{"id":1951,"date":"2018-05-23T08:34:08","date_gmt":"2018-05-23T12:34:08","guid":{"rendered":"https:\/\/www.stockcalc.com\/blog\/Reports\/?p=1951"},"modified":"2018-05-23T08:34:08","modified_gmt":"2018-05-23T12:34:08","slug":"gladstone-investment-gainnas-fundamental-valuation-report","status":"publish","type":"post","link":"https:\/\/www.stockcalc.com\/blog\/Reports\/2018\/05\/23\/gladstone-investment-gainnas-fundamental-valuation-report\/","title":{"rendered":"Gladstone Investment (GAIN:NAS) Fundamental Valuation Report"},"content":{"rendered":"
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Valuation Summary:<\/h3>\n

Gladstone Investment<\/strong><\/span> $11.41 (USD) Close Price as of 21\/05\/2018<\/span><\/p>\n

\n Based on the analysis conducted in this report, Gladstone Investment<\/strong>, (GAIN:NAS) is found to be  Overvalued<\/span>.\n <\/p>\n<\/p><\/div>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Company<\/td>\nGladstone Investment<\/td>\n<\/tr>\n
Symbol:Exchange<\/td>\nGAIN:NAS<\/td>\n<\/tr>\n
Industry<\/td>\nFinancial Services:Asset Management<\/td>\n<\/tr>\n
Close Price\/Date<\/td>\n$11.41 (USD) 21\/05\/2018<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
Weighted Average Valuation<\/td>\n$8.88 (USD)<\/strong><\/td>\n<\/tr>\n
Summary<\/td>\nGAIN:NAS is found to be  Overvalued<\/span> by 22.2% using the 3 valuation models shown below.<\/td>\n<\/tr>\n
Valuation Models Used<\/td>\nAdjusted Book Value: $9.75 (USD)<\/td>\n<\/tr>\n
(in order of importance)<\/td>\nComparables: $7.02 (USD)<\/td>\n<\/tr>\n
<\/td>\nMultiples: $9.97 (USD)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
Valuation Methods Analysis<\/td>\nThis company is:<\/td>\n<\/tr>\n
Cash Flow Basis:<\/td>\nUndervalued<\/span> on a Cash Flow Valuation basis<\/td>\n<\/tr>\n
Comparable Company Basis:<\/td>\nOvervalued<\/span> on a Comparable Valuation basis<\/td>\n<\/tr>\n
Asset Basis:<\/td>\nOvervalued<\/span> on an Asset Valuation basis<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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Valuation Details<\/h3>\n<\/p><\/div>\n
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\n Gladstone Investment Valuations
\n <\/h4>\n
\"Summary<\/div>\n

 We have up to 6 valuation points for each company. Details are at the bottom of the report.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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Discounted Cash Flow and Sensitivity Analysis for GAIN:NAS<\/h3>\n<\/p><\/div>\n

\n Using a discounted cash flow model we generated an intrinsic value of $23.27 (USD)<\/strong> for GAIN:NAS<\/strong><\/p>\n

Sensitivity Analysis<\/h4>\n

(showing how changes in the input variables impact the DCF calculation)<\/span><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
GAIN:NAS<\/th>\nCurrent Values<\/th>\nValuation If Dropped *<\/th>\nValuation If Raised *<\/th>\n<\/tr>\n
Calculated Value:<\/th>\n$23.27<\/th>\n1%<\/th>\n5%<\/th>\n1%<\/th>\n5%<\/th>\n<\/tr>\n<\/thead>\n
WACC (or Ke)<\/td>\n7.62<\/td>\n$29.61<\/td>\n<\/td>\n$19.04<\/td>\n<\/td>\n<\/tr>\n
Terminal Growth Rate<\/td>\n2.60<\/td>\n$19.43<\/td>\n<\/td>\n$29.03<\/td>\n<\/td>\n<\/tr>\n
Tax Rate<\/td>\n0.21<\/td>\n<\/td>\n$24.89<\/td>\n<\/td>\n$21.66<\/td>\n<\/tr>\n
Cash Flow<\/td>\n57,560,592<\/td>\n<\/td>\n$22.00<\/td>\n<\/td>\n$24.54<\/td>\n<\/tr>\n
Capital Expenditures<\/td>\n0<\/td>\n<\/td>\n$23.27<\/td>\n<\/td>\n$23.27<\/td>\n<\/tr>\n
Long Term Debt<\/td>\n68,596,000<\/td>\n<\/td>\n$23.38<\/td>\n<\/td>\n$23.17<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

