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1. Company Snapshot

1.a. Company Description

PhenixFIN Corporation is a business development company.The firm seeks to invest in privately negotiated debt and equity securities of small and middle market companies.It primarily invests in the following sectors: business services; buildings and real estate; automobile; oil and gas; aerospace and defense; home and office furnishings, housewares, and durable consumer products; healthcare, education and childcare; personal, food, and miscellaneous services; retail stores, diversified or conglomerate manufacturing; telecommunications; mining, steel, iron, and non-precious metals; leisure, amusement, motion pictures, and entertainment; chemicals, plastics, and rubber; finance; personal and nondurable consumer products (manufacturing only); beverage, food, and tobacco; containers, packaging, and glass; structure finance securities; machinery (non-agriculture, non-construction, non-electric); diversified or conglomerate service; restaurant and franchise; electronics; and cargo transport.


The fund seeks to invest in companies located in North America.The fund targets private debt transactions in companies with enterprise values or asset values between $25 million and $250 million.The fund seeks to invest in companies with debt investment values between $10 million and $50 million.


It exits its investments between three years and seven years; it holds most of its investments to maturity or repayment, but may realize or sell some investments earlier.The fund may take a board seat on its investee companies and can also offer managerial assistance to certain portfolio companies.It structures its investments as first lien senior secured loans, second lien senior secured loans, senior secured notes, senior subordinated notes, subordinate notes, unitranche loans, and seeks warrants or other equity participation.


The fund may co-invest in privately negotiated transactions under certain conditions.PhenixFIN Corporation was founded in 2010 and is headquartered in New York, New York.

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1.b. Last Insights on PFX

PhenixFIN Corporation's recent performance was negatively impacted by unfavorable market conditions, with the BDC sector experiencing a meltdown due to recent bankruptcies and fears across private credit. The company's vulnerability in a "hated bull market" with weak economic fundamentals and tight fixed income spreads adds to the concern. Although the Q3 earnings beat estimates, the year-over-year decline in earnings per share to $0.58 from $0.98 may have raised some red flags. The sector's outlook remains uncertain, with expectations of underperformance going forward.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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The Big BDC Meltdown Of 2025 Is Underway

Oct -18

Source: seekingalpha.com

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My Top 2 BDC Picks Now

Aug -15

Source: seekingalpha.com

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PhenixFIN (PFX) Q3 Earnings and Revenues Top Estimates

Aug -06

Source: zacks.com

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PhenixFIN Corporation Announces Fiscal Third Quarter 2025 Financial Results

Aug -06

Source: globenewswire.com

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PhenixFIN: Trading At A Discount To Book With Hidden Tax Assets

Jun -26

Source: seekingalpha.com

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Yield Hunting Part 24: PhenixFIN And Its Baby Bond PFXNZ

Jun -25

Source: seekingalpha.com

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PhenixFIN (PFX) Q2 Earnings and Revenues Lag Estimates

May -06

Source: zacks.com

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PhenixFIN Corporation Announces Fiscal Second Quarter 2025 Financial Results

May -06

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Investment and Related Activities

Expected Growth: 8.5%

Growing demand for alternative investment options, increasing need for financial advisory services, and expansion of debt and equity markets drive PhenixFIN Corporation's growth.

7. Detailed Products

PhenixFIN Lending Platform

A cloud-based lending platform that enables financial institutions to originate, underwrite, and service loans efficiently.

PhenixFIN Risk Management

A risk management solution that provides real-time credit scoring, risk assessment, and portfolio monitoring.

PhenixFIN Digital Banking

A digital banking platform that enables banks and financial institutions to offer online and mobile banking services to their customers.

PhenixFIN Payment Gateway

A secure payment gateway that enables businesses to accept online payments, process transactions, and manage payment processing.

PhenixFIN Data Analytics

A data analytics platform that provides insights and analytics to help financial institutions make informed decisions.

8. PhenixFIN Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for PhenixFIN Corporation is moderate due to the presence of alternative financial services and products.

Bargaining Power Of Customers

The bargaining power of customers is high due to the availability of multiple financial institutions and services, giving customers the power to negotiate and switch providers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's strong relationships with its suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants is moderate due to the presence of regulatory barriers and the need for significant capital investment to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple established financial institutions and the need to compete for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 36.52%
Debt Cost 8.94%
Equity Weight 63.48%
Equity Cost 8.94%
WACC 8.94%
Leverage 57.54%

11. Quality Control: PhenixFIN 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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Saratoga Investment

A-Score: 7.0/10

Value: 6.0

Growth: 5.1

Quality: 6.2

Yield: 10.0

Momentum: 5.0

Volatility: 9.7

1-Year Total Return ->

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Diamond Hill Investment

A-Score: 6.5/10

Value: 6.8

Growth: 3.2

Quality: 8.4

Yield: 9.0

Momentum: 3.0

Volatility: 8.7

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WisdomTree

A-Score: 5.9/10

Value: 3.5

Growth: 6.3

Quality: 7.4

Yield: 3.0

Momentum: 8.0

Volatility: 7.3

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BlackRock TCP Capital

A-Score: 5.9/10

Value: 8.4

Growth: 3.3

Quality: 3.8

Yield: 10.0

Momentum: 2.0

Volatility: 8.0

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Virtus Investment Partners

A-Score: 5.9/10

Value: 5.6

Growth: 5.1

Quality: 7.2

Yield: 7.0

Momentum: 3.5

Volatility: 6.7

1-Year Total Return ->

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PhenixFIN

A-Score: 5.7/10

Value: 7.3

Growth: 4.2

Quality: 7.0

Yield: 3.0

Momentum: 4.5

Volatility: 8.0

1-Year Total Return ->

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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

41.64$

Current Price

41.64$

Potential

-0.00%

Expected Cash-Flows