Fidus Investment Corp
Buy, Hold or Sell?

Let's analyse Fidus Investment Corp together

Penke I guess you are interested in Fidus Investment Corp. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Fidus Investment Corp. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of Fidus Investment Corp (30 sec.)

What can you expect buying and holding a share of Fidus Investment Corp? (30 sec.)

How much money do you get?

$2.49

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$18,757.47

Expected worth in 1 year

$37,499.65

How sure are you?

97.5%

+ What do you gain per year?

Total Gains per Share

$18,744.67

Return On Investment

94,909.7%

For what price can you sell your share?

Current Price per Share

$19.75

Expected price per share

$19.30 - $19.84

How sure are you?

50%

1. Valuation of Fidus Investment Corp (5 min.)

Live pricePrice per Share (EOD)

$19.75

Book Value per Share

$18,757.47

Intrinsic Value Per Share

$17.96 - $31.10

Total Value Per Share

$18,775.43 - $18,788.56

My calculation of the intrinsic value of Fidus Investment Corp is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($-0.08) 3Y: ($0.14) TTM: ($-0.07)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.04) 3Y: ($0.04) TTM: ($0.09)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$0.03	$0.93	$0.25 - $1.19
2	$0.59	$2.43	$0.84 - $1.81
3	$1.63	$4.47	$1.43 - $2.43
4	$3.07	$7.00	$2.01 - $3.06
5	$4.89	$10.01	$2.60 - $3.68
6	$7.02	$13.45	$3.18 - $4.30
7	$9.43	$17.31	$3.77 - $4.93
8	$12.08	$21.56	$4.35 - $5.55
9	$14.93	$26.16	$4.94 - $6.17
10	$17.96	$31.10	$5.52 - $6.80

2. Growth of Fidus Investment Corp (5 min.)

Is Fidus Investment Corp growing?

	Current year	Previous year	Grow	Grow %
How rich?	$589.4b	$481.3m	$147.2b	99.7%

How much money is Fidus Investment Corp making?

	Current year	Previous year	Grow	Grow %
Making money	$19.2m	$8.9m	$10.3m	53.6%
Net Profit Margin	75.9%	70.1%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Fidus Investment Corp (5 min.)

4. Comparing to competitors in the Asset Management industry (5 min.)

Industry Rankings (Asset Management)

Richest
#1 / 760

Most Revenue
#302 / 760

Most Profit
#238 / 760

Most Efficient
#337 / 760

What can you expect buying and holding a share of Fidus Investment Corp? (5 min.)

Welcome investor! Fidus Investment Corp's management wants to use your money to grow the business. In return you get a share of Fidus Investment Corp.

What can you expect buying and holding a share of Fidus Investment Corp?

First you should know what it really means to hold a share of Fidus Investment Corp. And how you can make/lose money.

Speculation

The Price per Share of Fidus Investment Corp is $19.75. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Fidus Investment Corp.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Fidus Investment Corp, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $18,757.47. Based on the TTM, the Book Value Change Per Share is $4,685.55 per quarter. Based on the YOY, the Book Value Change Per Share is $-0.06 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.62 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Fidus Investment Corp.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.84	4.3%	0.61	3.1%	0.61	3.1%	0.56	2.8%	0.42	2.1%
Usd Book Value Change Per Share	18,740.01	94,886.1%	4,685.55	23,724.3%	-0.06	-0.3%	937.23	4,745.5%	468.77	2,373.5%
Usd Dividend Per Share	0.77	3.9%	0.62	3.2%	0.39	2.0%	0.38	1.9%	0.31	1.6%
Usd Total Gains Per Share	18,740.78	94,890.0%	4,686.17	23,727.4%	0.33	1.7%	937.61	4,747.4%	469.08	2,375.1%
Usd Price Per Share	19.69	-	19.39	-	18.46	-	15.95	-	15.73	-
Price to Earnings Ratio	5.85	-	9.08	-	16.24	-	10.14	-	13.51	-
Price-to-Total Gains Ratio	0.00	-	18.39	-	184.56	-	60.90	-	58.60	-
Price to Book Ratio	0.00	-	0.90	-	1.20	-	1.05	-	1.37	-
Price-to-Total Gains Ratio	0.00	-	18.39	-	184.56	-	60.90	-	58.60	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	19.75
Number of shares	50

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.62	0.38
Usd Book Value Change Per Share	4,685.55	937.23
Usd Total Gains Per Share	4,686.17	937.61
Gains per Quarter (50 shares)	234,308.42	46,880.55
Gains per Year (50 shares)	937,233.68	187,522.20

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	125	937109	937224	76	187446	187512
2	249	1874218	1874458	152	374893	375034
3	374	2811327	2811692	227	562339	562556
4	498	3748436	3748926	303	749786	750078
5	623	4685545	4686160	379	937232	937600
6	748	5622654	5623394	455	1124679	1125122
7	872	6559763	6560628	530	1312125	1312644
8	997	7496872	7497862	606	1499571	1500166
9	1122	8433981	8435096	682	1687018	1687688
10	1246	9371091	9372330	758	1874464	1875210

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	19.0	1.0	0.0	95.0%	39.0	1.0	0.0	97.5%	53.0	3.0	1.0	93.0%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	8.0	4.0	0.0	66.7%	14.0	6.0	0.0	70.0%	30.0	10.0	0.0	75.0%	42.0	12.0	3.0	73.7%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	51.0	0.0	6.0	89.5%
Total Gains per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	19.0	1.0	0.0	95.0%	39.0	1.0	0.0	97.5%	53.0	1.0	3.0	93.0%

Fundamentals of Fidus Investment Corp

About Fidus Investment Corp

https://www.fdus.com
Asset Management
0
1603 Orrington Avenue, Evanston, IL, United States, 60201
Google Maps Bing Maps

Fidus Investment Corporation is a business development company. It specializing in leveraged buyouts, refinancings, change of ownership transactions, recapitalizations, strategic acquisitions, mezzanine, growth capital, business expansion, lower middle market investments, debt investments, subordinated and second lien loans, senior secured and unitranche debt, preferred equity, warrants, subordinated debt, senior subordinated notes, junior secured loans, and unitranche loans. It does not invest in turnarounds or distressed situations. The fund prefers to invest in aerospace and defense, business services, consumer products and services including retail, food, and beverage, healthcare products and services, industrial products and services, information technology services, niche manufacturing, transportation and logistics, and value-added distribution sectors. It seeks to invest in companies based in United States. The fund typically invests between $5 million and $15 million per transaction in companies with annual revenues between $10 million and $150 million and an annual EBITDA between $3 million and $20 million, but it can occasionally invest in larger or smaller companies. It seeks to acquire minority equity stakes and board observation rights in conjunction with its investments.

Fundamental data was last updated by Penke on 2024-04-09 08:23:04.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very efficient.
The company is very efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is cheap.
Based on the earnings, the company is underpriced.
Based on how much money comes from the company's main activities, the company is expensive.

