Fidus Investment price target raised to $12 from $10 at B. Riley Securities » 08:1611/2411/24/20
B. Riley Securities…
B. Riley Securities analyst Michael Smyth raised the firm's price target on Fidus Investment to $12 from $10 and keeps a Neutral rating on the shares.
|Over a month ago|
Fidus Investment reports Q3 EPS 40c, consensus 34c » 16:4610/2910/29/20
"Our third quarter…
"Our third quarter results indicate that the overall health of Fidus' portfolio continues to improve. We ended the quarter with NAV per share of $15.94, a 3.6% increase versus second quarter," said Edward Ross, Chairman and CEO of Fidus Investment Corporation. "As expected, originations were paused this quarter but, with deal flow recovering, our pipeline of opportunities is increasingly robust. We remain steadfast in our commitment to our underwriting discipline of selectively investing in lower middle market companies with defensive characteristics and strong cash flow profiles. We continue to manage the business with an abundance of caution, focused on maintaining a healthy liquidity position and preserving long-term capital during these uncertain times."
|Over a quarter ago|
Fidus Investment upgraded to Buy at Ladenburg with credit holding up well » 07:0008/1008/10/20
As previously reported,…
As previously reported, Ladenburg analyst Mickey Schleien upgraded Fidus Investment to Buy from Neutral with a $11.50 price target after the company reported strong Q2 results driven by better than expected credit performance. The economy's reopening has "proved quite supportive" for Fidus' portfolio and management does not see a large need by its portfolio companies for continued Federal support, setting up an attractive risk-reward for the shares, contends Schleien.
Fidus Investment upgraded to Buy from Neutral at Ladenburg » 06:3908/1008/10/20
Ladenburg analyst Mickey…
Ladenburg analyst Mickey Schleien upgraded Fidus Investment to Buy from Neutral with a $11.50 price target.
Fidus Investment reports Q2 EPS 37c, consensus 32c » 16:2708/0608/06/20
Net increase in net…
Net increase in net assets resulting from operations of $8.0 million, or $0.33 per share. "Our second quarter performance reflects the strength of our strategy of selectively investing in lower middle market businesses that possess resilient business models and generate excess cash for debt service. Despite ongoing business disruptions and uncertainties associated with the COVID-19 pandemic, our portfolio generated adjusted net investment income of $0.37 with many investments performing materially better than we had expected last quarter, and we were able to remove two of them from non-accrual status," said Edward Ross, Chairman and CEO of Fidus Investment Corporation. "Overall, the fair value of the portfolio has stabilized after an approximately 5.7% write-down last quarter and we ended the quarter with NAV per share of $15.39. During this period of challenging economic conditions, we will continue to manage our business conservatively focused on maintaining liquidity and on long-term capital preservation."
Fidus Investment reports Q1 adj. EPS 35c, consensus 34c » 17:2104/3004/30/20
"Through mid-March, Fidus' portfolio was performing well and we redeployed proceeds from the partial sale of some equity investments into income-producing investments while adhering to our strategy of focusing on companies with defensive characteristics and strong, resilient cash flows," said Edward Ross, chairman and CEO of Fidus Investment. "However, as indicated in our March 23rd announcement, the adverse impact of the COVID-19 pandemic on economic conditions overall and on a few companies in our portfolio has resulted in a write-down in the fair value of our debt and equity portfolio by approximately $43.2 million, and we ended the quarter with NAV at $15.37 per share, as compared to $16.85 per share as of December 31, 2019. In addition, following an in-depth review of the potential impacts of the economic crisis on our portfolio companies, we proactively placed two portfolio companies on non-accrual and one on PIK non-accrual."
Fidus Investment downgraded to Neutral from Buy at B. Riley FBR » 08:0603/2403/24/20
B. Riley FBR analyst…
B. Riley FBR analyst Timothy Hayes downgraded Fidus Investment to Neutral from Buy with an $8.50 price target.
Fidus Investment to be 'cautious' in approach to originations amid COVID-19 » 08:1003/2303/23/20
Fidus Investment Corporation provides a business and COVID-19 update addressing actions taken in response to significant challenges arising from the COVID-19 pandemic. The company said, :Since inception, Fidus has taken a partnership approach and a long-term perspective in providing customized, flexible debt and equity solutions for lower middle market companies. Consistent with this active management approach, over the past few weeks we have been in close contact with senior management and sponsors of our portfolio companies to review and evaluate current and potential negative impacts to their business operations arising from the COVID-19 pandemic. However, the ultimate impact of COVID-19 on any individual business remains unknown. Notwithstanding these uncertainties, based on the discussions noted above, to date we believe our portfolio companies are taking the necessary actions to manage the business disruptions and execute contingency plans to respond to adverse economic consequences. We will continue to diligently monitor evolving conditions and stay in close contact with the senior management teams and sponsors of our portfolio companies as they navigate uncharted waters with a view toward providing support as warranted. Above all, we will remain focused on capital preservation and the long-term prospects of our portfolio companies. FIDUS' investment strategy focuses on high-quality lower middle-market companies with defensive characteristics, strong free cash flow and resilient, positive long-term outlooks. For the past several years we have put greater emphasis on investing in less-cyclical companies with business models that can weather a severe economic downturn. Nevertheless, the combination of compliance with state and federal government mandates, measures taken to protect employee health and safety and anticipated slow-down in economic activity is likely to impact some of our portfolio companies. ach of our 61 portfolio companies is a domestic business with customers located in the United States and minimal exposure to global supply chains. In terms of end markets served, we focus on industries where our investment team has prior experience. Our portfolio is well diversified, consisting of a variety of industries including information technology services, business services, healthcare products and services, industrial manufacturing and specialty distribution, aerospace and defense manufacturing and distribution, energy services, and retail. We have diverse sources of funding providing us with liquidity to support our portfolio companies, including access to a $100 million revolving credit facility and up to $167.5 million of SBA-guaranteed debentures, subject to SBA regulations and approvals. By design, we maintain a conservative capital structure with leverage well below the regulatory level. Our outstanding borrowings as of December 31, 2019 consisted of $182.3 million of bonds maturing in 2023 and 2024, $157.5 million of SBA debentures and $25 million drawn under our credit facility for a regulatory leverage ratio of 0.5x. While we remain active in evaluating deals, given the potential for unprecedented economic stresses we plan to be cautious in our approach to originations, balancing our principle of capital preservation with our goal of growing NAV over time. We continue to monitor ever changing impacts from COVID-19, including recommendations and protocols established by public health organizations and state and local public health departments. For this reason, we are taking appropriate actions to maintain normal business operations and safeguard the health and safety of our staff, including ensuring our staff is fully capable of working remotely. We have not experienced any operational limitations; remain actively engaged with the management teams and sponsors of our portfolio companies and committed to maintaining our long-standing relationships in our origination network."
Fidus Investment upgraded to Buy from Neutral at National Securities » 07:1703/1703/17/20
National Securities analyst Bryce Rowe upgraded Fidus Investment to Buy from Neutral citing valuation.
Fidus Investment trading resumes 09:5903/1603/16/20