NasdaqGS:TCPC

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Executive Summary

BlackRock TCP Capital Corp. 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. More Details

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Share Price & News

How has BlackRock TCP Capital's share price performed over time and what events caused price changes?


Latest Share Price and Events

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

Volatility Over Time: TCPC's weekly volatility has decreased from 13% to 3% over the past year.


Market Performance


7 Day Return

4.7%

TCPC

-2.6%

US Capital Markets

-4.6%

US Market


1 Year Return

-1.4%

TCPC

38.0%

US Capital Markets

38.5%

US Market

Return vs Industry: TCPC underperformed the US Capital Markets industry which returned 38% over the past year.

Return vs Market: TCPC underperformed the US Market which returned 38.5% over the past year.


Shareholder returns

TCPCIndustryMarket
7 Day4.7%-2.6%-4.6%
30 Day9.9%8.5%0.6%
90 Day8.6%14.9%1.9%
1 Year12.0%-1.4%41.3%38.0%41.5%38.5%
3 Year25.4%-9.8%39.5%29.1%56.7%46.7%
5 Year53.9%-7.8%140.6%110.9%123.5%98.6%

Long-Term Price Volatility Vs. Market

How volatile is BlackRock TCP Capital's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is BlackRock TCP Capital undervalued compared to its fair value and its price relative to the market?

33.82x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: TCPC ($12.91) is trading above our estimate of fair value ($5.34)

Significantly Below Fair Value: TCPC is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: TCPC is poor value based on its PE Ratio (33.8x) compared to the US Capital Markets industry average (23.5x).

PE vs Market: TCPC is poor value based on its PE Ratio (33.8x) compared to the US market (21.3x).


Price to Earnings Growth Ratio

PEG Ratio: TCPC is good value based on its PEG Ratio (1x)


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 (12.8x).

Future Growth

How is BlackRock TCP Capital forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

34.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TCPC's forecast earnings growth (34% per year) is above the savings rate (2%).

Earnings vs Market: TCPC's earnings (34% per year) are forecast to grow faster than the US market (20.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: TCPC's revenue is expected to decline over the next 3 years (-2.1% per year).

High Growth Revenue: TCPC's revenue is forecast to decline over the next 3 years (-2.1% 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 (10.2%).

Past Performance

How has BlackRock TCP Capital performed over the past 5 years?

-25.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TCPC has a large one-off loss of $63.4M impacting its September 30 2020 financial results.

Growing Profit Margin: TCPC's current net profit margins (12.6%) are lower than last year (15.7%).


Past Earnings Growth Analysis

Earnings Trend: TCPC's earnings have declined by 25.8% per year over the past 5 years.

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

Earnings vs Industry: TCPC had negative earnings growth (-27.6%) over the past year, making it difficult to compare to the Capital Markets industry average (10.1%).


Return on Equity

High ROE: TCPC's Return on Equity (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 ($54.7M) exceed its short term liabilities ($22.7M).

Long Term Liabilities: TCPC's short term assets ($54.7M) do not cover its long term liabilities ($931.8M).


Debt to Equity History and Analysis

Debt Level: TCPC's debt to equity ratio (126.9%) is considered high.

Reducing Debt: TCPC's debt to equity ratio has increased from 77.7% to 126.9% over the past 5 years.

Debt Coverage: TCPC's debt is not well covered by operating cash flow (10.9%).

Interest Coverage: TCPC's interest payments on its debt are well covered by EBIT (3.1x coverage).


Balance Sheet

Dividend

What is BlackRock TCP Capital current dividend yield, its reliability and sustainability?

9.30%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: TCPC's dividend (9.3%) is higher than the bottom 25% of dividend payers in the US market (1.34%).

High Dividend: TCPC's dividend (9.3%) is in the top 25% of dividend payers in the US market (3.76%)


Stability and Growth of Payments

Stable Dividend: TCPC has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: TCPC has only been paying a dividend for 9 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (361.5%), TCPC's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: TCPC'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?

9.1yrs

Average management tenure


CEO

Howard Levkowitz (53 yo)

9.08yrs

Tenure

Mr. Howard Marshall Levkowitz, J.D. serves as the Co-Founder and Managing Partner of Tennenbaum Capital Partners, LLC which he co-founded in 1999. He serves as Managing Director in SVOF/MM, LLC. Mr. Levkow...


Leadership Team

NamePositionTenureCompensationOwnership
Howard Levkowitz
Chairman & CEO9.08yrsno data0.37%
$ 2.7m
Rajneesh Vig
President7.75yrsno data0.10%
$ 771.4k
Michael Lietner
Managing Partner2.67yrsno data0.042%
$ 315.0k
Mark Holdsworth
Managing Partner3.08yrsno datano data
Philip Tseng
Managing Partnerno datano datano data
Paul Davis
Chief Financial Officer13.08yrsno data0.049%
$ 368.0k
Kathleen McGlynn
Vice President of Investor Relationsno datano datano data
Elizabeth Greenwood
General Counsel13.08yrsno data0.0017%
$ 12.9k
Erik Cuellar
Controllerno datano datano data

9.1yrs

Average Tenure

50.5yo

Average Age

Experienced Management: TCPC's management team is seasoned and experienced (9.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Howard Levkowitz
Chairman & CEO9.08yrsno data0.37%
$ 2.7m
Rajneesh Vig
President7.75yrsno data0.10%
$ 771.4k
Eric Draut
Director10yrsno data0.091%
$ 678.2k
Kathleen Corbet
Director3.92yrsno data0.017%
$ 129.1k
Peter Schwab
Director8.25yrsno data0.015%
$ 109.7k
Andrea Petro
Independent Director0.50yrno data0.0078%
$ 58.4k
M. Reiss
Director4.5yrsno data0.043%
$ 322.8k
Karyn Williams
Independent Director2.5yrsno data0.0013%
$ 9.4k

6.1yrs

Average Tenure

61.5yo

Average Age

Experienced Board: TCPC's board of directors are considered experienced (6.1 years average tenure).


Ownership

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.


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 company bio, 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
  • Market Cap: US$745.775m
  • 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TCPCNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDApr 2012
8TCDB (Deutsche Boerse AG)YesCommon StockDEEURApr 2012

Biography

BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, senior secured loans, junior loans, originated loans, mezzanine, senior de...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/02/27 00:44
End of Day Share Price2021/02/26 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.