Definitive Analysis | Institutional-Grade Financial Research
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

Sixth Street Specialty Lending, Inc. (TSLX)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$48.10 - $128.40$73.69
Multi-Stage$35.19 - $38.32$36.73
Blended Fair Value$55.21
Current Price$22.86
Upside141.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.66%11.16%1.581.461.440.911.391.041.021.010.860.83
YoY Growth--8.38%1.46%57.36%-34.19%33.03%2.24%1.28%17.94%2.85%51.39%
Dividend Yield--7.07%6.90%7.86%3.93%6.61%7.50%5.07%5.65%4.19%5.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)191.55
(-) Cash Dividends Paid (M)163.32
(=) Cash Retained (M)28.23
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)38.3123.9414.37
Cash Retained (M)28.2328.2328.23
(-) Cash Required (M)-38.31-23.94-14.37
(=) Excess Retained (M)-10.084.2913.87
(/) Shares Outstanding (M)93.8993.8993.89
(=) Excess Retained per Share-0.110.050.15
LTM Dividend per Share1.741.741.74
(+) Excess Retained per Share-0.110.050.15
(=) Adjusted Dividend1.631.791.89
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.50%6.50%7.50%
Fair Value$48.10$73.69$128.40
Upside / Downside110.41%222.36%461.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)191.55204.00217.26231.38246.42262.44270.31
Payout Ratio85.26%86.21%87.16%88.10%89.05%90.00%92.50%
Projected Dividends (M)163.32175.87189.36203.86219.44236.19250.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)159.71161.23162.74
Year 2 PV (M)156.17159.14162.15
Year 3 PV (M)152.69157.07161.54
Year 4 PV (M)149.26155.00160.91
Year 5 PV (M)145.90152.95160.27
PV of Terminal Value (M)2,540.342,663.042,790.44
Equity Value (M)3,304.073,448.433,598.03
Shares Outstanding (M)93.8993.8993.89
Fair Value$35.19$36.73$38.32
Upside / Downside53.95%60.67%67.64%

High-Yield Dividend Screener

« Prev Page 5 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
PFEPfizer Inc.6.75%$1.7098.83%
COGCabot Oil & Gas Corporation6.71%$1.4952.20%
VZVerizon Communications Inc.6.66%$2.7057.56%
ACAssociated Capital Group, Inc.6.63%$2.2186.94%
VACMarriott Vacations Worldwide Corporation6.62%$3.9078.61%
SSTKShutterstock, Inc.6.61%$1.2475.34%
EPDEnterprise Products Partners L.P.6.60%$2.1280.06%
SXCSunCoke Energy, Inc.6.57%$0.4863.44%
DINDine Brands Global, Inc.6.56%$2.1890.98%
CBLCBL & Associates Properties, Inc.6.54%$2.4261.13%
CRICarter's, Inc.6.47%$2.1585.39%
KYNKayne Anderson Energy Infrastructure Fund, Inc.6.47%$0.8035.36%
SMMCXWestern Asset Managed Municipals Fund Class C6.45%$0.9671.65%
HESMHess Midstream LP6.39%$2.2187.39%
WRB-PFW.R. Berkley Corporation 5.10%6.38%$1.2726.69%
RMTRoyce Micro-Cap Trust, Inc.6.37%$0.6732.29%
PNFPIMCO New York Municipal Income Fund6.30%$0.4854.92%
ENREnergizer Holdings, Inc.6.29%$1.2536.44%
UPSUnited Parcel Service, Inc.6.29%$6.3598.06%
NWBINorthwest Bancshares, Inc.6.27%$0.7593.81%
UIHCUnited Insurance Holdings Corp.6.27%$0.485.99%
TROWT. Rowe Price Group, Inc.6.24%$6.5369.41%
JRSHJerash Holdings (US), Inc.6.20%$0.190.52%
MUABlackRock MuniAssets Fund, Inc.6.14%$0.6673.39%
VKIInvesco Advantage Municipal Income Trust II6.11%$0.5676.68%
GL-PDGlobe Life Inc. 4.25% Junior Su6.10%$1.037.35%
CLNYColony Capital, Inc.6.07%$0.5213.43%
OMFOneMain Holdings, Inc.6.07%$4.2071.06%
VICIVICI Properties Inc.6.07%$1.7165.54%
IMMRImmersion Corporation6.06%$0.3914.22%
KRNYKearny Financial Corp.5.99%$0.4493.99%
DMFBNY Mellon Municipal Income, Inc.5.97%$0.4129.64%
UNBUnion Bankshares, Inc.5.96%$1.4157.02%
ARTMXArtisan Mid Cap Fund Inv Shs5.91%$1.9591.77%
SABASaba Capital Income & Opportunities Fund II5.87%$0.4924.55%
BRDBeard Energy Transition Acquisition Corp.5.86%$0.6395.51%
ETRNEquitrans Midstream Corporation5.81%$0.7269.91%
EHLDVEuroholdings Ltd5.80%$0.285.02%
REPXRiley Exploration Permian, Inc.5.80%$1.5438.01%
AIIAmerican Integrity Insurance Group, Inc.5.79%$1.1726.25%
VRTSVirtus Investment Partners, Inc.5.75%$9.3547.12%
CXHMFS Investment Grade Municipal Trust5.74%$0.4680.40%
GESGuess', Inc.5.72%$0.9661.52%
KRCKilroy Realty Corporation5.71%$2.1779.80%
WRB-PEW. R. Berkley Corporation 5.70% SB DB 20585.68%$1.2726.69%
LEOBNY Mellon Strategic Municipals, Inc.5.66%$0.3637.22%
WLYBJohn Wiley & Sons, Inc.5.64%$1.7692.90%
KMPBKemper Corporation 5.875% Fixed5.60%$1.3132.45%
CBTXCBTX, Inc.5.56%$1.6354.55%
0HST.LCampbell Soup Company5.53%$1.5580.10%