{"id":9698,"date":"2023-09-10T13:44:37","date_gmt":"2023-09-10T13:44:37","guid":{"rendered":"https:\/\/prosfunds.com\/news\/capital-southwest-11-yield-strong-growth-on-rising-rates-nasdaqcswc\/"},"modified":"2023-09-10T13:44:39","modified_gmt":"2023-09-10T13:44:39","slug":"capital-southwest-11-yield-strong-growth-on-rising-rates-nasdaqcswc","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=9698","title":{"rendered":"Capital Southwest: 11% Yield, Strong Growth On Rising Rates (NASDAQ:CSWC)"},"content":{"rendered":"
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While rising interest rates have brought on higher interest expenses, the BDC industry has benefited from this trend, as most BDC’s have a big majority of floating rate investments, and a smaller amount of floating debt.<\/p>\n

One such BDC is Capital Southwest (<\/span>NASDAQ:CSWC<\/span>), which has seen its cash interest investment income rise by ~59% since the quarter ending 9\/30\/22:<\/span><\/p>\n

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CSWC site<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Management estimates that for every 50 basis point rise in interest rates, CSWC will earn $.12\/share in annual NII:<\/p>\n

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CSWC site<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Company Profile:<\/strong><\/p>\n

Capital Southwest Corporation is an internally managed business development company<\/em> specializing in credit and private equity and venture capital investments in middle market companies, mezzanine, later stage, mature, late venture, emerging growth, buyouts, recapitalizations and growth capital investments. (CSWC site)<\/p>\n

CSWC’s internal management structure has resulted in lower than average operating expenses, which have fallen from 3% in 2019, to 1.9%, as of 6\/30\/23.<\/span><\/p>\n

Holdings:<\/strong><\/p>\n

Management has been steadily increasing the % of 1st Lien investments, which stood at 97% as of 6\/30\/23. It also held 3% in 2nd Lien investments.<\/p>\n

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CSWC site<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

CSWC’s portfolio increased to 89 companies in the period ending 6\/30\/23, with a total fair value of $1.23B. Its average yield on debt investments is 12.9%, with issuer EBITDA averaging ~$20M:<\/p>\n

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CSWC site<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Business Services, and Media & Marketing, remained the largest industry exposure in the quarter ending 6\/30\/23, rising from 12% to 13%. Healthcare Services were steady, at 11%. The 2 Consumer categories totaled 16%:<\/p>\n

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CSWC site<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

CSWC also has a JV, – its I-45 Senior Loan Fund (\u201cI-45 SLF\u201d), in partnership with Main Street Capital. As of 6\/30\/23, 95% of that portfolio’s investments remained in Senior Loans. There were ~$132M in debt investments in 33 companies, with an average issuer EBITDA of ~$71M, and a 6.4% LIBOR spread, up from 6.3% in the 3 previous quarters.<\/p>\n

As of 6\/30\/23, the top 5 industries comprised 65% of this portfolio, vs. 57% as of 3\/31\/23, led by Business Services at 17%, up from 15%, and Healthcare at 16%, up from 14%. The average investment size was 3% of the portfolio, vs. 2.6% as of 3\/31\/23.<\/p>\n

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CSWC site<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Portfolio Companies’ Ratings:<\/strong><\/p>\n

As with other BDC’s, CSWC’s management reevaluates its portfolio companies each quarter. It uses a 4-tier system, with 1 being the top tier, and 4 being the lowest. There were $9M in upgrades in the latest quarter, with no downgrades. The average investment rating was 1.91, vs. 1.93 at 3\/31\/23, with 96% of the investments in the top 2 tiers.<\/p>\n

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CSWC site<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Earnings:<\/strong><\/p>\n

CSWC’s fiscal year ends on 3\/30. Fiscal Q1 ’24 had major growth in total and Net Investment Income, of 79% and 97% respectively. NII\/Share rose 32.7%, due to a 47% rise in the share count vs. a year ago. As with other BDC’s, Interest expense was up, rising $4M, but was surpassed by NII.<\/p>\n

Fiscal Year ending 3\/31\/23 also had strong growth, with Total Investment Income up 45%, and NII up 61%. NII\/share rose 22%, and Interest expense rose 45% for the year.<\/p>\n

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Hidden Dividend Stocks Plus<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

New Business:<\/strong><\/p>\n

CSWC originated $111.9M in new commitments in the quarter ending 6\/30\/23, consisting of investments in 6 new portfolio companies totaling $98.6M, and add-on commitments in 7 portfolio companies totaling $13.3M. CSWC received proceeds from the sale of 1 equity investment totaling $3.4M.<\/p>\n

