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BKCC

BlackRock Capital InvestmentNasdaqGS:BKCC Stock Report

Last Price

US$4.16

Market Cap

US$307.7m

7D

-2.1%

1Y

51.3%

Updated

19 Jan, 2022

Data

Company Financials +
BKCC fundamental analysis
Snowflake Score
Valuation3/6
Future Growth1/6
Past Performance2/6
Financial Health1/6
Dividends3/6

BKCC Stock Overview

BlackRock Capital Investment Corporation, formerly known as BlackRock Kelso Capital Corporation, is a Business Development Company specializing in investments in middle market companies.

BlackRock Capital Investment Competitors

Ares Capital

NasdaqGS:ARCC

US$9.9b

FS KKR Capital

NYSE:FSK

US$6.3b

Prospect Capital

NasdaqGS:PSEC

US$3.5b

Main Street Capital

NYSE:MAIN

US$3.1b

Price History & Performance

Summary of all time highs, changes and price drops for BlackRock Capital Investment
Historical stock prices
Current Share PriceUS$4.16
52 Week HighUS$4.47
52 Week LowUS$2.68
Beta1.75
1 Month Change7.49%
3 Month Change-1.65%
1 Year Change51.27%
3 Year Change-31.69%
5 Year Change-44.09%
Change since IPO-71.41%

Recent News & Updates

Dec 09

BlackRock Capital: An Income Investor Nightmare But With A Good BDC Investment Portfolio Structure

BlackRock Capital continues to restructure its investment portfolio towards safer secured loans. The company trades at a 10% discount to NAV but it is still not undervalued enough for growth investors. The management has no sustainable dividend policy with 5 cuts in the last 10 years and no increases.

Nov 23

BlackRock Capital Investment: Know When To Fold'em

Investment Thesis On September 15, I published an article with a buy rating for BlackRock Capital Investment (BKCC). Three factors promoted what I described then a speculative trade: The stock was trading at a 54% discount to NAV. The 15% dividend yield is sustainable in the near term. Portfolio performance showed resilience in the face of the pandemic. BKCC shares rose 10% since I wrote that piece, and the company distributed a quarterly dividend of

Shareholder Returns

BKCCUS Capital MarketsUS Market
7D-2.1%-5.5%-4.6%
1Y51.3%24.6%7.7%

Return vs Industry: BKCC exceeded the US Capital Markets industry which returned 25.7% over the past year.

Return vs Market: BKCC exceeded the US Market which returned 10.2% over the past year.

Price Volatility

Is BKCC's price volatile compared to industry and market?
BKCC volatility
BKCC Average Weekly Movement2.8%
Capital Markets Industry Average Movement0.7%
Market Average Movement6.6%
10% most volatile stocks in US Market15.7%
10% least volatile stocks in US Market2.4%

Stable Share Price: BKCC is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: BKCC's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2005n/aJames Keenanhttps://www.blackrockbkcc.com

BlackRock Capital Investment Corporation, formerly known as BlackRock Kelso Capital Corporation, is a Business Development Company specializing in investments in middle market companies. The fund invests in all industries. It prefers to invest between $10 million and $50 million and can invest more or less in companies with EBITDA or operating cash flow between $10 million and $50 million.

BlackRock Capital Investment Fundamentals Summary

How do BlackRock Capital Investment's earnings and revenue compare to its market cap?
BKCC fundamental statistics
Market CapUS$307.72m
Earnings (TTM)US$69.73m
Revenue (TTM)US$48.26m

4.4x

P/E Ratio

6.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BKCC income statement (TTM)
RevenueUS$48.26m
Cost of RevenueUS$0
Gross ProfitUS$48.26m
Expenses-US$21.47m
EarningsUS$69.73m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.94
Gross Margin100.00%
Net Profit Margin144.50%
Debt/Equity Ratio57.4%

How did BKCC perform over the long term?

See historical performance and comparison

Dividends

9.6%

Current Dividend Yield

42%

Payout Ratio

Valuation

Is BlackRock Capital Investment undervalued compared to its fair value and its price relative to the market?

