Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

PFLT Has Small NII Miss + Good NAV Gain

|About: PennantPark Floating Rate Capital (PFLT)

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

Disclosure: I am/we are long PFLT.