDA||x||5.0x||5.0x||4.8x||4.5x||5.0x||4.7x||4.6x||4.8x|
|Incentive fees subtracted from NII in the earnings release starting in Q1-15 - Q1 also the first Q with higher diluted shares|
As of March 31, 2016, NMFC's NAV was approximately $821.8 million and its portfolio had a fair value of approximately $1,519.9 million in 74 portfolio companies, with a weighted average Yield to Maturity at Cost of approximately 10.4%.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.