4.41x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate BKCC's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate BKCC's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: BKCC is good value based on its PE Ratio (4.4x) compared to the US Capital Markets industry average (15.5x).

PE vs Market: BKCC is good value based on its PE Ratio (4.4x) compared to the US market (17x).


Price to Earnings Growth Ratio

PEG Ratio: BKCC's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: BKCC is good value based on its PB Ratio (0.9x) compared to the US Capital Markets industry average (42.2x).

Future Growth

How is BlackRock Capital Investment forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-43.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BKCC's earnings are forecast to decline over the next 3 years (-43.6% per year).

Earnings vs Market: BKCC's earnings are forecast to decline over the next 3 years (-43.6% per year).

High Growth Earnings: BKCC's earnings are forecast to decline over the next 3 years.

Revenue vs Market: BKCC's revenue (13.8% per year) is forecast to grow faster than the US market (9.2% per year).

High Growth Revenue: BKCC's revenue (13.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BKCC's Return on Equity is forecast to be low in 3 years time (7.9%).

Past Performance

How has BlackRock Capital Investment performed over the past 5 years?

2.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BKCC has a large one-off gain of $48.4M impacting its September 30 2021 financial results.

Growing Profit Margin: BKCC became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: BKCC has become profitable over the past 5 years, growing earnings by 2.8% per year.

Accelerating Growth: BKCC has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: BKCC has become profitable in the last year, making it difficult to compare its past year earnings growth to the Capital Markets industry (86.4%).


Return on Equity

High ROE: BKCC's Return on Equity (19.9%) is considered low.

Financial Health

How is BlackRock Capital Investment's financial position?


Financial Position Analysis

Short Term Liabilities: BKCC's short term assets ($16.2M) do not cover its short term liabilities ($166.1M).

Long Term Liabilities: BKCC's short term assets ($16.2M) do not cover its long term liabilities ($59.0M).


Debt to Equity History and Analysis

Debt Level: BKCC's net debt to equity ratio (54%) is considered high.

Reducing Debt: BKCC's debt to equity ratio has increased from 52.9% to 57.4% over the past 5 years.

Debt Coverage: BKCC's debt is well covered by operating cash flow (65%).

Interest Coverage: BKCC's interest payments on its debt are not well covered by EBIT (2.8x coverage).


Balance Sheet

Dividend

What is BlackRock Capital Investment current dividend yield, its reliability and sustainability?

9.62%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BKCC's dividend (9.62%) is higher than the bottom 25% of dividend payers in the US market (1.35%).

High Dividend: BKCC's dividend (9.62%) is in the top 25% of dividend payers in the US market (3.48%)


Stability and Growth of Payments

Stable Dividend: BKCC's dividend payments have been volatile in the past 10 years.

Growing Dividend: BKCC's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (42.3%), BKCC's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BKCC's dividends in 3 years are not forecast to be well covered by earnings (101.9% payout ratio).

Management

How experienced are the management team and are they aligned to shareholders interests?

3.9yrs

Average management tenure


CEO

James Keenan (45 yo)

3.75yrs

Tenure

Mr. James Edward Keenan, CFA, serves as the President and Chief Executive Officer at BlackRock Capital Investment Advisors, LLC since September 2018. He has been an Interim Chief Executive Officer of Black...


Leadership Team

Experienced Management: BKCC's management team is considered experienced (3.9 years average tenure).


Board Members

Experienced Board: BKCC's board of directors are seasoned and experienced ( 12.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.3%.


Top Shareholders

Company Information

BlackRock Capital Investment Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: BlackRock Capital Investment Corporation
  • Ticker: BKCC
  • Exchange: NasdaqGS
  • Founded: 2005
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Implied Market Cap: US$307.716m
  • Shares outstanding: 73.97m
  • Website: https://www.blackrockbkcc.com

Location

  • BlackRock Capital Investment Corporation
  • 40 East 52nd Street
  • 21st Floor
  • New York
  • New York
  • 10022
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/19 23:42
End of Day Share Price2022/01/19 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.