1.1. Profitability of Fidus Investment Corp.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Fidus Investment Corp earns for each $1 of revenue.

Above 10% is considered healthy but always compare Fidus Investment Corp to the Asset Management industry mean.
A Net Profit Margin of 47.1% means that $0.47 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Fidus Investment Corp:

The MRQ is 47.1%. The company is making a huge profit. +2
The TTM is 75.9%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	47.1%	TTM	75.9%	-28.8%
TTM	75.9%	YOY	70.1%	+5.8%
TTM	75.9%	5Y	70.1%	+5.8%
5Y	70.1%	10Y	78.3%	-8.2%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	47.1%	62.7%	-15.6%
TTM	75.9%	63.8%	+12.1%
YOY	70.1%	72.4%	-2.3%
5Y	70.1%	62.9%	+7.2%
10Y	78.3%	60.0%	+18.3%

Measures how much net profit Fidus Investment Corp earns for each $1 of revenue.

Revenue is the amount of profit Fidus Investment Corp generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Fidus Investment Corp earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Fidus Investment Corp to the Asset Management industry mean.
Can be used to compare companies within the Asset Management industry.

You typically want a high profit margin. This means that for each $1 in sales, Fidus Investment Corp makes more profit. This shows the investor how efficiently Fidus Investment Corp is operating in general and compared to other companies in the same industry. Fidus Investment Corp operates in the Asset Management industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Fidus Investment Corp. If profit margins remain low (compared to the Asset Management industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Fidus Investment Corp is 0.47. This means that Fidus Investment Corp earned $0.47 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Asset Management industry is 62.7%.
What is the trend?
The trend is important because it shows you how Fidus Investment Corp is performing over time. The most recent quarter might be important if Fidus Investment Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Fidus Investment Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Fidus Investment Corp with other companies in the same industry (Asset Management).
Net profit margin should rise over the years.
Can be influenced when Fidus Investment Corp sells assets (profit will increase while costs remain the same).
It won’t show what part of Fidus Investment Corp is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Fidus Investment Corp

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Fidus Investment Corp = 26,430
Total revenue MRQ Fidus Investment Corp = 56,115
$26,430 / $56,115 = 0.47 or 47.1%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Fidus Investment Corp is using its assets to generate profit.

Above 5% is considered healthy but always compare Fidus Investment Corp to the Asset Management industry mean.
0.0% Return on Assets means that Fidus Investment Corp generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Fidus Investment Corp:

The MRQ is 0.0%. Using its assets, the company is inefficient in making profit. -1
The TTM is 1.3%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	0.0%	TTM	1.3%	-1.3%
TTM	1.3%	YOY	1.0%	+0.3%
TTM	1.3%	5Y	1.6%	-0.4%
5Y	1.6%	10Y	1.6%	0.0%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.0%	1.3%	-1.3%
TTM	1.3%	1.1%	+0.2%
YOY	1.0%	0.9%	+0.1%
5Y	1.6%	1.7%	-0.1%
10Y	1.6%	2.5%	-0.9%

Shows how efficient Fidus Investment Corp is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Fidus Investment Corp to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Fidus Investment Corp is using its resources to generate profit. If the return on assets (0.0%) from Fidus Investment Corp are higher than the Asset Management mean (1.3%) that means Fidus Investment Corp is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Fidus Investment Corp is 0.0%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Asset Management industry is 1.3%.
What is the trend?
The trend is important because it shows you how Fidus Investment Corp is performing over time. The most recent quarter might be important if Fidus Investment Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Fidus Investment Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Fidus Investment Corp

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Fidus Investment Corp = 26,430
Total assets MRQ (balance sheet) from Fidus Investment Corp = 1,090,898,000
26,430 / 1,090,898,000 = 0.00 or 0.0%

ROA is an important ratio as it will tell you how effectively Fidus Investment Corp is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Fidus Investment Corp is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Fidus Investment Corp to the Asset Management industry mean.
0.0% Return on Equity means Fidus Investment Corp generated $0.00 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Fidus Investment Corp:

The MRQ is 0.0%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 2.5%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.0%	TTM	2.5%	-2.5%
TTM	2.5%	YOY	1.9%	+0.6%
TTM	2.5%	5Y	3.1%	-0.6%
5Y	3.1%	10Y	3.0%	+0.1%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.0%	2.5%	-2.5%
TTM	2.5%	2.4%	+0.1%
YOY	1.9%	1.8%	+0.1%
5Y	3.1%	2.9%	+0.2%
10Y	3.0%	3.6%	-0.6%

Shows how efficient Fidus Investment Corp is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Fidus Investment Corp to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Asset Management industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Fidus Investment Corp is 0.0%. This means Fidus Investment Corp generated $0.00 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Asset Management industry is 2.5%.
What is the trend?
The trend is important because it shows you how Fidus Investment Corp is performing over time. The most recent quarter might be important if Fidus Investment Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Fidus Investment Corp up to 10 years back (depending if Fidus Investment Corp existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Fidus Investment Corp

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Fidus Investment Corp = 26,430
Shareholders equity (balance sheet) MRQ Fidus Investment Corp = 589,474,000
26,430 / 589,474,000 = 0.00 or 0.0%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Fidus Investment Corp.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Fidus Investment Corp is operating .

Measures how much profit Fidus Investment Corp makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Fidus Investment Corp to the Asset Management industry mean.
An Operating Margin of -21.1% means the company generated $-0.21 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Fidus Investment Corp:

The MRQ is -21.1%. The company is operating very inefficient. -2
The TTM is 128.8%. The company is operating very efficient. +2

Trends

Current period		Compared to		+/-
MRQ	-21.1%	TTM	128.8%	-149.9%
TTM	128.8%	YOY	190.3%	-61.5%
TTM	128.8%	5Y	85.1%	+43.7%
5Y	85.1%	10Y	84.3%	+0.9%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	-21.1%	65.4%	-86.5%
TTM	128.8%	58.0%	+70.8%
YOY	190.3%	72.0%	+118.3%
5Y	85.1%	58.2%	+26.9%
10Y	84.3%	54.5%	+29.8%

Measures how efficient Fidus Investment Corp is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Fidus Investment Corp to the Asset Management industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Fidus Investment Corp is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Fidus Investment Corp is -21.1%. This means that Fidus Investment Corp earned $-0.21 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Asset Management industry is 65.4%.
What is the trend?
The trend is important because it shows you how Fidus Investment Corp is performing over time. The most recent quarter might be important if Fidus Investment Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Fidus Investment Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Fidus Investment Corp

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Fidus Investment Corp = 33,475
Total revenue MRQ Fidus Investment Corp = 56,115
$33,475 / $56,115 = -0.21 or -21.1%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Fidus Investment Corp is keeping operating costs low.

