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FCRD

First Eagle Alternative Capital BDCNasdaqGS:FCRD Stock Report

Last Price

US$4.50

Market Cap

US$135.5m

7D

-3.4%

1Y

22.0%

Updated

16 Jan, 2022

Data

Company Financials +
FCRD fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance2/6
Financial Health1/6
Dividends4/6

FCRD Stock Overview

THL Credit, Inc. is a business development company specializing in direct and fund of fund investments.

First Eagle Alternative Capital BDC Competitors

Ares Capital

NasdaqGS:ARCC

US$9.9b

FS KKR Capital

NYSE:FSK

US$6.4b

Prospect Capital

NasdaqGS:PSEC

US$3.4b

Golub Capital BDC

NasdaqGS:GBDC

US$2.6b

Price History & Performance

Summary of all time highs, changes and price drops for First Eagle Alternative Capital BDC
Historical stock prices
Current Share PriceUS$4.50
52 Week HighUS$4.89
52 Week LowUS$3.25
Beta1.69
1 Month Change0.45%
3 Month Change-2.39%
1 Year Change21.95%
3 Year Change-31.51%
5 Year Change-56.52%
Change since IPO-64.71%

Recent News & Updates

May 10

First Eagle Alternative Capital BDC, Inc. 2021 Q1 - Results - Earnings Call Presentation

The following slide deck was published by First Eagle Alternative Capital BDC, Inc. in conjunction with their 2021 Q1 earnings call.

Nov 05

First Eagle Alternative Capital BDC, Inc. 2020 Q3 - Results - Earnings Call Presentation

The following slide deck was published by First Eagle Alternative Capital BDC, Inc. in conjunction with their 2020 Q3 earnings call.

Shareholder Returns

FCRDUS Capital MarketsUS Market
7D-3.4%-1.6%-0.5%
1Y22.0%30.2%13.7%

Return vs Industry: FCRD underperformed the US Capital Markets industry which returned 30.2% over the past year.

Return vs Market: FCRD exceeded the US Market which returned 13.7% over the past year.

Price Volatility

Is FCRD's price volatile compared to industry and market?
FCRD volatility
FCRD Average Weekly Movement2.5%
Capital Markets Industry Average Movement0.7%
Market Average Movement6.6%
10% most volatile stocks in US Market15.9%
10% least volatile stocks in US Market2.4%

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

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

About the Company

FoundedEmployeesCEOWebsite
2009n/aChris Flynnhttps://investor.feacbdc.com

THL Credit, Inc. is a business development company specializing in direct and fund of fund investments. The fund seeks to invest in debt and equity securities of middle market companies. It seeks to invest in PIPES, growth, acquisition, market or product expansion, recapitalization, mature, and change of control transactions in both sponsored and unsponsored issuers.

First Eagle Alternative Capital BDC Fundamentals Summary

How do First Eagle Alternative Capital BDC's earnings and revenue compare to its market cap?
FCRD fundamental statistics
Market CapUS$135.49m
Earnings (TTM)US$19.78m
Revenue (TTM)US$30.84m

6.8x

P/E Ratio

4.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FCRD income statement (TTM)
RevenueUS$30.84m
Cost of RevenueUS$0
Gross ProfitUS$30.84m
ExpensesUS$11.06m
EarningsUS$19.78m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.66
Gross Margin100.00%
Net Profit Margin64.13%
Debt/Equity Ratio111.4%

How did FCRD perform over the long term?

See historical performance and comparison

Dividends

8.9%

Current Dividend Yield

61%

Payout Ratio

Valuation

Is First Eagle Alternative Capital BDC undervalued compared to its fair value and its price relative to the market?

6.85x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

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

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


Price To Earnings Ratio

PE vs Industry: FCRD is good value based on its PE Ratio (6.8x) compared to the US Capital Markets industry average (15.9x).

PE vs Market: FCRD is good value based on its PE Ratio (6.8x) compared to the US market (17.4x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: FCRD is good value based on its PB Ratio (0.7x) compared to the US Capital Markets industry average (42.4x).

Future Growth

How is First Eagle Alternative Capital BDC forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

-30.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FCRD's earnings are forecast to decline over the next 3 years (-30.2% per year).

Earnings vs Market: FCRD's earnings are forecast to decline over the next 3 years (-30.2% per year).

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

Revenue vs Market: FCRD's revenue (8.1% per year) is forecast to grow slower than the US market (9.3% per year).

High Growth Revenue: FCRD's revenue (8.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FCRD's Return on Equity is forecast to be low in 3 years time (6.8%).

Past Performance

How has First Eagle Alternative Capital BDC performed over the past 5 years?

-23.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FCRD has a large one-off gain of $7.3M impacting its September 30 2021 financial results.

Growing Profit Margin: FCRD became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: FCRD has become profitable over the past 5 years, growing earnings by -23% per year.

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

Earnings vs Industry: FCRD 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: FCRD's Return on Equity (10.1%) is considered low.

Financial Health

How is First Eagle Alternative Capital BDC's financial position?


Financial Position Analysis

Short Term Liabilities: FCRD's short term assets ($15.7M) exceed its short term liabilities ($5.8M).

Long Term Liabilities: FCRD's short term assets ($15.7M) do not cover its long term liabilities ($220.0M).


Debt to Equity History and Analysis

Debt Level: FCRD's net debt to equity ratio (106.5%) is considered high.

Reducing Debt: FCRD's debt to equity ratio has increased from 72.4% to 111.4% over the past 5 years.

Debt Coverage: FCRD's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: FCRD's interest payments on its debt are not well covered by EBIT (2.1x coverage).


Balance Sheet

Dividend

What is First Eagle Alternative Capital BDC current dividend yield, its reliability and sustainability?

8.89%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FCRD's dividend (8.89%) is higher than the bottom 25% of dividend payers in the US market (1.32%).

High Dividend: FCRD's dividend (8.89%) is in the top 25% of dividend payers in the US market (3.44%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (60.8%), FCRD's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FCRD's dividends in 3 years are forecast to be covered by earnings (89.6% payout ratio).

Management

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

4.9yrs

Average management tenure


CEO

Chris Flynn (48 yo)

7.5yrs

Tenure

Mr. Christopher John Flynn, also known as Chris, serves as the President at First Eagle Private Credit, LLC. He also serves as Chief Executive Officer at First Eagle Alternative Capital BDC, Inc. (formerly...


Leadership Team

Experienced Management: FCRD's management team is considered experienced (4.9 years average tenure).


Board Members

Experienced Board: FCRD's board of directors are considered experienced (6.7 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: FCRD insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

First Eagle Alternative Capital BDC, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: First Eagle Alternative Capital BDC, Inc.
  • Ticker: FCRD
  • Exchange: NasdaqGS
  • Founded: 2009
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Implied Market Cap: US$135.492m
  • Shares outstanding: 30.11m
  • Website: https://investor.feacbdc.com

Location

  • First Eagle Alternative Capital BDC, Inc.
  • 500 Boylston Street
  • Suite 1200
  • Boston
  • Massachusetts
  • 2110
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/16 23:10
End of Day Share Price2022/01/14 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.