HRZN Had NII Beat And NAV Gain
Dividend Investing, Growth At A Reasonable Price
Seeking Alpha Analyst Since 2011
The Horizon Technology Finance Corporation (HRZN) projections from Yahoo Finance
| Earnings Estimate | Current Qtr. (Sep 2020) | Next Qtr. (Dec 2020) | Current Year (2020) | Next Year (2021) |
|---|---|---|---|---|
| No. of Analysts | 6 | 6 | 6 | 6 |
| Avg. Estimate | 0.29 | 0.30 | 1.14 | 1.25 |
| Low Estimate | 0.26 | 0.26 | 1.03 | 1.16 |
| High Estimate | 0.33 | 0.33 | 1.24 | 1.32 |
| Year Ago EPS | 0.42 | 0.43 | 1.52 | 1.14 |
| Revenue Estimate | Current Qtr. (Sep 2020) | Next Qtr. (Dec 2020) | Current Year (2020) | Next Year (2021) |
|---|---|---|---|---|
| No. of Analysts | 5 | 5 | 5 | 5 |
| Avg. Estimate | 11.03M | 11.28M | 43.2M | 46.76M |
| Low Estimate | 10.42M | 10.61M | 41.41M | 43.88M |
| High Estimate | 11.61M | 11.61M | 44.67M | 49.91M |
| Year Ago Sales | 9.62M | 12.97M | 43.12M | 43.2M |
| Sales Growth (year/est) | 14.70% | -13.10% | 0.20% | 8.20% |
| Earnings History | 9/29/2019 | 12/30/2019 | 3/30/2020 | 6/29/2020 |
|---|---|---|---|---|
| EPS Est. | 0.31 | 0.31 | 0.33 | 0.29 |
| EPS Actual | 0.42 | 0.43 | 0.26 | 0.40 |
| Difference | 0.11 | 0.12 | -0.07 | 0.11 |
| Surprise % | 35.50% | 38.70% | -21.20% | 37.90% |
Net investment income of $6.7 million, or $0.40 per share, compared to $5.0 million, or $0.37 per share for the prior-year period
Total investment income for the quarter ended June 30, 2020 grew 29% to $13.5 million, compared to $10.5 million for the quarter ended June 30, 2019. The year-over-year improvement in total investment income is primarily due to growth in interest income on investments resulting from an increase in the average size of the debt investment portfolio.
| HRZN | Q2-2020 | Q1-2020 | Q4-2019 | Q3-2019 | Q2-2019 | Q1-2019 | Q4-2018 | Q3-2018 | Q2-2018 | Q1-2018 | Q4-2017 | Q3-2017 | Q2-2017 | Q1-17 | Q4-16 | Q3-16 | Q2-16 | Q1-16 |
| Realized & Unrealized Gains | 1.219 | -4.990 | 0.277 | -0.567 | -0.474 | -0.208 | -0.746 | 0.857 | -0.360 | -0.607 | 0.117 | -1.088 | -2.021 | 0.286 | -4.403 | -10.018 | -4.590 | -2.931 |
| Realized_&_Unrealized_Gains/share | 0.0719 | -0.2985 | 0.0186 | -0.0410 | -0.0350 | -0.0178 | -0.0647 | 0.0737 | -0.0312 | -0.0527 | 0.0102 | -0.0944 | -0.1755 | 0.0248 | -0.3814 | -0.8674 | -0.3976 | -0.2540 |
| HRZN | Q2-2020 | Q1-2020 | Q4-2019 | Q3-2019 | Q2-2019 | Q1-2019 | Q4-2018 | Q3-2018 | Q2-2018 | Q1-2018 | Q4-2017 | Q3-2017 | Q2-2017 | Q1-17 | Q4-16 | Q3-16 | Q2-16 | Q1-16 |
| Interest income | 12.094 | 9.567 | 11.012 | 9.184 | 9.234 | 7.657 | 7.873 | 7.285 | 6.873 | 6.753 | 5.821 | 6.245 | 5.418 | 6.279 | 6.787 | 6.819 | 8.788 | 9.003 |
| Fee income | 1.742 | 0.108 | 0.950 | 1.730 | .805 | .318 | .760 | .427 | .461 | .422 | .342 | .529 | 0.460 | 0.683 | 0.200 | 0.789 | 0.304 | 0.294 |
| Total_investment_income | 13.524 | 10.114 | 12.975 | 11.375 | 10.470 | 8.306 | 8.805 | 7.797 | 7.313 | 7.175 | 6.163 | 6.774 | 5.878 | 6.962 | 6.987 | 7.608 | 9.092 | 9.297 |
| Net investment income | 6.706 | 4.282 | 6.452 | 5.773 | 5.012 | 3.233 | 3.964 | 3.402 | 3.290 | 3.210 | 2.379 | 3,797 | 2.754 | 3.367 | 3.815 | 4.375 | 4.512 | 4.397 |
| Investments @ fair value | 0.356 | 0.334 | 0.319 | 0.282 | 0.275 | 0.266 | 0.248 | 0.240 | 0.266 | 0.212 | 0.222 | 0.177 | 0.179 | 0.180 | 0.194 | 0.208 | 0.233 | 0.245 |
| Wt Av Share Count | 16.943 | 16.716 | 14.847 | 13.816 | 13.541 | 11.670 | 11.533 | 11.530 | 11.526 | 11.522 | 11.519 | 11.519 | 11.517 | 11.513 | 11.543 | 11.550 | 11.544 | 11.538 |