Below 1 is considered healthy (always compare to Asset Management industry mean).
An Operation Ratio of 0.40 means that the operating costs are $0.40 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Fidus Investment Corp:

The MRQ is 0.403. The company is very efficient in keeping operating costs low. +2
The TTM is 0.167. The company is very efficient in keeping operating costs low. +2

Trends

Current period		Compared to		+/-
MRQ	0.403	TTM	0.167	+0.236
TTM	0.167	YOY	0.486	-0.319
TTM	0.167	5Y	0.457	-0.290
5Y	0.457	10Y	0.411	+0.045

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.403	0.426	-0.023
TTM	0.167	0.459	-0.292
YOY	0.486	0.357	+0.129
5Y	0.457	0.468	-0.011
10Y	0.411	0.484	-0.073

Measures how efficient Fidus Investment Corp is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Fidus Investment Corp to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Fidus Investment Corp is 40.3%. This means that Fidus Investment Corp earned $0.40 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Asset Management industry is 0.43.
What is the trend?
The trend is important because it shows you how Fidus Investment Corp is performing over time. The most recent quarter might be important if Fidus Investment Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Fidus Investment Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Fidus Investment Corp

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(11,300 +11,340) \ 56,115 = 0.40

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Fidus Investment Corp.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Fidus Investment Corp is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Asset Management industry mean).
A Current Ratio of 106.84 means the company has $106.84 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Fidus Investment Corp:

The MRQ is 106.843. The company is very able to pay all its short-term debts. +2
The TTM is 266.752. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	106.843	TTM	266.752	-159.909
TTM	266.752	YOY	11.251	+255.501
TTM	266.752	5Y	1,322.537	-1,055.785
5Y	1,322.537	10Y	663.557	+658.980

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	106.843	3.009	+103.834
TTM	266.752	3.100	+263.652
YOY	11.251	3.826	+7.425
5Y	1,322.537	5.252	+1,317.285
10Y	663.557	6.555	+657.002

Measures if Fidus Investment Corp is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Asset Management industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Fidus Investment Corp if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Fidus Investment Corp is 106.84. This means Fidus Investment Corp has $106.84 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Asset Management industry is 3.01.
What is the trend?
The trend is important because it shows you how Fidus Investment Corp is performing over time. The most recent quarter might be important if Fidus Investment Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Fidus Investment Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Fidus Investment Corp

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
131,096,000 \ 1,227,000) = 106.84

The current ratio measures if Fidus Investment Corp is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Fidus Investment Corp is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Fidus Investment Corp does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Fidus Investment Corp is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Fidus Investment Corp is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Fidus Investment Corp to the Asset Management industry mean.
A Quick Ratio of 106.84 means the company can pay off $106.84 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Fidus Investment Corp:

The MRQ is 106.843. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 2,845.464. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	106.843	TTM	2,845.464	-2,738.622
TTM	2,845.464	YOY	20.145	+2,825.319
TTM	2,845.464	5Y	41,345.656	-38,500.191
5Y	41,345.656	10Y	22,847.638	+18,498.018

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	106.843	3.025	+103.818
TTM	2,845.464	3.357	+2,842.107
YOY	20.145	4.326	+15.819
5Y	41,345.656	6.669	+41,338.987
10Y	22,847.638	6.288	+22,841.350

Measures if Fidus Investment Corp is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Fidus Investment Corp to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Fidus Investment Corp can pay off its short term debts. This shows if Fidus Investment Corp can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Fidus Investment Corp is 106.84. This means that Fidus Investment Corp can pay off $106.84 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 3.03.
What is the trend?
The trend is important because it shows you how Fidus Investment Corp is performing over time. The most recent quarter might be important if Fidus Investment Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Fidus Investment Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Fidus Investment Corp

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Fidus Investment Corp: (119,131,000 + 0 +11,965,000) / 1,227,000 = 106.84

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Fidus Investment Corp.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Fidus Investment Corp assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Fidus Investment Corp to Asset Management industry mean.
A Debt to Asset Ratio of 0.46 means that Fidus Investment Corp assets are financed with 46.0% credit (debt) and the remaining percentage (100% - 46.0%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Fidus Investment Corp:

The MRQ is 0.460. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.480. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.460	TTM	0.480	-0.020
TTM	0.480	YOY	0.474	+0.006
TTM	0.480	5Y	0.476	+0.005
5Y	0.476	10Y	0.448	+0.028

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.460	0.169	+0.291
TTM	0.480	0.171	+0.309
YOY	0.474	0.176	+0.298
5Y	0.476	0.192	+0.284
10Y	0.448	0.188	+0.260

Measures how much % of Fidus Investment Corp assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Fidus Investment Corp than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Fidus Investment Corp to Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Fidus Investment Corp is 0.46. This means means that Fidus Investment Corp is financed with 46.0% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Asset Management industry is 300.9%.
What is the trend?
The trend is important because it shows you how Fidus Investment Corp is performing over time. The most recent quarter might be important if Fidus Investment Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Fidus Investment Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Fidus Investment Corp has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Fidus Investment Corp

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
501,424,000 \ 1,090,898,000 = 46.0% or 0.46.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Fidus Investment Corp is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Fidus Investment Corp to the Asset Management industry mean.
A Debt to Equity ratio of 85.1% means that company has $0.85 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Fidus Investment Corp:

The MRQ is 0.851. The company is very able to pay all its debts with equity. +2
The TTM is 0.926. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.851	TTM	0.926	-0.076
TTM	0.926	YOY	0.903	+0.023
TTM	0.926	5Y	0.911	+0.016
5Y	0.911	10Y	0.820	+0.090

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.851	0.200	+0.651
TTM	0.926	0.194	+0.732
YOY	0.903	0.209	+0.694
5Y	0.911	0.253	+0.658
10Y	0.820	0.256	+0.564

Measures if Fidus Investment Corp is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Fidus Investment Corp is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Fidus Investment Corp is 0.85. This means that Fidus Investment Corp can pay off $0.85 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 0.20.
What is the trend?
The trend is important because it shows you how Fidus Investment Corp is performing over time. The most recent quarter might be important if Fidus Investment Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Fidus Investment Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Fidus Investment Corp

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
501,424,000 \ 589,474,000 = 0.85 or 85.1%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Fidus Investment Corp

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Fidus Investment Corp generates.