* Changes are absolute: ex WACC from 8% to 7%<\/p>\n<\/p><\/div>\n

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Comparables Model<\/h3>\n<\/p><\/div>\n

\n Using similar companies and price based ratios we generated a valuation of $7.02 (USD)<\/strong> for GAIN:NAS<\/strong>. We also generated a valuation of $10.42 (USD)<\/strong> using other metrics and comparables.
\n The comparable companies were Royce Micro-Cap Trust (RMT:NYS)\n <\/p>\n

\n\n\n\n\n\n\n\n
Company GAIN:NAS<\/th>\nEnd Date Value<\/th>\n<\/tr>\n
Earnings\/Share<\/td>\n$1.52 (USD)<\/span><\/td>\n<\/tr>\n
Book Value\/Share<\/td>\n$10.28 (USD)<\/span><\/td>\n<\/tr>\n
Sales\/Share<\/td>\n$1.74 (USD)<\/span><\/td>\n<\/tr>\n
Cash Flow\/Share<\/td>\n($1.45) (USD)<\/span><\/td>\n<\/tr>\n
EBITDA\/Share<\/td>\n$0.00 (USD)<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Price Based on Comps<\/th>\nAdjustment Factor (%)<\/th>\n<\/tr>\n
$9.66 (USD)<\/span><\/td>\n51.7<\/span><\/td>\n<\/tr>\n
$9.85 (USD)<\/span><\/td>\n-74.8<\/span><\/td>\n<\/tr>\n
$10.64 (USD)<\/span><\/td>\n-63.2<\/span><\/td>\n<\/tr>\n
$0.00 (USD)<\/span><\/td>\n-91.0<\/span><\/td>\n<\/tr>\n
$0.00 (USD)<\/span><\/td>\n0.0<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
GAIN:NAS<\/th>\nRatios Used<\/th>\nAverage Values<\/th>\nRMT:NYS<\/th>\n<\/tr>\n
7.51<\/td>\nPE Ratio<\/td>\n6.35<\/span><\/td>\n6.35<\/td>\n<\/tr>\n
1.11<\/td>\nPB Ratio<\/td>\n0.96<\/span><\/td>\n0.96<\/td>\n<\/tr>\n
6.54<\/td>\nPS Ratio<\/td>\n6.10<\/span><\/td>\n6.10<\/td>\n<\/tr>\n
0.00<\/td>\nPCF Ratio<\/td>\n0.00<\/span><\/td>\n0.00<\/td>\n<\/tr>\n
9.15<\/td>\nEV to EBITDA<\/td>\n0.00<\/span><\/td>\n0.00<\/td>\n<\/tr>\n<\/table><\/div>\n<\/p><\/div>\n
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Multiples<\/h3>\n<\/p><\/div>\n

Using a multiples approach we generated a valuation of  $9.97 (USD)<\/strong> for GAIN:NAS<\/strong><\/p>\n

\n\n\n\n\n\n\n\n
Company GAIN:NAS<\/th>\nEnd Date Value<\/th>\n<\/tr>\n
Earnings\/Share<\/td>\n$1.52 (USD)<\/span><\/td>\n<\/tr>\n
Book Value\/Share<\/td>\n$10.28 (USD)<\/span><\/td>\n<\/tr>\n
Sales\/Share<\/td>\n$1.74 (USD)<\/span><\/td>\n<\/tr>\n
Cash Flow\/Share<\/td>\n($1.45) (USD)<\/span><\/td>\n<\/tr>\n
EBITDA\/Share<\/td>\n$1.53 (USD)<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Price Based on Comps<\/th>\nAdjustment Factor<\/th>\n<\/tr>\n
$9.89 (USD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$9.11 (USD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$8.97 (USD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$0.00 (USD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$11.89 (USD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Ratios<\/th>\nRatio Average<\/th>\n<\/tr>\n
PE Ratio<\/td>\n6.51<\/span><\/td>\n<\/tr>\n
PB Ratio<\/td>\n0.89<\/span><\/td>\n<\/tr>\n
PS Ratio<\/td>\n5.14<\/span><\/td>\n<\/tr>\n
PCF Ratio<\/td>\n7.10<\/span><\/td>\n<\/tr>\n
EV to EBITDA<\/td>\n7.79<\/span><\/td>\n<\/tr>\n<\/table><\/div>\n<\/p><\/div>\n
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Adjusted Book Value versus Historical Price to Book<\/h3>\n<\/p><\/div>\n

