| Snowflake Score | |
|---|---|
| Valuation | 3/6 |
| Future Growth | 0/6 |
| Past Performance | 4/6 |
| Financial Health | 1/6 |
| Dividends | 3/6 |
TCPC Stock Overview
BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments.
BlackRock TCP Capital Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$13.69 |
| 52 Week High | US$15.07 |
| 52 Week Low | US$11.30 |
| Beta | 1.71 |
| 1 Month Change | 3.32% |
| 3 Month Change | -4.67% |
| 1 Year Change | 14.47% |
| 3 Year Change | -3.46% |
| 5 Year Change | -19.28% |
| Change since IPO | -5.91% |
Recent News & Updates
BlackRock TCP Capital: 9% Yield, Get Your Marshmallow Now
BlackRock TCP Capital is a well-run BDC that currently pays a high and well-covered dividend yield. It's managed by "big brother" BlackRock, and has a history of producing solid shareholder returns. I also highlight the balance sheet, valuation, outlook, and other points worth considering.
TCPC: Undervalued BDC With Income Tailwinds
TCPC offers a combination of strong historic NAV returns and attractive valuation in the BDC space. The company continues to refinance its higher coupon into very low coupon debt which provides a strong support to NII. The portfolio has below-average PIK and non-accrual metrics in the sector. TCPC is among the best BDCs positioned for eventual higher short-term rates given its high floating rate asset percentage and high amount of fixed-rate debt. The company also offers a shareholder-friendly fee structure with a low base management fee rate.
BlackRock TCP Capital: 8% Yield, Good Dividend Coverage, NAV Up 15%
Photo by Nikolay Pandev/E+ via Getty Images BlackRock TCP Capital Corp (TCPC) is a Business Development Company specializing in direct equity and debt investments in middle-market, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It seeks to invest in the United States. The
BlackRock TCP Capital EPS beats by $0.29, misses on revenue
BlackRock TCP Capital (TCPC): Q1 GAAP EPS of $0.61 beats by $0.29.Revenue of $41.16M (-0.2% Y/Y) misses by $0.16M."We are pleased to report continuing strong performance, with further NAV improvement driven by strong credits across the portfolio,” said Howard Levkowitz, BlackRock TCP Capital Corp. Chairman and CEO. "Our ability to source
Shareholder Returns
| TCPC | US Capital Markets | US Market | |
|---|---|---|---|
| 7D | -0.8% | -5.5% | -4.6% |
| 1Y | 14.5% | 24.6% | 7.7% |
Return vs Industry: TCPC underperformed the US Capital Markets industry which returned 25.7% over the past year.
Return vs Market: TCPC exceeded the US Market which returned 10.2% over the past year.
Price Volatility
| TCPC volatility | |
|---|---|
| TCPC Average Weekly Movement | 2.1% |
| 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: TCPC is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 2% a week.
Volatility Over Time: TCPC's weekly volatility (2%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2012 | n/a | Raj Vig | https://www.tcpcapital.com |
BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It typically invests in communication services, public relations services, television, wireless telecommunication services, apparel, textile mills, restaurants, retailing, energy, oil and gas extraction, Patent owners and Lessors, Federal and Federally- Sponsored Credit agencies, insurance, hospital and healthcare centers, Biotechnology, engineering services, heavy electrical equipment, tax accounting, scientific and related consulting services, charter freight air transportation, Information technology consulting, application hosting services, software diagram and design, computer aided design, communication equipment, electronics manufacturing equipment, computer components, chemicals. It seeks to invest in the United States.
BlackRock TCP Capital Fundamentals Summary
| TCPC fundamental statistics | |
|---|---|
| Market Cap | US$790.83m |
| Earnings (TTM) | US$149.20m |
| Revenue (TTM) | US$168.42m |
5.3x
P/E Ratio4.7x
P/S RatioIs TCPC overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| TCPC income statement (TTM) | |
|---|---|
| Revenue | US$168.42m |
| Cost of Revenue | US$0 |
| Gross Profit | US$168.42m |
| Expenses | US$19.22m |
| Earnings | US$149.20m |
Last Reported Earnings
Sep 30, 2021
Next Earnings Date
n/a
| Earnings per share (EPS) | 2.58 |
| Gross Margin | 100.00% |
| Net Profit Margin | 88.59% |
| Debt/Equity Ratio | 120.1% |
How did TCPC perform over the long term?
See historical performance and comparisonDividends
8.8%
Current Dividend Yield46%
Payout RatioValuation
Is BlackRock TCP Capital undervalued compared to its fair value and its price relative to the market?
