MAIN STREET CAPITAL: Sichere 11% Dividendenrendite?
neuester Beitrag 08.05.16 17:18:42 von
Main Street Capital Corporation (NYSE: MAIN) announced today that it recently led a new portfolio investment totaling $13.0 million of invested capital in Valley Healthcare Group, LLC (VHG) to fund the Company's near-term growth opportunities and refinance existing debt, with Main Street funding $10.4 million of the investment. The investment in VHG consisted of first-lien, senior secured term debt. In addition, Main Street and its co-investor are providing VHG a conditional commitment for additional capital to support its future growth opportunities.
Headquartered in Phoenix, Arizona, and founded in 2006 by long-established industry experts, VHG (www.valleyrespiratory.com) is a leading provider of durable medical equipment, custom rehabilitation, mobility solutions, and sleep center services, primarily in Phoenix, Arizona. VHG owns and operates five pulmonary-related entities that provide continuous positive airway pressure and bi-level positive airway pressure equipment, oxygen, related supplies, ventilators, nebulizers and other equipment to patients with sleep apnea and other respiratory deficiencies. VHG also specializes in diagnostic sleep disorder testing and operates seven sleep centers in Phoenix, Arizona, two in Tucson, Arizona, and one in Omaha, Nebraska.
The Houston-based investor is great at finding winners, and even better at letting its winners run for the long haul.
Main Street Capital's (NYSE:MAIN) record stands high above its peers. While it's had its fair share of losers, its winners have more than made up for them. The result is a stock chart worthy of envy, and the highest valuation of its any of its peers.
There's more to being a great investor than simply picking winners, however. Importantly, Main Street is very good at picking winners and letting them ride. Of the 28 portfolio companies in which it was invested in at the end of 2007, 10 are still on its balance sheet.
The original portfolio turned out to be chock-full of gems, but one stands out as particularly impressive -- a company by the odd name of CBT Nuggets. It's a wonderfully simple company that makes money selling online training courses to IT professionals for less than $1,000 per year.
CBT Nuggets was a winner from the time of Main Street Capital's public debut, when the investment company carried its investment in CBT at a $1 million unrealized gain. Today, that unrealized gain stands at $37.6 million.
And while BDCs are often described as "black boxes" for marking their investments up and down with little justification, Main Street's filings clearly show this company is a winner.
Consider this: In 2007, CBT paid Main Street dividends of just $270,000. This year, CBT has already sent Main Street dividend payments tallying to more than $3.5 million, or roughly $0.07 per Main Street Capital share.
Main Street Capital currently values its share of the company at $38.9 million, roughly 10 times the annual cash flow it sends back to the company. That may be conservative in light of CBT's ability to send more and more cash Main Street's way.
Cumulative dividends tally to $13.1 million, more than 10 times Main Street's cost basis for its equity investment in CBT Nuggets.
The company has become such a big driver of Main Street Capital's performance that it has recently received SEC scrutiny as to whether Main Street "controls" the company by the regulators' definition. (The majority owner's desire for privacy may well be a reason Main Street decides to sell it in the future.)
Of course, not all investments pan out this well. Some of the investments Main Street Capital held at the time of its 2007 IPO promptly went to zero during the financial crisis. That's how the game works. For every loser, you can only hope to have a runaway winner.
When you look into a BDC's books, these are the kinds of companies investors want to see. Companies that are rising in value because they're paying more and more cash back to their owners in the form of dividends. Call them golden "nuggets," if you will.
Kann ich nicht beurteilen. Ich denke, dass MAIN auf diesem Kursniveau geradezu verschenkt wird (der heutige Dividendenabschlag von 0,166 EUR ist ja mehr als kompensiert worden), aber ob das nun der Tiefstkurs war, weiß ich nicht. Da ich keine Glaskugel habe, kann ich nur danach gehen, ob ich eine Aktie für unterbewertet halte und dann kaufen.
Ich habe jedenfalls heute meine Position noch ein bisschen erweitert, die 200 Stück um 18:39 zu 23,018 EUR sind jetzt auch meine...