\n The average the Price to Book ratio for  GAIN:NAS<\/strong> for the last 10 years was  0.87<\/strong>
\n
We ran the Adjusted Book Value for  GAIN:NAS<\/strong> and generated a book value of  $11.15 (USD)<\/strong>
\n By multiplying these we get an adjusted valuation of  $9.75 (USD)<\/strong>\n <\/p>\n<\/p><\/div>\n

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Analyst Data<\/h3>\n<\/p><\/div>\n
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In the Stockcalc database there are no analysts that provide a valuation for GAIN:NAS<\/strong>.<\/p>\n<\/p><\/div>\n

<\/div>\n<\/p><\/div>\n<\/p><\/div>\n
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Company Overview (GAIN:NAS USD)<\/h3>\n<\/p><\/div>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
Price<\/td>\n11.41<\/td>\n<\/tr>\n
Range<\/td>\n11.29 – 11.45<\/td>\n<\/tr>\n
52 week<\/td>\n9.08 – 11.43<\/td>\n<\/tr>\n
Open<\/td>\n11.44<\/td>\n<\/tr>\n
Vol \/ Avg.<\/td>\n191331\/110564<\/td>\n<\/tr>\n
Mkt cap<\/td>\n371.12M<\/td>\n<\/tr>\n
P\/E<\/td>\n7.51<\/td>\n<\/tr>\n
Div\/yield<\/td>\n0.80\/0.07<\/td>\n<\/tr>\n
EPS<\/td>\n1.48<\/td>\n<\/tr>\n
Shares<\/td>\n32.53M<\/td>\n<\/tr>\n
Beta<\/td>\n0.82<\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\"Summary\n <\/div>\n
<\/div>\n<\/p><\/div>\n<\/p><\/div>\n
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Detailed Company Description<\/h3>\n<\/p><\/div>\n

Gladstone Investment Corp is a business development company which is managed externally. Its investment manager is Gladstone Management Corporation. It invests in debt and equity securities of established private businesses operating in the United States.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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Explanation of Valuation Models<\/h3>\n<\/p><\/div>\n
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We have up to 6 valuation points for each company in the database.<\/p>\n

The Discounted Cash Flow (DCF)<\/span> valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).<\/p>\n

The Price Comparables<\/span> valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.<\/p>\n

We have included the Other Comparables<\/span> as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash\/Share, Book Value\/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.<\/p>\n

Multiples<\/span> are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.<\/p>\n

With Adjusted Book Value (ABV)<\/span> we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.<\/p>\n

If we have Analyst coverage<\/span> for the company we use the consensus target price here.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Print This Report was generated using the tools available on StockCalc.com. Patchell Brook Equity Analytics Inc. emphasizes that the user assumes all risks associated with the use of this report or the Stockcalc website including, but not limited to, all …<\/p>\n

Gladstone Investment (GAIN:NAS) Fundamental Valuation Report<\/span> Read More »<\/a><\/p>\nRead More<\/i><\/a>","protected":false},"author":288,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2}},"categories":[3],"tags":[12,10,29,30,8,2879,2878,9,56,2881,2880,6],"class_list":["post-1951","post","type-post","status-publish","format-standard","hentry","category-fundamental-valuation-report","tag-adjusted-book-value","tag-comps","tag-dcf","tag-discounted-cash-flow","tag-fundamental-analysis","tag-gain","tag-gladstone-investment","tag-intrinsic-value","tag-overvalued","tag-rmt","tag-royce-micro-cap-trust","tag-valuation"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_likes_enabled":true,"jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9s44y-vt","_links":{"self":[{"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/posts\/1951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/users\/288"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/comments?post=1951"}],"version-history":[{"count":1,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/posts\/1951\/revisions"}],"predecessor-version":[{"id":1952,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/posts\/1951\/revisions\/1952"}],"wp:attachment":[{"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/media?parent=1951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/categories?post=1951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/tags?post=1951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}