Above 15 is considered overpriced but always compare Fidus Investment Corp to the Asset Management industry mean.
A PE ratio of 5.85 means the investor is paying $5.85 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Fidus Investment Corp:

The EOD is 5.871. Based on the earnings, the company is cheap. +2
The MRQ is 5.853. Based on the earnings, the company is cheap. +2
The TTM is 9.076. Based on the earnings, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	5.871	MRQ	5.853	+0.018
MRQ	5.853	TTM	9.076	-3.223
TTM	9.076	YOY	16.239	-7.163
TTM	9.076	5Y	10.141	-1.064
5Y	10.141	10Y	13.511	-3.370

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	5.871	5.797	+0.074
MRQ	5.853	5.891	-0.038
TTM	9.076	6.057	+3.019
YOY	16.239	3.781	+12.458
5Y	10.141	5.681	+4.460
10Y	13.511	7.723	+5.788

Measures how much money you pay for each share for every $1 in earnings Fidus Investment Corp generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Fidus Investment Corp to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Fidus Investment Corp is 5.85. This means the investor is paying $5.85 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 5.89.
What is the trend?
The trend is important because it shows you how Fidus Investment Corp is performing over time. The most recent quarter might be important if Fidus Investment Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Fidus Investment Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Fidus Investment Corp

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 26,365 = EPS
PE ratio MRQ = 5.85

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Fidus Investment Corp:

The EOD is 6.594. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 6.574. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is -0.058. Based on how much money comes from the company's main activities, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	6.594	MRQ	6.574	+0.020
MRQ	6.574	TTM	-0.058	+6.632
TTM	-0.058	YOY	-12.604	+12.546
TTM	-0.058	5Y	11.645	-11.703
5Y	11.645	10Y	4.300	+7.345

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	6.594	4.925	+1.669
MRQ	6.574	4.706	+1.868
TTM	-0.058	3.604	-3.662
YOY	-12.604	1.756	-14.360
5Y	11.645	2.169	+9.476
10Y	4.300	2.499	+1.801

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Fidus Investment Corp is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Asset Management industry mean).
A PB ratio of 0.00 means the investor is paying $0.00 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Fidus Investment Corp:

The EOD is 0.001. Based on the equity, the company is cheap. +2
The MRQ is 0.001. Based on the equity, the company is cheap. +2
The TTM is 0.903. Based on the equity, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	0.001	MRQ	0.001	+0.000
MRQ	0.001	TTM	0.903	-0.902
TTM	0.903	YOY	1.205	-0.302
TTM	0.903	5Y	1.054	-0.151
5Y	1.054	10Y	1.369	-0.315

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	0.001	0.923	-0.922
MRQ	0.001	0.910	-0.909
TTM	0.903	0.910	-0.007
YOY	1.205	0.977	+0.228
5Y	1.054	1.012	+0.042
10Y	1.369	1.159	+0.210

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Fidus Investment Corp.

3.1. Institutions holding Fidus Investment Corp

Institutions are holding 28.427% of the shares of Fidus Investment Corp.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Melia Wealth LLC	2.1869	7.1107	687248	687248	0
2023-12-31	Raymond James & Associates	1.8508	0.0086	581648	-33177	-5.3962
2023-12-31	Amvescap Plc.	1.7946	0.0026	563958	563958	0
2023-12-31	Van Eck Associates Corporation	1.6509	0.0186	518813	122168	30.8003
2023-12-31	Two Sigma Investments LLC	1.5559	0.0221	488973	67330	15.9685
2023-12-31	Morgan Stanley - Brokerage Accounts	1.4272	0.0008	448517	69002	18.1816
2023-12-31	Raymond James Finl Svs Advisors, Inc.	1.3902	0.014	436891	-17011	-3.7477
2023-12-31	Two Sigma Advisers, LLC	1.3531	0.0196	425213	-12300	-2.8113
2023-12-31	Millennium Management LLC	1.1718	0.0031	368243	33117	9.882
2023-12-31	Advisors Asset Management	0.6311	0.0797	198323	-41999	-17.4761
2023-12-31	Legal & General Group PLC	0.6136	0.001	192843	9833	5.3729
2023-09-30	Citadel Advisors Llc	0.5879	0.0008	184757	151868	461.7593
2023-12-31	Novare Capital Management LLC	0.5801	0.3652	182298	4100	2.3008
2023-12-31	Quadrature Capital LLP	0.5701	0.0636	179156	-24653	-12.0961
2023-12-31	PFG Advisors	0.5468	0.2732	171829	38846	29.2113
2023-12-31	Envestnet Asset Management Inc	0.5408	0.0014	169961	169961	0
2023-12-31	Acadian Asset Management LLC	0.5082	0.0122	159693	-83252	-34.2678
2023-12-31	Goldman Sachs Group Inc	0.494	0.0003	155256	87626	129.5668
2023-12-31	Cetera Investment Advisers	0.4429	0.0223	139197	16085	13.0653
2023-12-31	Goss Wealth Management LLC	0.3314	0.0195	104136	7169	7.3932
Total		20.2283	8.0393	6356953	+1815919	+28.6%

3.2. Funds holding Fidus Investment Corp

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-03-29	VanEck BDC Income ETF	1.9323	1.1682	607262	2988	0.4945
2024-03-28	Invesco KBW High Dividend Yld Fincl ETF	1.9235	3.2041	604493	0	0
2024-03-31	Columbus Macro Alternative High-Yield	0.5779	2.84	181607	16680	10.1136
2024-03-28	iShares Listed Private Eq ETF USD Dist	0.3055	0.2413	95999	0	0
2024-03-28	GraniteShares HIPS US High Income ETF	0.2732	2.4065	85844	0	0
2023-09-30	Undrly L&G Pen PMC Multi Asset	0.2488	0.0056	78184	78184	0
2024-02-29	Putnam BDC Income ETF	0.1379	1.3409	43343	2780	6.8535
2023-11-20	Nikko High Income BDC Mother Fund	0.0991	1.0601	31131	0	0
2024-03-28	Virtus Private Credit ETF	0.0989	1.6823	31082	0	0
2024-03-31	Eika Global	0.0671	0.0778	21086	21086	0
2024-02-29	Indosuez Funds America Small&Mid Caps G	0.0667	0.6168	20961	0	0
2023-09-01	FT Alternative Income 41 CA	0.0652	3.917	20486	2085	11.3309
2024-03-31	Purpose Specialty Lending Trust Series F	0.0475	1.2786	14925	0	0
2024-02-29	Mediobanca SICAV PE Strat C	0.0473	0.2369	14865	0	0
2023-12-31	RAM (Lux) Sys Global Equity Inc R USD	0.0347	0.421	10900	-705	-6.075
2024-03-31	Eika Spar	0.0337	0.0228	10606	10606	0
2024-03-28	FlexShares® Listed Priv Eq ETF USD Acc	0.0315	0.0711	9892	177	1.8219
2024-03-31	Simplicity Småbolag Global	0.0286	0.8147	9000	9000	0
2023-09-30	Blackstone Alternative Multi-Strategy I	0.0169	0.0025	5300	3700	231.25
2023-12-31	The Winton Fund USD Tranche B	0.0142	0.0178	4460	1208	37.1464
Total		6.0505	21.426	1901426	+147789	+7.8%

3.3. Insider Transactions

Insiders are holding 1.108% of the shares of Fidus Investment Corp.

