BRSP - TriplePoint Venture Growth: Value Loss Vs. Valuation Compression Lessons From High Yield
2024-06-26 12:53:20 ET
Summary
- We gave TPVG a Sell rating the last time around and came out ahead by not taking capital losses.
- TPVG has trailed BIZD by 18% since then.
- We review the Q1-2024 results and tell you why the dividend cut probability has gone up.
- We also go over how you should start to look for quality in the high-yield space.
On our last coverage of TriplePoint Venture Growth ( TPVG ) we gave it the two thumbs down verdict. The BDC was easily the most preposterously priced one that we could find. When evaluated against a barrage of metrics including NAV-based return, this one was the most expensive. Further, we expected a slap in the face of the dividend groupies. We gave it a "Sell" and an extreme danger rating on our proprietary Kenny Loggins scale....
TriplePoint Venture Growth: Value Loss Vs. Valuation Compression, Lessons From High Yield