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1. Company Snapshot

1.a. Company Description

Horizon Technology Finance Corporation is a business development company specializing in lending and and investing in development-stage investments.It focuses on making secured debt and venture lending investments to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries.It seeks to invest in companies in the United States.

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1.b. Last Insights on HTFB

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Horizon Technology Finance Corporation (NASDAQ:HRZN) Q3 2023 Earnings Call Transcript

Nov -02

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Q3 2023 Horizon Technology Finance Corp Earnings Call

Nov -02

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Horizon Technology Finance Announces Monthly Distributions for January, February and March 2024 Totaling $0.33 per Share and Special Distribution for December 2023 of $0.05 per Share

Oct -31

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Horizon Technology Finance Announces Third Quarter 2023 Financial Results

Oct -31

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Horizon Technology Finance (HRZN) Stock Moves -0.27%: What You Should Know

Oct -26

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.40%)

6. Segments

Lending and Investment

Expected Growth: 15.4%

Growing demand for venture debt financing, increasing popularity of alternative lending, and rising investments in technology and life sciences sectors drive growth for Horizon Technology Finance Corporation.

7. Detailed Products

Venture Debt Financing

Provides financing to venture-backed companies in the form of debt, allowing them to preserve equity and extend their cash runway.

Term Loans

Offers fixed-rate, fixed-term loans to companies with predictable revenue streams, providing capital for growth initiatives.

Asset-Based Loans

Provides financing secured by a company's assets, such as accounts receivable, inventory, or equipment.

Royalty Financing

Offers financing in exchange for a percentage of a company's future revenue, providing capital for growth initiatives.

Structured Debt Financing

Provides customized debt financing solutions for companies with unique capital requirements.

8. Horizon Technology Finance Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Horizon Technology Finance Corporation operates in a niche market, providing capital to venture capital and private equity backed companies. While there are some substitutes available, the company's specialized services and expertise in the venture lending space reduce the threat of substitutes.

Bargaining Power Of Customers

Horizon Technology Finance Corporation's customers are typically venture capital and private equity backed companies, which have limited bargaining power due to their reliance on the company's specialized services.

Bargaining Power Of Suppliers

Horizon Technology Finance Corporation has a diversified supplier base, and the company's specialized services reduce the bargaining power of suppliers.

Threat Of New Entrants

The venture lending market has high barriers to entry, including regulatory hurdles and the need for specialized expertise, which reduces the threat of new entrants.

Intensity Of Rivalry

While there are some competitors in the venture lending market, Horizon Technology Finance Corporation's specialized services and expertise reduce the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 58.79%
Debt Cost 5.77%
Equity Weight 41.21%
Equity Cost 9.78%
WACC 7.42%
Leverage 142.67%

11. Quality Control: Horizon Technology Finance Corporation passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Horizon Technology Finance

A-Score: 7.0/10

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

25.1$

Current Price

25.1$

Potential

-0.00%

Expected Cash-Flows