Dividends:<\/strong><\/p>\n

At its 9\/8\/23 price of $22.03, CSWC had a regular dividend yield of 10.17%, and supplemental dividend yield of 1.09%, for a total yield of 11.26%. It’ll go ex-dividend this week, on 9\/14\/23, with a 9\/29\/23 pay date.<\/p>\n

Management raised the quarterly regular dividend for the 5th straight quarter, from $.54 to $.56, and also raised the supplemental dividend from $.05 to $.06. CSWC has one of the highest 5-year dividend growth rates in the BDC industry, at 19.5%.<\/p>\n

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Hidden Dividend Stocks Plus<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Dividend coverage was 1.08X on a Pre-Tax basis in the quarter ending 6\/30\/23, and 1.01X for the latest fiscal year, ending 3\/31\/23. That includes both regular and supplemental dividends. As of 6\/30\/23, management estimated that undistributed taxable income was $0.34\/share.<\/p>\n

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Hidden Dividend Stocks Plus<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Management has delivered a total value of $30.66\/share, since the 9\/30\/15 IPO at $17.68, comprised of $10.57 in regular dividends, and $3.71 in special\/supplemental dividends:<\/p>\n

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CSWC site<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Profitability & Liquidity:<\/strong><\/p>\n

ROA and ROE both increased in the 1st half of 2023, moving higher above BDC industry averages, while EBIT Margin was a bit lower, but remained above average. Debt\/NAV eased, and was much more conservative than the BDC industry average, while EBIT\/Interest was slightly lower, but somewhat higher than average.<\/p>\n

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Hidden Dividend Stocks Plus<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Debt & Liquidity:<\/strong><\/p>\n

CSWC’s earliest maturity isn’t until January 2026, when its $140M in 2026 Notes come due. It had ~$227M in liquidity as of 6\/30\/23, consisting of $12M in cash and ~$22^m in undrawn capacity.<\/p>\n

During the quarter ending 6\/3023, CSWC received investment grade ratings from both Moody’s and Fitch.<\/p>\n

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CSWC site<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Performance:<\/strong><\/p>\n

CSWC has outperformed the BDC industry, the Financial sector, and the S&P 500 by wide margins over the past quarter, the past year, and so far in 2023.<\/p>\n

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Hidden Dividend Stocks Plus<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Analysts’ Price Targets:<\/strong><\/p>\n

With all of that outperformance, it’s not surprising that CSWC only a bit higher than analysts’ average price target. At $22.03, it is ~3% below their $22.69 average price target.<\/p>\n

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Hidden Dividend Stocks Plus<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Valuations:<\/strong><\/p>\n

At its 9\/8\/23 intraday price of $22.03, CSWC was selling at a 34.5% premium to its $16.38 Price\/NAV, much higher than the 3% average BDC industry discount to NAV\/Share. It generally sells at a premium\/NAV – it peaked at over 1.6X in late 2021. It did however, dip into negative territory in the 2020 pullback.<\/p>\n

Its trailing NII\/Share of 8.99X is in line with the BDC average, while its forward P\/E of 8.38X is a bit higher than the 7.77X average.<\/p>\n

Its 11.26% total dividend yield is in line with the BDC average, while it EV\/EBIT is a bit higher than average.<\/p>\n

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Hidden Dividend Stocks Plus<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Parting Thoughts:<\/strong><\/p>\n

CSWC stock is 3.75% off of its 52-week high of $22.92. We rate it a HOLD. It’s a good long term income holding, if you can manage to buy it at a much lower premium.<\/p>\n

All tables furnished by Hidden Dividend Stocks Plus, unless otherwise noted.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

While rising interest rates have brought on higher interest expenses, the BDC industry has benefited from this trend, as most BDC’s have a big majority of floating rate investments, and a smaller amount of floating debt. One such BDC is Capital Southwest (NASDAQ:CSWC), which has seen its cash interest investment income rise by ~59% since […]<\/p>\n","protected":false},"author":1,"featured_media":9699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-9698","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nCapital Southwest: 11% Yield, Strong Growth On Rising Rates (NASDAQ:CSWC) | Prosfunds<\/title>\n<meta name=\"description\" content=\"While rising interest rates have brought on higher interest expenses, the BDC industry has benefited from this trend, as most BDC's have a big majority of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=9698\" \/>\n<meta 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