PhenixFIN (NasdaqGM:PFX) - Share price, News & Analysis

PFX fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	3/6
Financial Health	3/6
Dividends	0/6

PFX Stock Overview

PhenixFIN Corporation is a business development company.

Rewards

Price-To-Earnings ratio (10.1x) is below the US market (15.7x)

Risk Analysis

Earnings are forecast to decline by an average of 38% per year for the next 3 years

Does not have a meaningful market cap ($78M)

PhenixFIN Competitors

Hennessy Advisors

NasdaqGM:HNNA

US$75.6m

Westwood Holdings Group

NYSE:WHG

US$97.1m

L&F Acquisition

NYSEAM:LNFA

US$84.7m

FoxWayne Enterprises Acquisition

NasdaqCM:FOXW

US$73.8m

Price History & Performance

Summary of all time highs, changes and price drops for PhenixFIN
Historical stock prices
Current Share Price	US$35.33
52 Week High	US$44.00
52 Week Low	US$32.61
Beta	1.43
1 Month Change	-3.73%
3 Month Change	-8.76%
1 Year Change	-14.07%
3 Year Change	-34.09%
5 Year Change	-72.61%
Change since IPO	-85.45%

Shareholder Returns

	PFX	US Capital Markets	US Market
7D	4.9%	1.9%	1.1%
1Y	-14.1%	-17.6%	-13.0%

Return vs Industry: PFX exceeded the US Capital Markets industry which returned -17.1% over the past year.

Return vs Market: PFX underperformed the US Market which returned -12.9% over the past year.

Price Volatility

Is PFX's price volatile compared to industry and market?
PFX volatility
PFX Average Weekly Movement	5.1%
Capital Markets Industry Average Movement	0.5%
Market Average Movement	7.9%
10% most volatile stocks in US Market	17.1%
10% least volatile stocks in US Market	3.2%

Stable Share Price: PFX is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: PFX's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2010	7	David Lorber	https://www.phenixfc.com/

PhenixFIN Corporation is a business development company. The firm seeks to invest in privately negotiated debt and equity securities of small and middle market companies. It primarily invests in the following sectors: business services; buildings and real estate; automobile; oil and gas; aerospace and defense; home and office furnishings, housewares, and durable consumer products; healthcare, education and childcare; personal, food, and miscellaneous services; retail stores, diversified or conglomerate manufacturing; telecommunications; mining, steel, iron, and non-precious metals; leisure, amusement, motion pictures, and entertainment; chemicals, plastics, and rubber; finance; personal and nondurable consumer products (manufacturing only); beverage, food, and tobacco; containers, packaging, and glass; structure finance securities; machinery (non-agriculture, non-construction, non-electric); diversified or conglomerate service; restaurant and franchise; electronics; and cargo transport.

PhenixFIN Fundamentals Summary

How do PhenixFIN's earnings and revenue compare to its market cap?
PFX fundamental statistics
Market Cap	US$77.86m
Earnings (TTM)	US$7.70m
Revenue (TTM)	US$19.84m

10.1x

P/E Ratio

3.9x

P/S Ratio

Is PFX overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
PFX income statement (TTM)
Revenue	US$19.84m
Cost of Revenue	US$0
Gross Profit	US$19.84m
Other Expenses	US$12.14m
Earnings	US$7.70m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	3.50
Gross Margin	100.00%
Net Profit Margin	38.83%
Debt/Equity Ratio	56.0%

How did PFX perform over the long term?

See historical performance and comparison

Dividends

1.4%

Current Dividend Yield

n/a

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is PFX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PFX?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for PFX. This is calculated by dividing PFX's market cap by their current preferred multiple.
What is PFX's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$77.86m

PFX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	6x
Enterprise Value/EBITDA	n/a
PEG Ratio	-0.3x

Price to Earnings Ratio vs Peers

How does PFX's PE Ratio compare to its peers?

