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
Price History & Performance
|Historical stock prices|
|Current Share Price||US$4.16|
|52 Week High||US$4.47|
|52 Week Low||US$2.68|
|1 Month Change||7.49%|
|3 Month Change||-1.65%|
|1 Year Change||51.27%|
|3 Year Change||-31.69%|
|5 Year Change||-44.09%|
|Change since IPO||-71.41%|
Recent News & Updates
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.
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
|BKCC||US Capital Markets||US Market|
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.
|BKCC Average Weekly Movement||2.8%|
|Capital Markets Industry Average Movement||0.7%|
|Market Average Movement||6.6%|
|10% most volatile stocks in US Market||15.7%|
|10% least volatile stocks in US Market||2.4%|
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
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
|BKCC fundamental statistics|
Is BKCC overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|BKCC income statement (TTM)|
|Cost of Revenue||US$0|
Last Reported Earnings
Sep 30, 2021
Next Earnings Date
|Earnings per share (EPS)||0.94|
|Net Profit Margin||144.50%|
How did BKCC perform over the long term?See historical performance and comparison
9.6%Current Dividend Yield
Is BlackRock Capital Investment undervalued compared to its fair value and its price relative to the market?
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).
How is BlackRock Capital Investment forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
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%).
How has BlackRock Capital Investment performed over the past 5 years?
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.
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).
What is BlackRock Capital Investment current dividend yield, its reliability and sustainability?
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).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
James Keenan (45 yo)
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...
Experienced Management: BKCC's management team is considered experienced (3.9 years average tenure).
Experienced Board: BKCC's board of directors are seasoned and experienced ( 12.8 years average tenure).
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.
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.3%.
BlackRock Capital Investment Corporation's employee growth, exchange listings and data sources
- 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
- BlackRock Capital Investment Corporation
- 40 East 52nd Street
- 21st Floor
- New York
- New York
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/01/19 23:42|
|End of Day Share Price||2022/01/19 00:00|
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.