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Prospect Capital (PSEC) - Thesis

Prospect Capital (PSEC)
Rating: BUY
Current Price: $7.38
Price Target: $12.97


Thesis:

We have initiated a position in Prospect Capital as its price has pulled back 4.5% over the last two weeks. Prospect capital is a Business Development Company (BDC) with a big dividend yield (13.5%), low volatility, and a cost of capital that is lower than its return on capital. We value Prospect with a dividend discount model and some very conservative assumptions. You can read our full report on Prospect here.

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