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Solar Senior Capital Still Needs Fee Waiver

|About: Solar Senior Capital (SUNS)

SUNS still needs a fee waiver to have a covered dividend. At least the size of the waiver is inconsistently falling. At just under two cents per quarter - the size of the waiver is much less of a concern than it was a year ago.

The Yahoo finance consensus projections for Solar Senior Capital (SUNS):

Earnings Estimate Current Qtr. (Mar 2018) Next Qtr. (Jun 2018) Current Year (2018) Next Year (2019)
No. of Analysts 4 4 4 2
Avg. Estimate 0.35 0.35 1.42 1.47
Low Estimate 0.35 0.35 1.4 1.41
High Estimate 0.36 0.36 1.45 1.52
Year Ago EPS 0.35 0.35 1.41 1.42
Revenue Estimate Current Qtr. (Mar 2018) Next Qtr. (Jun 2018) Current Year (2018) Next Year (2019)
No. of Analysts 3 3 3 2
Avg. Estimate 9.68M 10.08M 40.6M 47.6M
Low Estimate 9.48M 9.9M 39.79M 44.2M
High Estimate 9.95M 10.38M 42M 51M
Year Ago Sales 7.5M 7.66M 32.17M 40.6M

My spreadsheets for SUNS

Solar Senior Capital Q1-18 Q4-17 Q3-17 Q2-17 Q1-17 Q4-16 Q3-16 Q2-16 Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Q3-13 Q2-13 Q1-13
Realized & Unrealized Gains in millions -137 0.360 -0.422 0.262 0.346 0.633 0.608 4.349 -8.497 -5.580 -0.450 0.201 -0.002 -1.782 -0.475 0.135 -0.684 -1.843 -0.245
Realized & Unrealized Gains/share -0.0085 0.0224 -0.0263 0.0163 0.0216 0.0512 0.0527 0.3771 -0.7368 -0.4838 -0.0390 .0177 -.0002 -.1545 -.0414 .0117 -.0593 -.1598 -.0212

Solar Senior Capital Q1-18 Q4-17 Q3-17 Q2-17 Q1-17 Q4-16 Q3-16 Q2-16 Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q4-13
Total investment income 9.341 9.047 7.966 7.658 7.496 7.165 7.001 6.681 6.349 6.148 6.520 6.655 6.143 5.912 5.322 5.134 5.736 5.654
Net investment income 5.654 5.652 5.652 5.651 5.649 5.649 4.536 4.066 4.065 4.066 4.085 3.3462 3.876 4.018 3.528 2.4151 3.853 3.644
Investments @ fair value 0.424 0.472 0.368 0.441 0.373 0.365 0.328 0.326 0.312 0.306 0.340 0.347 0.345 0.341 0.278 0.266 0.275 0.268
Wt Av Share Count 16.039 16.037 16.034 16.031 16.028 16.025 12.359 11.533 11.533 11.533 11.533 11.533 11.533 11.533 11.533 11.533 11.532 11.532
TII/share $0.5824 $0.5641 $0.4968 $0.4777 $0.4677 $0.4471 $0.5665 $0.5793 $0.5505 $0.5331 $0.5653 $0.5770 $0.5326 $0.5126 $0.4615 $0.4452 $0.4974 $0.4902
NII/share $0.3525 $0.3524 $0.3525 $0.3525 $0.3524 $0.3525 $0.3670 $0.3525 $0.3525 $0.3525 $0.3542 $0.29012 $0.3361 $0.3484 $0.3059 $0.20941 $0.3341 $0.3160
NAV/share 16.84 $16.84 $16.81 $16.79 $16.81 $16.80 $16.78 $16.76 $16.70 $16.33 $17.06 $17.55 $17.65 $17.65 $17.65 $17.85 $18.04 $18.04
Wt Av Yield 8.9% 8.9% 8.3% 8.2% 8.0% 7.8% 8.2% 8.2% 7.9% 7.9% 7.2% 7.0% 6.9% 7.0% 7.2% 7.4% 7.7% 7.5%
NII/TII ratio 60.53% 62.47% 70.9% 73.8% 75.4% 78.8% 64.8% 60.9% 64.0% 66.1% 62.6% 51.0% 63.1% 68.0% 66.3% 47.0% 67.2% 64.4%
Fees Waived 308 281 712 814 864 871 518 228 385 468 115 000 157 000 153 000 000
Waived/share .0192 .0175 .0444 .0508 .0539 .0544 .0419 .0198 .0334 .0406 .0100 .0136 .0133
Port Debt/EBITDA 4.3x 4.2x 4.0x 4.0x 3.9x
Port interest coverage 3.0x 3.0x 2.6x 2.7x 3.0x
Port Revenue growth positive 5.5% 6% 6% 7.5%
Port EBITDA growth positive 7% 9% 0% 0%
1 Q2-14 contained a $1 million one time fee for an amendment and extension of the credit facility
2 Q2-15 contained a $0.8 million one time fee for an amendment and extension of the credit facility

Solar Senior Capital Q1-18 Q4-17 Q3-17 Q2-17 Q1-17 Q4-16 Q3-16 Q2-16 Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14
Debt 140,400 124,200 91,000 109.300 86.800 98,300 43,000 141,600 129,100 116,200 146,800 143,400 140,900 143,200 76,400 20,700 56,600
Debt/share 8.7537 7.7445 5.6754 6.8180 5.4155 6.1342 3.4792 12.2778 11.1940 10.0754 12.7287 12.4339 12.2171 12.4765 6.6245 1.7950 4.9081
Debt/share to NAV 51.98% 45.99% 33.76% 40.61% 32.22% 36.51% 20.73% 73.26% 67.03% 61.70% 74.61% 70.85% 69.22% 70.35% 37.72% 9.95% 27.11%
Interest expense 1,586 1,131 977 896 844 647 870 913 851 1,314 895 1,160 832 747 556 1,400 437
Interest expense/share 0.0989 0.0705 0.0609 0.0559 0.0526 0.0404 0.0704 0.0792 0.0738 0.1139 0.0776 0.1006 0.0721 0.0648 0.0482 0.1214 0.0379
Interest expense/TII 16.98% 12.50% 12.26% 11.70% 11.25% 9.03% 12.43% 13.65% 13.40% 21.37% 13.73% 17.43% 13.54% 12.64% 10.83% 24.40% 7.73%
Annualized Int exp/Debt 4.52% 3.64% 4.29% 3.28% 3.89% 2.63% 8.09% 2.58% 2.64% 4.52% 2.44% 3.24% 2.36% 2.09% 2.91% 27.05% 3.09%
PWAY - Int exp/Debt 438 bps 526 bps 401 bps 492 bps 441 bps 517 bps 11 bps 562 bps 526 bps 338 bps 476 bps 376 bps 454 bps 491 bps 429 bps N/A 441 bps
BDCs report debt at the end of the quarter and not a weighted average debt amount - which could vary significantly from the average amount
Q2-14 contained "approximately $1.0 million of non-recurring expenses related to the amendment and extension of our credit facility" till 2019
Q2-15 contained "approximately $0.8 million of non-recurring expenses related to the amendment and extension of our credit facility" till 2020

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.