Fourth Fiscal Quarter 2014 Financial Highlights
-- Net investment income for the quarter ended September 30, 2014 was $3.8
million or $0.22 per share, as compared to $0.8 million or $0.16 per
share for the period from June 29, 2013 (commencement of operations)
through September 30, 2013;
-- Net asset value per share was $12.65 as of September 30, 2014;
-- Weighted average cash yield on debt investments increased to 7.2% at
September 30, 2014, as compared to 7.0% at June 30, 2014; and
First Fiscal Quarter 2015 Update
-- Originated over $360 million in senior secured loans thus far in the
first fiscal quarter;
-- Currently, we have over $550 million invested in senior secured loans to
58 portfolio companies;
-- Based on our activity to date and our current pipeline, we have
visibility into first fiscal quarter earnings and estimate our net
investment income per share for the December quarter will be in the range
of $0.27 to $0.33; and
-- We do not intend to raise additional equity below net asset value.
To whoever gave the above post a down thumb:
Please reply as to why you think BANC has done such a good job. The stock has been crushed. Selling shares below market price and book value has been a disaster.
I looked at their holding as of 12-31-2013 and they do have some energy credits, but they were all big names like Chevron, etc.
I really was not inferring that NWLI has exposure, just that the market was selling banks and insurance companies because of the potential holdings or lending. It is really the smaller and junk credits that are of concern which has the high-yield market in turmoil.
Bank stocks are supposed to suffer when their national economies turn down, all the more so when a supposedly antimarket president has just been re-elected to investors’ chagrin. Brazilian bank shares must have missed the memo.
Brazil’s stock market as a whole has seen a modest dead-cat bounce since President Dilma Rousseff squeaked into a second term on Oct. 26. The iShares MSCI Brazil Capped ETF (ticker: EWZ) commonly used by U.S. investors has gained 3%. But the country’s top two private banks, Itau Unibanco (ITUB) and Banco Bradesco (BBD), are on a tear–their U.S.-traded shares rising 15% since election day, and up by one-third this year. Driving those gains are solid profit increases: Itau’s third-quarter net jumped 36% from a year earlier; Bradesco’s rose 28%.
Investors just hearing these names may be a little late to the party, but analysts from Credit Suisse and Deutsche Bank expect Itau shares to rise another 20% through next year. Bradesco looks closer to being fully valued and could depend for further gains on political developments, like Rousseff’s expected appointment of respected banker Joacquim Levy as finance minister. (Levy, in fact, is Bradesco’s chief strategist at its asset management arm.)
How can big banks flourish in a country flirting with recession and run by a purported neo-socialist? Solid management is partly responsible. Itau and Bradesco, which boast a combined market capitalization of nearly $140 billion, have adjusted to slowing credit growth over the past few years by improving loan quality–shifting out of risky small-business lending and revolving credit into mortgages and payroll loans that automatically withdraw funds from the borrower’s salary or pension.
That drags on Brazil’s macroeconomy, but bolsters the banks’ balance sheets. Itau has cut its nonperforming-loan rate in half since the freewheeling days of 2012, to about 5%, according to Credit Suisse research. Both banks have meanwhile reined in expense growth to less
Initiated coverage at Neutral with a PT of $12.
My goodness with the issuing of the low-ball secondary and now a low-ball PT, it is really a reflection on what the market thinks of the management of this company.
I'm telling you what NWLI does, not my opinion on what is a good idea or not.
If you think you know exactly where rates are going, why don't you go invest your money there and forget about NWLI?
And quit whining about the price rise.
Okay so now you're talking about inflation instead of rising rates.
I don't think anyone here needs a primer on the negative aspects of inflation.