Bain Capital Specialty Finance: The Discount To NAV Is Still Unjustified After Q2 Report [Seeking Alpha]
Bain Capital Specialty Finance, Inc. (BCSF)
Last bain capital specialty finance, inc. earnings: 2/26 04:15 pm
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Source: Seeking Alpha
Follow Summary After Q2 2024 Bain Capital Specialty Finance (BCSF) remains a strong buy due to robust fundamentals and an unjustified ~7% discount to NAV. Q2 2024 earnings show solid base dividend coverage at 121% and a healthy portfolio with non-accruals at just 1.0%. Despite a drop in net investment activity, gross origination increased 55% YoY, signaling strong future transaction activity. BCSF's portfolio quality continues to improve with a focus on first lien senior secured loans that come with strict covenants. In this article, I assess in a more detail the Q2, 2024 earnings report and outline my thinking on why I remain bullish. Hiroshi Watanabe Earlier this year, in July, I issued a bullish thesis on Bain Capital Specialty Finance ( NYSE: BCSF ) indicating a clear buy given the robust state of the underlying fundamentals and a presence of a ~ 10% discount to NAV. In other words, I saw no meaningful justification as to why BCSF should trade at such a discount.
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BCSF
News
- Bain Capital Specialty Finance, Inc. (NYSE: BCSF) had its "market perform" rating re-affirmed by analysts at Keefe, Bruyette & Woods. They now have a $17.00 price target on the stock.MarketBeat
- Bain Capital Specialty Finance, Inc. (BCSF): The Best Asset Management Stock According to Short Sellers? [Yahoo! Finance]Yahoo! Finance
- Bain Capital Specialty Finance, Inc. (NYSE: BCSF) had its price target lowered by analysts at Wells Fargo & Company from $18.00 to $17.00. They now have an "overweight" rating on the stock.MarketBeat
- Bain Capital Specialty Finance, Inc. Announces June 30, 2024 Financial Results and Declares Third Quarter 2024 Dividend of $0.42 per Share [Yahoo! Finance]Yahoo! Finance
- Bain Capital Specialty Finance, Inc. Announces June 30, 2024 Financial Results and Declares Third Quarter 2024 Dividend of $0.42 per ShareBusiness Wire
BCSF
Earnings
- 8/6/24 - Beat
BCSF
Sec Filings
- 8/6/24 - Form 8-K
- 8/6/24 - Form 10-Q
- 7/11/24 - Form 8-K
- BCSF's page on the SEC website