The consensus projections from Yahoo Finance for PennantPark Floating Rate Capital (PFLT):
Earnings Estimate
Current Qtr. (Mar 2018)
Next Qtr. (Jun 2018)
Current Year (2018)
Next Year (2019)
No. of Analysts
5
5
4
4
Avg. Estimate
0.25
0.27
0.91
1.17
Low Estimate
0.24
0.26
0.74
1.10
High Estimate
0.27
0.28
1.07
1.22
Year Ago EPS
0.27
0.25
1.12
0.91
Revenue Estimate
Current Qtr. (Mar 2018)
Next Qtr. (Jun 2018)
Current Year (2018)
Next Year (2019)
No. of Analysts
4
4
4
4
Avg. Estimate
16.30M
17.49M
67.09M
83.79M
Low Estimate
16.06M
17.04M
65.78M
77.85M
High Estimate
16.57M
18.01M
68.00M
87.00M
Year Ago Sales
13.22M
15.19M
59.5M
67.09M
Sales Growth (year/est)
23.30%
15.10%
12.80%
24.90%
Actual NII was $0.2424 (or 25/100ths away from being rounded up to 25 cents and being a 'hit') while actual TII was $16.501 million.
My spreadsheets for PFLT:
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
Q4-2013
Realized & Unrealized Gains
6,189,868
3,858,652
2,207.212
1,156.610
-745.573
2,027,212
7,700,000
6,589,471
-4.829
-3,339,079
-6,063,000
629,631
1,668,408
-5,030,244
-2,324,344
-118,995
3,512,787
2,828,848
Realized & Unrealized Gains/share
0.1597
0.1046
0.0679
0.0356
-0.0253
0.0758
0.29
0.2465
-0.1806
-0.1249
-0.3058
0.0423
0.1120
-0.3376
-0.1560
-0.0799
0.2358
0.0190
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
Q4-2013
Interest income
15.536
14.403
13.208
14.695
12.917
11.952
11.785
10.555
9.670
8.654
7.747
6.941
7.067
7.449
7.448
7.525
7.529
6.754
Fee income
.263
.433
.225
.452
.304
.679
.328
.266
1.677
.103
.044
.163
.916
.028
.722
.144
.094
.090
Total investment income
16.501
14.836
18.454
15.191
13.221
12.631
12.096
10.803
11.346
8.756
7.791
7.104
7.983
7.477
8.221
7.668
7.623
6.844
Net investment income
9.400
-1,940
10.409
8.185
8.029
6.822
8.155
6.830
7.265
5.086
3.369
4.097
4.456
5.468
5.320
4.363
3.725
3.228
Investments @ fair value
0.834
0.739
0.711
0.770
0.731
0.657
0.599
0.551
0.483
0.460
0.391
0.373
0.336
0.343
0.348
0.366
0.389
0.371
Wt Av Share Count
38.772
36.896
32.480
32.480
29.413
26.730
26.730
26.730
26.730
26.730
19.828
14.898
14.898
14.898
14.898
14.898
14.898
14.898
TII/share
$0.4256
$0.4021
$0.5682
$0.4677
$0.4495
$0.4725
$0.4525
$0.4041
$0.4244
$0.3276
$0.3929
$0.4768
$0.5358
$0.5019
$0.5518
$0.5147
$0.5117
$0.4594
NII/share
$0.2424
-0.0526
$0.3205
$0.2520
$0.2730
$0.2552
$0.3051
$0.2555
$0.2718
$0.1903
$0.1699
$0.2750
$0.2991
$0.3670
$0.3571
$0.2929
$0.2500
$0.2167
Dividend/share
$0.2850
$0.2850
$0.2850
$0.2850
$0.2850
$0.2850
$0.2850
$0.2850
$0.2850
$0.2850
$0.2850
$0.2850
$0.2700
$0.2700
$0.2700
$0.2700
$0.2700
$0.2700
NAV/share
$13.98
$13.86
$14.10
$14.05
$14.05
$14.11
$14.06
$13.75
$13.54
$13.73
$13.95
$14.33
$14.30
$14.16
$14.40
$14.52
$14.16
$14.24
Wt Av Yield
8.6%
8.3%
8.0%
8.2%
7.9%
7.9%
7.8%
8.0%
8.1%
8.2%
7.9%
8.3%
8.4%
8.5%
8.2%
8.2%
8.1%
8.1%
NII/TII Ratio
67.0%
n/a
56.4%
53.9%
60.7%
54.0%
67.4%
63.2%
64.0%
58.1%
43.2%
57.7%
55.8%
73.1%
64.7%
56.9%
48.9%
47.2%
Q4-17 included a $10.869 million (.29/share) in debt issuance and credit facility amendment costs. Core NII for the quarter was $9.1 million or $0.25/share.
