6/14/2009

MVC Capital - MVC-NYSE

Taken from Saturday’s (06/13/09) Barrons

MVC Capital - MVC-NYSE

Buy - Price 8.56 on June 9
by Morgan Joseph

“MVC reported slightly lower-than-expected [net asset value] per share of $16.84 in F2Q09. This compares to our $17.24 ... In Securities and Exchange Commission filings, MVC reported F2Q09 income from interest, dividends, and fees of $5.8 million, operating income of $2.1 million, net income of $1.7 million, a net realized and unrealized loss on investments of $9.5 million, and a net decrease in assets of $7.8 million. The company also reported realized and unrealized losses of 32 cents per diluted share versus our estimate of a 10-cent gain. We think multiples have bottomed out among portfolio companies, while revenue and Ebidta appear to be stabilizing...We are maintaining our Buy rating and target of 17. We believe MVC's portfolio remains relatively strong and that write-downs to portfolio companies should slow in coming quarters. Our price target is based on our estimated NAV per share of $16.88 at the end of FY2Q [the fiscal second quarter of] 2010. Market cap: $208 million.”

Link

http://online.barrons.com/article/SB124484648775411207.html?ru=yahoo

I have a position in MVC

Significant positive insider activity

Link


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