Date	Owner	Type	Amount	Price	Post Transaction Amount
2020-03-13	Charles D Hyman	BUY	2000	9.84	25200
2020-03-12	Edward H Ross	BUY	4000	9.31	177455
2020-03-11	Raymond L Jr. Anstiss	BUY	6150	11.66	10500
2020-03-11	Thomas Charles Lauer	BUY	2000	11.45	81600
2020-03-09	Shelby E Sherard	BUY	5950	12.08	173455
2020-03-09	Thomas Charles Lauer	BUY	5000	12.08
2019-08-08	Shelby E Sherard	BUY	3100	14.32	18960
2019-08-06	Raymond L Jr. Anstiss	BUY	1000	14.65	9000
2019-06-03	Raymond L Jr. Anstiss	BUY	2740	15.94	6260
2019-05-13	Raymond L Jr. Anstiss	BUY	2250	16	4760
2018-12-06	Shelby E Sherard	BUY	3675	13.6
2018-03-09	Shelby E Sherard	BUY	3500	12.75	11749
2018-03-08	Charles D Hyman	BUY	1500	12.79	23200
2018-03-08	Thomas Charles Lauer	BUY	4000	12.8	74600
2018-03-07	Shelby E Sherard	BUY	7000	13.1	10435
2015-08-21	Shelby E Sherard	BUY	3435	14.5	3435
2014-12-04	Charles D Hyman	BUY	1700	15.11
2014-12-01	Thomas Charles Lauer	BUY	1500	16.11
2014-11-24	John A Mazzarino	BUY	10000	16.57
2014-05-14	Charles Hyman	BUY	2000	16.99	20000

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Fidus Investment Corp compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	18740.008	4685.545	+300%	-0.059	+100%	937.232	+1900%	468.769	+3898%
Book Value Per Share	-	-	18757.466	4701.431	+299%	15.315	+122375%	951.222	+1872%	480.555	+3803%
Current Ratio	-	-	106.843	266.752	-60%	11.251	+850%	1322.537	-92%	663.557	-84%
Debt To Asset Ratio	-	-	0.460	0.480	-4%	0.474	-3%	0.476	-3%	0.448	+3%
Debt To Equity Ratio	-	-	0.851	0.926	-8%	0.903	-6%	0.911	-7%	0.820	+4%
Dividend Per Share	-	-	0.773	0.623	+24%	0.390	+98%	0.379	+104%	0.313	+147%
Eps	-	-	0.841	0.608	+38%	0.613	+37%	0.556	+51%	0.421	+100%
Free Cash Flow Per Share	-	-	0.749	-0.074	+110%	-0.840	+212%	0.064	+1067%	-0.083	+111%
Free Cash Flow To Equity Per Share	-	-	1.877	0.612	+207%	-0.852	+145%	0.155	+1112%	0.068	+2646%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	31.096	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	17.959	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	0.934	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	0.031	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	4.469	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	1.625	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	10.009	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	4.887	-	-	-	-	-	-	-	-
Market Cap	620665475.000	+0%	618779909.000	609352079.000	+2%	580125806.000	+7%	501183442.800	+23%	494348266.050	+25%
Net Profit Margin	-	-	0.471	0.759	-38%	0.701	-33%	0.701	-33%	0.783	-40%
Operating Margin	-	-	-0.211	1.288	-116%	1.903	-111%	0.851	-125%	0.843	-125%
Operating Ratio	-	-	0.403	0.167	+142%	0.486	-17%	0.457	-12%	0.411	-2%
Pb Ratio	0.001	+0%	0.001	0.903	-100%	1.205	-100%	1.054	-100%	1.369	-100%
Pe Ratio	5.871	+0%	5.853	9.076	-36%	16.239	-64%	10.141	-42%	13.511	-57%
Price Per Share	19.750	+0%	19.690	19.390	+2%	18.460	+7%	15.948	+23%	15.731	+25%
Price To Free Cash Flow Ratio	6.594	+0%	6.574	-0.058	+101%	-12.604	+292%	11.645	-44%	4.300	+53%
Price To Total Gains Ratio	0.001	+0%	0.001	18.391	-100%	184.558	-100%	60.904	-100%	58.597	-100%
Quick Ratio	-	-	106.843	2845.464	-96%	20.145	+430%	41345.656	-100%	22847.638	-100%
Return On Assets	-	-	0.000	0.013	-100%	0.010	-100%	0.016	-100%	0.016	-100%
Return On Equity	-	-	0.000	0.025	-100%	0.019	-100%	0.031	-100%	0.030	-100%
Total Gains Per Share	-	-	18740.781	4686.168	+300%	0.331	+5658661%	937.611	+1899%	469.081	+3895%
Usd Book Value	-	-	589474000000.000	147747654750.000	+299%	481301750.000	+122375%	29893198600.000	+1872%	15101957225.000	+3803%
Usd Book Value Change Per Share	-	-	18740.008	4685.545	+300%	-0.059	+100%	937.232	+1900%	468.769	+3898%
Usd Book Value Per Share	-	-	18757.466	4701.431	+299%	15.315	+122375%	951.222	+1872%	480.555	+3803%
Usd Dividend Per Share	-	-	0.773	0.623	+24%	0.390	+98%	0.379	+104%	0.313	+147%
Usd Eps	-	-	0.841	0.608	+38%	0.613	+37%	0.556	+51%	0.421	+100%
Usd Free Cash Flow	-	-	23530000.000	-2319250.000	+110%	-26384250.000	+212%	2016050.000	+1067%	-2602350.000	+111%
Usd Free Cash Flow Per Share	-	-	0.749	-0.074	+110%	-0.840	+212%	0.064	+1067%	-0.083	+111%
Usd Free Cash Flow To Equity Per Share	-	-	1.877	0.612	+207%	-0.852	+145%	0.155	+1112%	0.068	+2646%
Usd Market Cap	620665475.000	+0%	618779909.000	609352079.000	+2%	580125806.000	+7%	501183442.800	+23%	494348266.050	+25%
Usd Price Per Share	19.750	+0%	19.690	19.390	+2%	18.460	+7%	15.948	+23%	15.731	+25%
Usd Profit	-	-	26430000.000	19283250.000	+37%	8955500.000	+195%	15437550.000	+71%	12229650.000	+116%
Usd Revenue	-	-	56115000.000	28585500.000	+96%	13634750.000	+312%	21819000.000	+157%	16063650.000	+249%
Usd Total Gains Per Share	-	-	18740.781	4686.168	+300%	0.331	+5658661%	937.611	+1899%	469.081	+3895%
	EOD	+4 -4	MRQ	TTM	+25 -10	YOY	+28 -7	5Y	+27 -8	10Y	+24 -11

4.2. Fundamental Score

Let's check the fundamental score of Fidus Investment Corp based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	5.871
Price to Book Ratio (EOD)	Between	0-1	0.001
Net Profit Margin (MRQ)	Greater than	0	0.471
Operating Margin (MRQ)	Greater than	0	-0.211
Quick Ratio (MRQ)	Greater than	1	106.843
Current Ratio (MRQ)	Greater than	1	106.843
Debt to Asset Ratio (MRQ)	Less than	1	0.460
Debt to Equity Ratio (MRQ)	Less than	1	0.851
Return on Equity (MRQ)	Greater than	0.15	0.000
Return on Assets (MRQ)	Greater than	0.05	0.000
Total			7/10 (70.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
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4.3. Technical Score

