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Msg  3856 of 3863  at  9/26/2022 12:10:17 PM  by

lumpygravy


BDC Valuations

From Raymond James today....
 
BDC relative historical valuations: The BDC group average P/NAV
currently sits at 0.83x, compared to 0.91x the previous week and 0.94x
over the past five years. A P/NAV at this level has historically led to an
average one-year absolute forward total return of 27%, with 84% of
such instances showing positive returns.
 
The BDC group dividend yield currently sits at 10.8%, versus 10.0% the
previous week and 9.7% over the past five years. A dividend yield at this
level has historically led to an average one-year absolute forward total
return of 20%, with 94% of such instances showing positive returns.
 
BDC relative yield valuations: The BDC group dividend yield spread
currently sits at 7.2% over the 10-year Treasury. A yield spread at this
level has historically led to an average one-year absolute forward total
return of (1.8)%, with 47% of such instances showing positive returns.
 
BDC returns: The BDC group returned (7.2)% over the last
week, compared to the S&P500 return of (4.6)%. Year-to-date,
the BDC group has a total return of (13.1)%, ahead of the KBW
Bank Index by approximately 1,060 bps.
 
 


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