company background image
TCPC

BlackRock TCP CapitalNasdaqGS:TCPC Stock Report

Last Price

US$13.69

Market Cap

US$790.8m

7D

-0.8%

1Y

14.5%

Updated

19 Jan, 2022

Data

Company Financials +
TCPC fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance4/6
Financial Health1/6
Dividends3/6

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

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 TCP Capital
Historical stock prices
Current Share PriceUS$13.69
52 Week HighUS$15.07
52 Week LowUS$11.30
Beta1.71
1 Month Change3.32%
3 Month Change-4.67%
1 Year Change14.47%
3 Year Change-3.46%
5 Year Change-19.28%
Change since IPO-5.91%

Recent News & Updates

Jan 18

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.

Sep 28

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.

May 08

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

May 05

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

TCPCUS Capital MarketsUS Market
7D-0.8%-5.5%-4.6%
1Y14.5%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

Is TCPC's price volatile compared to industry and market?
TCPC volatility
TCPC Average Weekly Movement2.1%
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: 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

FoundedEmployeesCEOWebsite
2012n/aRaj Vighttps://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

How do BlackRock TCP Capital's earnings and revenue compare to its market cap?
TCPC fundamental statistics
Market CapUS$790.83m
Earnings (TTM)US$149.20m
Revenue (TTM)US$168.42m

5.3x

P/E Ratio

4.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
TCPC income statement (TTM)
RevenueUS$168.42m
Cost of RevenueUS$0
Gross ProfitUS$168.42m
ExpensesUS$19.22m
EarningsUS$149.20m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)2.58
Gross Margin100.00%
Net Profit Margin88.59%
Debt/Equity Ratio120.1%

How did TCPC perform over the long term?

See historical performance and comparison

Dividends

8.8%

Current Dividend Yield

46%

Payout Ratio

Valuation

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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/19 23:46
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.