Let's check the technical score of Fidus Investment Corp based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	60.587
Ma 20	Greater than	Ma 50	19.526
Ma 50	Greater than	Ma 100	19.128
Ma 100	Greater than	Ma 200	18.951
Open	Greater than	Close	19.660
Total			4/5 (80.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

	2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Other Current Liabilities	-5,537	1,563	-3,974	-1,381	-5,355	1,502	-3,853	1,224,188	1,220,335
Other Assets	1,455	122	1,577	1,218	2,795	-995	1,800	-1,089,808,902	-1,089,807,102
Long-term Assets Other	-860,329	-36,995	-897,324	-31,398	-928,722	1,863	-926,859	960,728,859	959,802,000
EBIT	21,353	-1,158	20,195	19,006	39,201	120	39,321	-51,145	-11,824
Depreciation and Amortization	-516	266	-250	-22,146	-22,396	-257	-22,653	67,952	45,299

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	1,090,898,000
Total Liabilities	501,424,000
Total Stockholder Equity	589,474,000

	As reported
Total Liabilities	501,424,000
Total Stockholder Equity	+ 589,474,000
Total Assets	= 1,090,898,000

Assets

Total Assets	1,090,898,000
Total Current Assets	131,096,000
Long-term Assets	959,802,000

Total Current Assets

Total Current Assets (as reported)	131,096,000
Cash And Cash Equivalents	119,131,000
Net Receivables	11,965,000
Total Current Assets (calculated)	131,096,000
+/-	0

Long-term Assets

Long-term Assets (as reported)	959,802,000
Long Term Investments	957,906
Long-term Assets Other	959,802,000
Long-term Assets (calculated)	960,759,906
+/-	957,906

Liabilities & Shareholders' Equity

Total Current Liabilities	1,227,000
Long-term Liabilities	500,197,000
Total Stockholder Equity	589,474,000

Total Current Liabilities

Total Current Liabilities (as reported)	1,227,000
Accounts payable	6,665
Other Current Liabilities	1,220,335
Total Current Liabilities (calculated)	1,227,000
+/-	0

Long-term Liabilities

Long-term Liabilities (as reported)	500,197,000
Long-term Liabilities (calculated)	0
+/-	500,197,000

Total Stockholder Equity

Total Stockholder Equity (as reported)	589,474,000
Common Stock	31
Other Stockholders Equity	589,474,000
Total Stockholder Equity (calculated)	589,474,031
+/-	31

Other

Capital Stock	31
Cash and Short Term Investments	119,131,000
Common Stock Shares Outstanding	26,365
Liabilities and Stockholders Equity	1,090,898,000
Net Debt	85,341,000
Net Invested Capital	1,055,987
Net Working Capital	129,869,000
Short Long Term Debt Total	204,472,000

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

> Total Assets

129,650
0
0
0
147,377
157,205
228,752
237,498
248,643
262,789
267,505
328,084
333,849
360,903
373,983
370,962
367,262
359,659
360,506
393,095
435,587
439,978
445,547
457,122
485,540
475,547
518,036
517,573
586,742
561,662
614,113
614,853
646,263
672,412
677,726
713,498
693,876
704,849
725,871
754,740
789,439
752,542
761,444
748,301
875,740
780,883
807,680
827,766
897,185
909,006
909,121
909,748
935,960
949,024
982,412
1,022,725
1,090,898,000

1,090,898,000

1,022,725

982,412

949,024

935,960

909,748

909,121

909,006

897,185

827,766

807,680

780,883

875,740

748,301

761,444

752,542

789,439

754,740

725,871

704,849

693,876

713,498

677,726

672,412

646,263

614,853

614,113

561,662

586,742

517,573

518,036

475,547

485,540

457,122

445,547

439,978

435,587

393,095

360,506

359,659

367,262

370,962

373,983

360,903

333,849

328,084

267,505

262,789

248,643

237,498

228,752

157,205

147,377

129,650

> Total Current Assets

0
0
0
0
6,035
13,553
65,353
54,780
41,211
45,748
30,356
72,701
59,600
66,700
64,169
90,289
57,129
49,270
50,033
13,417
39,232
27,374
25,413
28,880
37,399
19,865
65,298
47,516
62,288
25,060
60,853
53,944
49,955
40,217
31,544
44,096
49,543
33,517
28,599
24,009,000
15,012
32,667,000
27,476
31,753
124,308
67,266
61,978
107,058
177,648
96,431
97,470
52,054
74,176
50,123
50,895
94,066
131,096,000

131,096,000

94,066

50,895

50,123

74,176

52,054

97,470

96,431

177,648

107,058

61,978

67,266

124,308

31,753

27,476

32,667,000

15,012

24,009,000

28,599

33,517

49,543

44,096

31,544

40,217

49,955

53,944

60,853

25,060

62,288

47,516

65,298

19,865

37,399

28,880

25,413

27,374

39,232

13,417

50,033

49,270

57,129

90,289

64,169

66,700

59,600

72,701

30,356

45,748

41,211

54,780

65,353

13,553

6,035

Cash And Cash Equivalents

2,672
0
0
0
1,757
8,997
62,253
51,911
39,059
40,571
27,630
68,130
52,042
58,954
56,302
85,896
53,418
40,740
40,687
8,488
29,318
16,367
14,542
17,708
31,657
13,041
59,143
42,165
57,083
19,092
50,819
46,868
41,572
32,797
23,999
38,072
42,015
26,209
21,885
17,526
15,012
27,225
19,268
24,682
124,308
60,175
54,211
98,812
169,417
86,113
72,466
40,411
62,350
36,418
37,977
80,337
119,131,000

119,131,000

80,337

37,977

36,418

62,350

40,411

72,466

86,113

169,417

98,812

54,211

60,175

124,308

24,682

19,268

27,225

15,012

17,526

21,885

26,209

42,015

38,072

23,999

32,797

41,572

46,868

50,819

19,092

57,083

42,165

59,143

13,041

31,657

17,708

14,542

16,367

29,318

8,488

40,687

40,740

53,418

85,896

56,302

58,954

52,042

68,130

27,630

40,571

39,059

51,911

62,253

8,997

1,757

2,672

Short-term Investments

0
0
0
0
0
0
160,545,082
179,935,107
204,540,627
216,824,556
233,821,300
251,665,560
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
49,460
631,562,805
645,535,818
667,834,497
0
669,810,519
696,574,728
728,712,558
0
718,221,060
0
0
0
0
0
0
2,151
0
106,374
95,575
101,590
897,324
0
0
0