Q2-17 included a $0.113 million in credit facility amendment costs - increasing expenses, sinking the NII/TII, % raising the interest/TII ratio for the quarter.
Q3-16 included a $3.3 million litigation settlement. I did not include that in reported TII number of 15.396 - but it was hard to correctly weed from NII
Interest Coverage Ratio
2.9x
3.1x
2.7x
3.4x
3.5x
3.2x
3.4x
3.3x
3.6x
3.9x
3.3x
3.1x
3.2x
3.4x
3.5x
3.6x
3.7x
3.6x
Debt / EBITDA Ratio
4.25x
4.1x
5.2x
3.9x
4.2x
3.7x
3.8x
3.8x
3.6x
3.8x
3.9x
4.0x
3.8x
3.6x
3.7x
3.5x
3.6x
3.7x
Non-Accrual @ cost
0.3%
0.4%
0.4%
0.4%
0.4%
0.0%
0.2%
1.2%
1.3%
0.6%
1.6%
0.6%
none
0.7%
0.6%
Non-accrual @ fair value
0.1%
0.2%
0.2%
0.2%
0.2%
0.0%
0.1%
1.1%
1.1%
1.2%
Energy $ in Sunshine
997
1145
1145
1549
1549
1575
1631
1547
1687
2615
2573
2531
2531
2531
2638
Energy $ in Azure
4229
4229
3543
2597
4115
4514
6738
6773
4650
5241
Total Energy Dollars
997
1145
1145
1549
1549
5804
5806
5090
4284
6730
7087
9269
9304
7181
7879
Energy % of Portfolio
0.1%
0.2%
0.2%
0.2%
0.2%
0.9%
1.0%
0.9%
0.9%
1.5%
1.8%
2.5%
2.8%
2.1%
2.3%
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
323.395
328.894
256.858
293.664
300.421
299.860
239.389
190.375
127.992
95.698
29.600
140.015
117.593
136.008
146.949
154.900
173.200
Debt/share
8.3409
8.9141
7.9082
9.0414
10.2139
11.218
8.9558
7.1221
4.7883
3.5802
1.4928
9.3982
7.8932
9.1293
9.8637
10.3974
11.6257
Debt/share to NAV
59.66%
64.32%
56.09%
64.35%
72.70%
79.50%
63.70%
51.80%
35.36%
26.08%
10.70%
65.58%
55.20%
64.47%
68.50%
71.61%
82.10%
Interest expense
3.447
2.618
1.801
2.511
1.998
1.801
1.584
1.276
1.123
0.940
3.252
0.786
0.776
0.886
0.900
0.889
0.964
Interest expense/share
0.0889
0.0710
0.0554
0.0773
0.0679
0.0674
0.0593
0.0477
0.0420
0.0352
0.1640
0.0528
0.0521
0.0595
0.0604
0.0597
0.0647
Interest expense/TII
21.07%
17.65%
9.76%
17.09%
15.11%
14.26%
13.09%
11.81%
9.90%
10.74%
41.74%
9.85%
9.72%
11.85%
10.95%
11.72%
12.65%
Annualized Int exp/Debt
4.26%
3.18%
2.80%
3.42%
2.66%
2.40%
2.65%
2.68%
3.51%
3.93%
43.95%
2.25%
2.64%
2.41%
2.45%
2.30%
2.23%
PWAY - Int exp/Debt
434 bps
512 bps
540 bps
478 bps
524 bps
550 bps
515 bps
532 bps
459 bps
427 bps
N/A
605 bps
576 bps
609 bps
575 bps
590 bps
587 bps
Q3-15 interest expense included a $2.1 million Credit Facility amendment expense