5.3x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: TCPC ($13.69) is trading above our estimate of fair value ($8.66)
Significantly Below Fair Value: TCPC is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: TCPC is good value based on its PE Ratio (5.3x) compared to the US Capital Markets industry average (15.5x).
PE vs Market: TCPC is good value based on its PE Ratio (5.3x) compared to the US market (17x).
Price to Earnings Growth Ratio
PEG Ratio: TCPC's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: TCPC is good value based on its PB Ratio (1x) compared to the US Capital Markets industry average (42.2x).
Future Growth
How is BlackRock TCP Capital forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
-30.6%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: TCPC's earnings are forecast to decline over the next 3 years (-30.6% per year).
Earnings vs Market: TCPC's earnings are forecast to decline over the next 3 years (-30.6% per year).
High Growth Earnings: TCPC's earnings are forecast to decline over the next 3 years.
Revenue vs Market: TCPC's revenue (4% per year) is forecast to grow slower than the US market (9.2% per year).
High Growth Revenue: TCPC's revenue (4% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: TCPC's Return on Equity is forecast to be low in 3 years time (9.3%).
Past Performance
How has BlackRock TCP Capital performed over the past 5 years?
8.4%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: TCPC has a large one-off gain of $74.3M impacting its September 30 2021 financial results.
Growing Profit Margin: TCPC's current net profit margins (88.6%) are higher than last year (12.6%).
Past Earnings Growth Analysis
Earnings Trend: TCPC's earnings have grown by 8.4% per year over the past 5 years.
Accelerating Growth: TCPC's earnings growth over the past year (571.1%) exceeds its 5-year average (8.4% per year).
Earnings vs Industry: TCPC earnings growth over the past year (571.1%) exceeded the Capital Markets industry 86.4%.
Return on Equity
High ROE: TCPC's Return on Equity (18.3%) is considered low.
Financial Health
How is BlackRock TCP Capital's financial position?
Financial Position Analysis
Short Term Liabilities: TCPC's short term assets ($71.2M) exceed its short term liabilities ($41.5M).
Long Term Liabilities: TCPC's short term assets ($71.2M) do not cover its long term liabilities ($977.8M).
Debt to Equity History and Analysis
Debt Level: TCPC's net debt to equity ratio (115.6%) is considered high.
Reducing Debt: TCPC's debt to equity ratio has increased from 80.2% to 120.1% over the past 5 years.
Debt Coverage: TCPC's debt is not well covered by operating cash flow (3.6%).
Interest Coverage: TCPC's interest payments on its debt are not well covered by EBIT (2.9x coverage).
Balance Sheet
Dividend
What is BlackRock TCP Capital current dividend yield, its reliability and sustainability?
8.77%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: TCPC's dividend (8.77%) is higher than the bottom 25% of dividend payers in the US market (1.35%).
High Dividend: TCPC's dividend (8.77%) is in the top 25% of dividend payers in the US market (3.48%)
Stability and Growth of Payments
Stable Dividend: TCPC's dividend payments have been volatile in the past 10 years.
Growing Dividend: TCPC's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (46.5%), TCPC's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: TCPC's dividends in 3 years are not forecast to be well covered by earnings (90.1% payout ratio).
Management
How experienced are the management team and are they aligned to shareholders interests?
0.8yrs
Average management tenure
CEO
Raj Vig (50 yo)
0.42
Tenure
Mr. Rajneesh Vig, also known as Raj, CPA has been Chief Executive Officer of BlackRock TCP Capital Corp. (formerly, TCP Capital Corp.) since August 5, 2021 and serves as its Chairman of the Board since Sep...
Leadership Team
Experienced Management: TCPC's management team is not considered experienced ( 0.8 years average tenure), which suggests a new team.
Board Members
Experienced Board: TCPC's board of directors are considered experienced (7 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: TCPC 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
BlackRock TCP Capital Corp.'s employee growth, exchange listings and data sources
Key Information
- Name: BlackRock TCP Capital Corp.
- Ticker: TCPC
- Exchange: NasdaqGS
- Founded: 2012
- Industry: Asset Management and Custody Banks
- Sector: Diversified Financials
- Implied Market Cap: US$790.834m
- Shares outstanding: 57.77m
- Website: https://www.tcpcapital.com
Location
- BlackRock TCP Capital Corp.
- 2951 28th Street
- Suite 1000
- Santa Monica
- California
- 90405
- United States
Listings
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2022/01/19 23:46 |
| End of Day Share Price | 2022/01/19 00:00 |
| Earnings | 2021/09/30 |
| Annual Earnings | 2020/12/31 |
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.