897,324

101,590

95,575

106,374

2,151

718,221,060

728,712,558

696,574,728

669,810,519

667,834,497

645,535,818

631,562,805

49,460

251,665,560

233,821,300

216,824,556

204,540,627

179,935,107

160,545,082

Net Receivables

0
0
0
0
1,141
1,460
2,468
2,324
1,687
1,644
2,057
3,754
3,307
3,354
3,844
3,065
2,487
3,684
3,884
37,369
4,460
5,435
5,025
5,466
4,520
5,725
5,095
4,300
4,407
5,152
8,726
5,949
7,411
6,155
6,442
6,024
7,528
7,308
5,898
6,483
6,331
5,442
8,208
7,071
7,548
7,091
7,767
8,246
8,231
10,318
25,004
11,643
11,826
13,705
13,813
13,729
11,965,000

11,965,000

13,729

13,813

13,705

11,826

11,643

25,004

10,318

8,231

8,246

7,767

7,091

7,548

7,071

8,208

5,442

6,331

6,483

5,898

7,308

7,528

6,024

6,442

6,155

7,411

5,949

8,726

5,152

4,407

4,300

5,095

5,725

4,520

5,466

5,025

5,435

4,460

37,369

3,884

3,684

2,487

3,065

3,844

3,354

3,307

3,754

2,057

1,644

1,687

2,324

2,468

1,460

1,141

Inventory

0
0
0
0
0
0
0
0
0
3,149
0
0
837
1,103
859
0
0
1,825
0
0
887
818
1,270
1,129
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,129

1,270

818

887

1,825

859

1,103

837

3,149

> Long-term Assets

0
0
0
0
141,341
143,652
163,400
182,718
207,433
217,042
237,150
255,382
274,249
294,203
309,814
280,673
310,133
310,389
310,473
336,482
396,355
412,604
420,134
428,242
448,141
455,682
452,738
470,057
524,454
536,602
553,260
560,909
596,308
632,195
646,182
669,402
644,333
671,332
697,272
729,442
774,427
718,940
732,620
715,405
751,432
711,884
743,458
719,124
719,124
811,995
810,520
856,914
860,329
897,324
928,722
926,859
959,802,000

959,802,000

926,859

928,722

897,324

860,329

856,914

810,520

811,995

719,124

743,458

711,884

751,432

715,405

732,620

718,940

774,427

729,442

697,272

671,332

644,333

669,402

646,182

632,195

596,308

560,909

553,260

536,602

524,454

470,057

452,738

455,682

448,141

428,242

420,134

412,604

396,355

336,482

310,473

310,389

310,133

280,673

309,814

294,203

274,249

255,382

237,150

217,042

207,433

182,718

163,400

143,652

141,341

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
396,355
0
0
0
443,269
0
452,738
470,057
524,454
536,602
553,260
560,909
596,308
632,195
646,182
668,503
642,982
670,481
697,272
729,442
766,919
718,940
732,620
715,405
742,869
711,884
743,458
719,124
719,124
811,995
810,520
856,914
860,329
897,324
928,722
926,859
957,906

957,906

926,859

928,722

897,324

860,329

856,914

810,520

811,995

719,124

743,458

711,884

742,869

715,405

732,620

718,940

766,919

729,442

697,272

670,481

642,982

668,503

646,182

632,195

596,308

560,909

553,260

536,602

524,454

470,057

452,738

443,269

396,355

Long-term Assets Other

0
0
0
0
0
0
2,694
2,603
2,687
3,149
3,094
3,465
0
0
0
3,284
3,152
0
0
-336,482
0
0
0
0
4,872
0
0
0
0
0
0
0
0
0
0
899
1,351
851
697,272
-729,442
7,508
-718,940
-732,620
-715,405
8,563
-711,884
-743,458
-719,124
-719,124
-811,995
-810,520
-856,914
-860,329
-897,324
-928,722
-926,859
959,802,000

959,802,000

-926,859

-928,722

-897,324

-860,329

-856,914

-810,520

-811,995

-719,124

-743,458

-711,884

8,563

-715,405

-732,620

-718,940

7,508

-729,442

697,272

851

1,351

899

4,872

-336,482

3,152

3,284

3,465

3,094

3,149

2,687

2,603

2,694

> Total Liabilities

81,169
0
0
0
95,372
94,857
99,393
98,298
108,161
121,994
125,904
145,964
150,758
149,140
153,692
151,553
156,137
150,184
152,640
151,145
192,324
195,310
198,625
210,814
238,178
226,822
219,991
218,227
232,957
206,850
225,690
223,685
252,990
274,254
281,465
311,976
290,891
300,033
327,393
351,908
377,129
377,008
385,268
358,749
464,980
367,871
378,313
380,221
409,421
422,504
425,146
435,361
455,617
464,378
499,064
474,100
501,424,000

501,424,000

474,100

499,064

464,378

455,617

435,361

425,146

422,504

409,421

380,221

378,313

367,871

464,980

358,749

385,268

377,008

377,129

351,908

327,393

300,033

290,891

311,976

281,465

274,254

252,990

223,685

225,690

206,850

232,957

218,227

219,991

226,822

238,178

210,814

198,625

195,310

192,324

151,145

152,640

150,184

156,137

151,553

153,692

149,140

150,758

145,964

125,904

121,994

108,161

98,298

99,393

94,857

95,372

81,169

> Total Current Liabilities

0
0
0
0
1,872
1,357
2,643
1,548
4,161
2,994
4,654
4,464
6,258
4,640
9,192
7,053
11,637
5,684
7,140
1,022
8,824
6,010
8,425
6,114
9,178
6,434
10,374
8,833
13,518
11,820
13,107
12,108
15,155
16,812
65,019
16,960
19,388
17,698
16,615
1,000
547
123,000
123
123
275
3,404
6,433
2,913
5,323
5,306
9,770
15,065
5,537
87
1,145
277
1,227,000

1,227,000

277

1,145

5,537

15,065

9,770

5,306

5,323

2,913

6,433

3,404

275

123

123,000

547

1,000

16,615

17,698

19,388

16,960

65,019

16,812

15,155

12,108

13,107

11,820

13,518

8,833

10,374

6,434

9,178

6,114

8,425

6,010

8,824

1,022

7,140

5,684

11,637

7,053

9,192

4,640

6,258

4,464

4,654

2,994

4,161

1,548

2,643

1,357

1,872

Short-term Debt

0
0
0
0
0
750
93
0
2,162
2,216
0
0
0
0
0
0
0
0
0
0
183,500
0
0
0
224,128
0
0
0
219,439
0
212,583
211,577
0
257,442
48,217
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

48,217

257,442

211,577

212,583

219,439

224,128

183,500

2,216

2,162

750

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
183,500
0
0
0
224,128
0
0
0
219,439
0
212,583
211,577
0
257,442
264,663
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

