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Prospect Capital Corporation Message Board

  • jmkdog jmkdog Mar 28, 2013 12:36 AM Flag

    Nav as of TODAY=

    11.13

    You folks are wrong to base NAV on data from 12/12.

    800 M has been added in asset, couple this with less pre pay and higher values for assets based on overall economy and you could see as high as 11.25.

    This is the Biggest Q in our history in origination and we now have added 1.6 B in the last 2 quarters.

    We only sold 16M more shares bringing the float up to 231M.

    There will be a NAV increase up to at LEAST 11.13.

    Mark it.

    This is a mid 11's stock now and is severely undervalued at 1x book.
    Lowest p/b in this space yet least amount of debt/asset at less than 30%!!

    If it get on the Benjamin Graham list you can rest assured THERE IS VALUE HERE despite the recent pull back under 11.. Under 11 is A GIFT , BUY here and thank me in a few weeks

    Sentiment: Strong Buy

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    • jmkdog:

      "There will be a NAV increase up to at LEAST 11.13.

      Mark it.

      This is a mid 11's stock now and is severely undervalued at 1x book.
      Lowest p/b in this space yet least amount of debt/asset at less than 30%!!

      If it get on the Benjamin Graham list you can rest assured THERE IS VALUE HERE despite the recent pull back under 11.. Under 11 is A GIFT , BUY here and thank me in a few weeks"

      I guess you were wrong. Of course others were too. NAV is not easy to guess. Too many variables. Now two quarters of negative surprises. Still a lot of "excess" income available, but it will run out at this rate. I'm willing to hold at this level and may buy more if we get back below NAV by .10-.25. So far I'm a little positive with the income at 12%+. Pretty good for excess cash.

    • "There will be a NAV increase up to at LEAST 11.13. "

      Well this makes no sense either. Bashers are clueless and I guess pumpers are too. Adding to assets does not change NAV unless money was raised at a premium to NAV or assets have appreciated since purchase, or income from new assets are more than dividends. All are pretty unlikely. Wells Fargo is worried that new investments are too risky and puts PSEC in the lowest quartile of BDCs. I disagree but understnd the arguement. BTW, Wells Fargo has KCAP even more risky due to leverage and nature of assets. Everyone should get a copy of the 100+ page report to understand the industy.

      • 1 Reply to tiger7199
      • With all due respect " Adding to assets does not change NAV"

        Pre payments cost us .32 cents PER SHARE IN NAV. When originations are made it most certainly DOES RAISE NAV assuming the creation of new equity is not at a 1-1 ratio.

        I would bet you actual cash , real money, NAV comes out higher after two consecutive quarters of RECORD originations returning on average 14-15%. This debt is SECURED by assets, real property.

        Who at Wells is responsible for the downgrade? No way Johnathon Bock would do this..

        Nav will rise , mark it

    • No doubt it is a pirce to load up on PSEC. I have the fullest confidence in the top officers, having been to NYC to meet them, and listen to their current strategies.

 
PSEC
10.941+0.041(+0.38%)11:51 AMEDT

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