Ausstieg bei Southern RV: Main Street Capital realisiert 14,4 Mio. Dollar Gewinn
Main Street Capital Corp. (NYSE: MAIN), eine Business Development Caopmany (BDC), hat ihr Kredit- und Eigenkapitalengagement bei Southern RV und ihr angegliederten Immobilien-Unternehmen beendet. Southern RV ist an vier Standorten in Texas, Louisiana und Mississippi aktiv, bei Finanzierung, Verkauf von Ersatzteilen und Dienstleistungen rund um neue und gebrauchten Freizeitfahrzeuge.
MAIN realisiert einen Gewinn von rund 14,4 Mio. USD und damit kumuliert seit der Erstinvestition im August 2013 eine interne Rendite von 150,2% bzw. das 8,5-Fache auf ihre Eigenkapitalbeteiligung. Main Streets Erstinvestition in Southern RV bestand in 14,6 Mio. USD erstrangigen, durch Vermögenswerte des Schuldners besicherte Anlagen und einer direkten Beteiligung in Höhe von 2,2 Mio. USD.
Durch den Exit aus der Beteiligung an Southern RV realisiert Mains Street Capital einen Gewinn von 4,4 Mio. USD gegenüber dem fairen Marktwert dieser Beteiligungen per 30. September 2015.
MAIN befindet sich auf meiner Empfehlungsliste und in meinem Depot. Ich halte sie für kaufenswert, weil sie zu den BDCs gehört, die am ehesten von steigenden US-Zinsen profitieren werden und weil ihre Assets zu den qualitativ hochwertigsten gehören - wie dieser Exit nachdrücklich belegt. Hier geht Sicherheit vor Rendite, auch wenn eine annualisierte Dividendenrendite von 9,25 Prozent (inkl. der regelmäßigen Sonderausschüttung zum Jahresende) ja nicht gerade kleinlich ist! Die Ausschüttungen erfolgen übrigens monatlich und sorgen für ein attraktives, stetiges Dividendeneinkommen.
Wie viel Quellensteuer fällt denn in den USA an?
30 Prozent. Allerdings kann man die mit der deutschen verrechnen, dann sind es 15%; die meisten Banken/Broker machen das automatisch, ansonsten muss man ein entsprechendes Formular (einmalig für alle US-Werte) einreichen.
Many of Main Street Capital Corporation's portfolio companies have been in the news. Here's a look at the company's movers and shakers.
Ahead of the company's fourth-quarter earnings report, a number of Main Street Capital's (NYSE:MAIN) portfolio companies have been in the news -- both good stories and bad.
Of particular interest are a new non-accrual investment, a portfolio company that will have its day in bankruptcy court, and some new information about a recent investment by Main Street Capital.
Does it matter?
Main Street Capital makes debt and equity investments in hundreds of companies, so the performance of any one company is relatively moot. That said, it's important to keep tabs on its portfolio companies, particularly as BDCs report a rising number of underperforming investments.
At least one investment will likely go on non-accrual this quarter. A small loan equal to about 0.3% of net asset value to Targus Group International is under stress. Saratoga Investment (NYSE:SAR), a competing BDC, put its loan to Targus on non-accrual after the company skipped an interest payment.
Saratoga Investment's latest earnings report was for the period ended Nov. 30, 2015. Naturally, one would expect Main Street to put its Targus investment on non-accrual for the quarter ended Dec. 31, 2015.
Relativity Media LLC, an investment that has been marked down to a fraction of its original cost, was expected to have its day in bankruptcy court in January. Like Targus, it is small -- valued at 0.3% of Main Street's net asset value. Relativity apparently received an investment from another company in January. (Piecing together private company events and timelines is difficult, to say the least.)
Lest you think the news is all negative, it isn't. Barfly Ventures, a recent addition to the Main Street portfolio, has plans to double its number of locations in 2016, helped by a Main Street Capital investment. This company is currently valued at about 0.4% of Main Street Capital's net asset value, and has the potential to roughly double in size if it draws down on a revolver. Main Street Capital reported owning warrants in the company, which give it a chance to grab a slice of the upside if its expansion plans go well.
Finally, Main Street also announced that it monetized an investment in Southern RV, cashing in on an equity investment that appreciated 8.5 times in value since it was added to the portfolio in 2013. It's an impressive haul that was undoubtedly helped by low oil prices, which have been a boon for recreational vehicle sales. However, low oil prices won't be so friendly to the 9.1% of Main Street Capital's portfolio that was invested in energy-related businesses as of its September quarterly filing.