WhiteHorse (WHF) Receives a Buy from Oppenheimer

Oppenheimer analyst Chris Kotowski reiterated a Buy rating on WhiteHorse (WHF) today and set a price target of $16. The company’s shares opened today at $14.53.

Kotowski observed:

“WHF reported net investment income (NII) per share of $0.37 versus our $0.36 estimate, covering the $0.355 dividend. While the deployments in 1Q19 were a bit slower than expected, the 1Q is seasonally slow and the 4Q turmoil didn’t help. Additionally, we believe management is prudent to avoid cyclical companies in construction, tier 1 auto and brick-and-mortar retailer and to underwrite loans that have high likelihood to repay through the cycle. We continue to see WHF has a visible path to increasing NII and potentially its base dividend over the next two years, as it levers up from 0.57x currently to 1.0-1.25x. At 95% NAV and with a 9.8% yield, valuation benchmarks are close to industry averages, but we see quality and growth prospects better.”

According to TipRanks.com, Kotowski is a top 100 analyst with an average return of 12.5% and a 70.1% success rate. Kotowski covers the Financial sector, focusing on stocks such as Apollo Global Management LLC, Fidus Investment Corporation, and BlackRock TCP Capital Corp.

WhiteHorse has an analyst consensus of Moderate Buy, with a price target consensus of $15.25.

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WhiteHorse’s market cap is currently $298.5M and has a P/E ratio of 5.20. The company has a Price to Book ratio of 0.95.

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WhiteHorse Finance, Inc is a managed, non-diversified, closed-end management investment company which operates as a direct lender targeting debt investments in privately held, lower middle market companies located in the United States.

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