| TII/share | $0.7982 | $0.6050 | $0.8739 | $0.8233 | $0.7732 | $0.7117 | $0.7635 | $0.6762 | $0.6345 | $0.6227 | $0.5350 | $0.5881 | $0.5104 | $0.6047 | $0.6053 | $0.6587 | $0.7876 | $0.8058 |
| NII/share | $0.3958 | $0.2562 | $0.4346 | $0.4178 | $0.3701 | $0.2770 | $0.3437 | $0.2951 | $0.2854 | $0.2789 | $0.2065 | $0.3299 | $0.2391 | $0.2925 | $0.3305 | $0.3788 | $0.3908 | $0.3810 |
| Div/share | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 |
| NAV/share | $11.64 | $11.48 | $11.83 | $11.67 | $11.60 | $11.55 | $11.64 | $11.66 | $11.60 | $11.65 | $11.72 | $11.81 | $11.87 | $12.11 | $12.09 | $12.44 | $13.27 | $13.62 |
| Wt Av Yield | 16.9% | 13.2% | 16.7% | 17.7% | 16.8% | 14.4% | 16.7% | 14.8% | 15.3% | 14.4% | 14.1% | 16.5% | 14.7% | 15.5% | 14.2% | 14.2% | 15.5% | 15.5% |
| TII/Port | 15.19% | 12.11% | 16.27% | 9.75% | 15.2% | 12.5% | 14.2% | 13.0% | 11.0% | 13.5% | 11.1% | 15.3% | 13.1% | 15.5% | 14.4% | 14.6% | 15.6% | 15.2% |
| Non-accruals $ @ Cost | 20.6 | 12.8 | 5.7 | 3.7 | 3.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.0 | 16.1 | 16.0 | 11.9 | 26.2 | 27.7 | 16.2 | 0.9 |
| Non-accruals $ @ Fair | 14.2 | 9.4 | 2.0 | 1.5 | 1.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.9 | 6.1 | 7.6 | 6.2 | 11.5 | 12.0 | 11.6 | 0.3 |
| HRZN | Q2-2020 | Q1-2020 | Q4-2019 | Q3-2019 | Q2-2019 | Q1-2019 | Q4-2018 | Q3-2018 | Q2-2018 | Q1-2018 | Q4-2017 | Q3-2017 | Q2-2017 | Q1-17 | Q4-16 | Q3-16 | Q2-16 | Q1-16 | |||||
| Debt | 193.559 | 180.180 | 152.050 | 149.920 | 125.492 | 131.923 | 126.853 | 112.285 | 104.214 | 94.144 | 94.075 | 64.101 | 55.691 | 85.644 | 95.597 | 95.550 | 100.500 | 109.151 | |||||
| Debt/share | 11.4241 | 10.7789 | 10.2411 | 10.8512 | 9.2676 | 11.3045 | 10.9991 | 9.7385 | 9.0416 | 8.1708 | 8.1169 | 5.5648 | 4.8355 | 7.4389 | 8.2818 | 8.2727 | 8.7058 | 9.4601 | |||||
| Debt/share to NAV | 98.14% | 93.89% | 86.57% | 92.98% | 79.89% | 97.87% | 94.49% | 83.52% | 77.95% | 70.13% | 69.68% | 47.12% | 40.74% | 61.43% | 68.50% | 66.50% | 65.61% | 69.46% | |||||
| Interest expense | 2.561 | 2.162 | 2.121 | 2.046 | 2.115 | 2.048 | 1.747 | 1.681 | 1.451 | 1.484 | 1.627 | 1.140 | 1.084 | 1.316 | 1.412 | 1.420 | 1.521 | 1.534 | |||||
| Interest expense/share | 0.1512 | 0.1293 | 0.1429 | 0.1481 | 0.1562 | 0.1755 | 0.1515 | 0.1460 | 0.1259 | 0.1288 | 0.1412 | 0.0990 | 0.0941 | 0.1143 | 0.1223 | 0.1229 | 0.1318 | 0.1330 | |||||
| Interest expense/TII | 18.94% | 21.38% | 16.35% | 17.99% | 20.20% | 24.66% | 19.84% | 21.56% | 19.84% | 20.68% | 26.40% | 16.83% | 18.44% | 18.90% | 20.21% | 18.66% | 16.73% | 16.50% | |||||
| Annualized_Int_exp/Debt | 5.29% | 4.80% | 5.58% | 5.46% | 6.74% | 6.21% | 5.51% | 5.99% | 5.57% | 6.31% | 6.92% | 7.11% | 7.78% | 6.15% | 5.91% | 5.94% | 6.05% | 5.62% | |||||
| PWAY - Int exp/Debt | 1161_bps | 840 bps | 1112_bps | 1224_bps | 1006_bps | 819 bps | 1119_bps | 881 bps | 973 bps | 809 bps | 718 bps | 939 bps | 692 bps | 935_bps | 829 bps | 826 bps | 945 bps | 988 bps | |||||
| On 9/29/17 HRZN sold $37.4 million of 6.25% notes (HTFA) due 2022. During Q4-17 HRZN repurchased $33.0 million of 2019 notes (HTF) that had an interest rate of 7.375% | |||||||||||||||||||||||
| The credit facility interest rate is LIBOR + 3.25%, with a floor of 0.75%. The Q2-16 rate was 4.00% | |||||||||||||||||||||||
Based on TII, NII and NAV - things are going great.
Based on non-accruals - things are not.
In this environment of empty glasses - a glass half full looks great. HRZN was up just over 4% in after hours trading according to Yahoo.
Analyst's Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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