MAIN提供7%的股息收益率，但估值略高；首选入场价约为每股50美元。
逐段跳播
接下来这家公司是 Main Street Capital，股票代码为 MAIN。这家公司非常有趣，因为它是一家 BDC，即商业发展公司，属于中端市场贷款行业。
Now, the next company's Main Street Capital, ticker symbol M A I N. Now, this one's really interesting because this one is a BDC or a business development company. It's part of the middle market lending industry.
这些公司之所以有趣，是因为当我们查看它们的股息时，可以看到它们支付的股息相当不错。目前它们的股息收益率略高于 7%。
Now these companies are interesting because when we jump over and look at their dividend you can see they pay a fairly good dividend. Their dividend yield right now is a bit over 7%
其中一个原因是，商业发展公司只要将大部分利润作为股息支付，就享有税收优惠。因此，它们支付股息后，就不需要像许多传统公司那样缴纳企业所得税。这样最终会得到更高的股息收益率。
and one of the reasons for that is that business development companies have a tax advantage as long as they pay out most of their profits as dividends. So they pay out the dividends and then they don't have to pay corporate income tax like a lot of traditional companies do. So you end up with a much higher dividend yield.
这可能好也可能坏。你可以看到，它们的股息收益率很高，也回购了一些股票，但债务也增加了。将大部分利润作为股息支付的一个负面影响是，如果现在想要扩张，很多时候不得不增加债务或发行股票。在这种情况下，它们增加了一些债务。
Now that could be good or bad. And you can see here that they have they so they have a great dividend yield. They have bought back some stock but you can see the debt has also gone up. Now that's one of the negative sides to paying out most of your profits as dividends is that now if you want to expand a lot of times you got to raise debt or you got to issue stock. In this case they raise some debt.
它们的债务绝不算离谱，但我们应该记住，这个行业就是这样发展的：它们借钱，然后放贷，这就是这种业务的运作方式。有趣的是，整个行业在过去一年左右都受到了冲击，围绕私人信贷市场有很多新闻，这家公司也部分因此受到伤害。
它们不一定直接是问题的一部分，如果你看到很多头条新闻的话，但它们有点像是受害者，因为有一段时间私人信贷市场的股价上涨了，这家公司也参与了其中。股价被推高，然后许多这样的公司受到伤害，股价回落，部分原因是估值有点过高。
Now their debt is by no means outrageous but that is something we should keep in the back of our mind that that is how this industry grows right they borrow money they lend money out this is kind of how that business works now interestingly this entire industry has been hurt over the past year or so there's been a lot of news around the private credit market and this company has been hurt partially because of that they're not necessarily a direct they're not directly part of the problem if you've seen a lot of the headlines out there, but they are kind of a casualty to it because for a while the private credit market, the stock price ran up. This company was part of that. The stock price got run up and then a lot of those companies have been hurt and the stock has pulled back partially because it's been a bit overvalued.
就我个人而言，我希望看到这只股票在每股 50 美元左右。经过我的快速分析，当我们查看价格图表时，大约在每股 50 美元，它最近有所上涨。每股 50 美元，这只股票会非常有趣。
Now, personally, I'd love to see this stock around 50 bucks a share. After my quick analysis, when we jump over and look at the price chart here, well, at about 50 bucks a share, you know, it has run up a little bit recently. 50 bucks a share, this one would be real interesting.
我得出这个数字是因为当我们查看市净率时，对于任何产品是货币的公司来说，市净率是更好的估值方式。如果你想想银行、保险公司或像这样的贷款机构，很多时候市净率比贴现自由现金流之类的方法更好。所以看市净率，它略偏高。
I come up with that number because when we jump over and look at price to book value, so price to book is a far better way to value pretty much any company whose product is money. If you think about a bank or an insurance company or a lender like this, a lot of times price to book value is a better way to go than something like discounted free cash flow. So looking at price to book value, it's slightly on the high end.
我们也可以尝试市盈率或市盈率倍数。这里也略偏高。这两者都希望稍微回落一点。我认为 50 美元对这只股票来说是一个很好的位置。
Now we could also try something like price to earnings per share price or price to earnings multiple. And here again it's a little bit on the high end. Both of those like to see pulled back just a bit. I think $50 would be a great place for this stock.
但与此同时，如果我们确实持有这只股票，从股息角度看每年支付 7%，这可能是一个真正有趣的选择。
But in the meantime, if we did own this, paying seven 7% a year from a dividend perspective, this could be a real interesting one.
这个频道对 $MAIN 的历次判断
Learn to Invest - Investors Grow 在这只股票上只有这一条判断。