PFX PE Ratio vs Peers

The above table shows the PE ratio for PFX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	21.1x
HNNA Hennessy Advisors	11.1x	n/a	US$75.6m
WHG Westwood Holdings Group	22.3x	n/a	US$97.1m
LNFA L&F Acquisition	10.1x	n/a	US$84.7m
FOXW FoxWayne Enterprises Acquisition	40.8x	n/a	US$73.8m
PFX PhenixFIN	10.1x	-38.0%	US$77.9m

Price-To-Earnings vs Peers: PFX is good value based on its Price-To-Earnings Ratio (10.1x) compared to the peer average (21.1x).

Price to Earnings Ratio vs Industry

How does PFX's PE Ratio compare vs other companies in the US Capital Markets Industry?

Price-To-Earnings vs Industry: PFX is good value based on its Price-To-Earnings Ratio (10.1x) compared to the US Capital Markets industry average (30.2x)

Price to Earnings Ratio vs Fair Ratio

What is PFX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PFX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10.1x
Fair PE Ratio	4.7x

Price-To-Earnings vs Fair Ratio: PFX is expensive based on its Price-To-Earnings Ratio (10.1x) compared to the estimated Fair Price-To-Earnings Ratio (4.7x).

Share Price vs Fair Value

What is the Fair Price of PFX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate PFX's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate PFX's fair value for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

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

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-38.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: PFX's earnings are forecast to decline over the next 3 years (-38% per year).

Earnings vs Market: PFX's earnings are forecast to decline over the next 3 years (-38% per year).

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

Revenue vs Market: PFX's revenue is expected to decline over the next 3 years (-17.6% per year).

High Growth Revenue: PFX's revenue is forecast to decline over the next 3 years (-17.6% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if PFX's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has PhenixFIN performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

12.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PFX has high quality earnings.

Growing Profit Margin: PFX's current net profit margins (38.8%) are higher than last year (36.5%).

Past Earnings Growth Analysis

Earnings Trend: PFX has become profitable over the past 5 years, growing earnings by 12.7% per year.

Accelerating Growth: PFX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PFX had negative earnings growth (-24.7%) over the past year, making it difficult to compare to the Capital Markets industry average (53.7%).

Return on Equity

High ROE: PFX's Return on Equity (5.5%) is considered low.

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Financial Health

How is PhenixFIN's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: PFX's short term assets ($39.3M) exceed its short term liabilities ($11.5M).

Long Term Liabilities: PFX's short term assets ($39.3M) do not cover its long term liabilities ($78.7M).

Debt to Equity History and Analysis

Debt Level: PFX's net debt to equity ratio (28.8%) is considered satisfactory.

Reducing Debt: PFX's debt to equity ratio has reduced from 107.5% to 56% over the past 5 years.

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

Interest Coverage: PFX's interest payments on its debt are not well covered by EBIT (2.3x coverage).

Balance Sheet

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Dividend

What is PhenixFIN current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

1.37%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: PFX's dividend (1.37%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.52%).

High Dividend: PFX's dividend (1.37%) is low compared to the top 25% of dividend payers in the US market (4.1%).

Stability and Growth of Payments

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

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

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: PFX is paying a dividend but the company has no free cash flows.

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Management

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

3.3yrs

Average board tenure

CEO

David Lorber (44 yo)

1.58yrs

Tenure

US$879,097

Compensation

Mr. David Aaron Lorber serves as Independent Director at GSR II Meteora Acquisition Corp. since February 2022. He is a Co-Founder, Managing Member, Partner and Principal at FrontFour Capital Group LLC and...

CEO Compensation Analysis

Compensation vs Market: David's total compensation ($USD879.10K) is about average for companies of similar size in the US market ($USD767.73K).

Compensation vs Earnings: David's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.

Board Members

Experienced Board: PFX's board of directors are considered experienced (3.3 years average tenure).

Ownership

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

Insider Trading Volume

Insider Buying: PFX 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.

Data	Last Updated (UTC time)
Company Analysis	2022/08/08 00:00
End of Day Share Price	2022/08/08 00:00
Earnings	2022/03/31
Annual Earnings	2021/09/30