264,663

257,442

211,577

212,583

219,439

224,128

183,500

Accounts payable

253
0
0
0
232
175
859
300
280
318
294
606
2,612
1,073
3,139
1,188
2,484
1,012
2,718
1,022
3,101
776
3,165
917
3,016
869
3,137
848
3,563
896
2,997
817
2,876
1,336
3,208
1,631
2,984
1,982
3,519
2,065
3,947
3,143
3,944
2,548
3,994
3,404
6,433
2,913
5,323
5,306
9,770
15,065
5,537
4,061
6,500
4,130
6,665

6,665

4,130

6,500

4,061

5,537

15,065

9,770

5,306

5,323

2,913

6,433

3,404

3,994

2,548

3,944

3,143

3,947

2,065

3,519

1,982

2,984

1,631

3,208

1,336

2,876

817

2,997

896

3,563

848

3,137

869

3,016

917

3,165

776

3,101

1,022

2,718

1,012

2,484

1,188

3,139

1,073

2,612

606

294

318

280

300

859

175

232

253

Other Current Liabilities

1,284
0
0
0
1,640
431
1,691
1,249
1,719
459
4,360
3,858
3,646
3,567
6,053
5,865
9,153
4,672
4,422
-1,022
5,723
5,234
5,260
5,197
6,162
5,565
7,237
7,985
9,955
10,924
10,110
11,291
12,279
15,476
13,075
15,329
16,404
15,716
13,096
-1,065
-3,400
119,857
-3,821
-2,425
-3,719
-3,404
-6,433
-2,913
-5,323
-5,306
-9,770
-15,065
-5,537
-3,974
-5,355
-3,853
1,220,335

1,220,335

-3,853

-5,355

-3,974

-5,537

-15,065

-9,770

-5,306

-5,323

-2,913

-6,433

-3,404

-3,719

-2,425

-3,821

119,857

-3,400

-1,065

13,096

15,716

16,404

15,329

13,075

15,476

12,279

11,291

10,110

10,924

9,955

7,985

7,237

5,565

6,162

5,197

5,260

5,234

5,723

-1,022

4,422

4,672

9,153

5,865

6,053

3,567

3,646

3,858

4,360

459

1,719

1,249

1,691

431

1,640

1,284

> Long-term Liabilities

0
0
0
0
93,500
93,500
96,750
96,750
104,000
119,000
121,250
141,500
144,500
144,500
144,500
144,500
144,500
144,500
145,500
145,500
183,500
189,300
190,200
204,700
229,000
220,388
209,617
209,394
219,439
195,030
212,583
211,577
237,835
257,442
216,446
295,016
271,503
282,335
310,778
351,907,000
376,582
376,885,000
385,145
358,626
464,705
131,092
135,848
92,146
5,323
5,306
9,770
15,065
5,537
464,291
497,919
473,823
500,197,000

500,197,000

473,823

497,919

464,291

5,537

15,065

9,770

5,306

5,323

92,146

135,848

131,092

464,705

358,626

385,145

376,885,000

376,582

351,907,000

310,778

282,335

271,503

295,016

216,446

257,442

237,835

211,577

212,583

195,030

219,439

209,394

209,617

220,388

229,000

204,700

190,200

189,300

183,500

145,500

144,500

141,500

121,250

119,000

104,000

96,750

93,500

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
239,411
286,253
286,564
273,035
334,401
333,727
0
0
0
0
0
0
0
0
0
245,847
246,128
246,402
0
0
0

246,402

246,128

245,847

333,727

334,401

273,035

286,564

286,253

239,411

Long-term Liabilities Other

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
173,490
194,993
213,372
0
0
0

213,372

194,993

173,490

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,567
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

4,567

> Total Stockholder Equity

48,481
0
0
0
52,005
62,348
129,359
139,199
140,482
140,796
141,601
182,120
183,091
211,763
220,291
219,409
211,125
209,475
207,866
241,950
243,263
244,668
246,922
246,308
247,362
248,725
298,045
299,346
353,785
354,812
388,423
391,168
393,273
398,158
396,261
401,522
402,985
404,816
398,478
402,832
412,310
375,534
376,176
389,552
410,760
413,012
429,367
447,545
487,764
486,502
483,975
474,387
480,343
484,646
483,348
548,625
589,474,000

589,474,000

548,625

483,348

484,646

480,343

474,387

483,975

486,502

487,764

447,545

429,367

413,012

410,760

389,552

376,176

375,534

412,310

402,832

398,478

404,816

402,985

401,522

396,261

398,158

393,273

391,168

388,423

354,812

353,785

299,346

298,045

248,725

247,362

246,308

246,922

244,668

243,263

241,950

207,866

209,475

211,125

219,409

220,291

211,763

183,091

182,120

141,601

140,796

140,482

139,199

129,359

62,348

52,005

48,481

Common Stock

0
0
0
0
49,822
56,822
9
9
9
9
9
12
12
14
14
14
14
14
14
16
16
16
16
16
16
16
19
19
22
22
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
25
25
25
28
31

56,822

49,822

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
112,556
84,646
83,643
0
0
0

83,643

84,646

112,556

Accumulated Other Comprehensive Income

0
0
0
0
-3,965
4,983
413
491
-482
1,782
2,631
3,231
3,633
4,840
15,096
12,000
5,000
-13,353
-15,493
0
-12,194
-12,014
-11,807
-13,370
-12,848
-12,390
-4,540
-2,681
4,036
5,709
6,724
9,590
17,017
24,665
23,351
30,671
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

30,671

23,351

24,665

17,017

9,590

6,724

5,709

4,036

-2,681

-4,540

-12,390

-12,848

-13,370

-11,807

-12,014

-12,194

-15,493

-13,353

5,000

12,000

15,096

4,840

3,633

3,231

2,631

1,782

-482

491

413

4,983

-3,965

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
366,278
366,278
366,278
366,278
366,061
365,793
0
0
0
0
0
0
0
0
0
361,807
395,672
400,978
0
0
0

400,978

395,672

361,807

365,793

366,061

366,278

Treasury Stock

Other Stockholders Equity

0
0
0
0
-1,500
-1,500
128,938
138,648
140,533
138,648
138,648
177,110
178,991
206,729
207,042
209,744
202,890
219,376
219,629
239,262
243,008
244,103
246,612
246,856
246,307
246,487
290,348
290,543
340,101
340,350
372,760
372,998
370,545
369,963
369,963
369,963
366,278
366,278
366,278
366,278
366,061
365,793
365,793
365,793
365,793
363,751
363,751
363,751
361,807
361,807
361,807
361,807
395,672
400,978
406,419
467,881
589,474,000

589,474,000

467,881

406,419

400,978

395,672

361,807

363,751

365,793

366,061

366,278

369,963

370,545

372,998

372,760

340,350

340,101

290,543

290,348

246,487

246,307

246,856

246,612

244,103

243,008

239,262

219,629

219,376

202,890

209,744

207,042

206,729

178,991

177,110

138,648

140,533

138,648

128,938

-1,500

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Accounts Payable	6,665	5,537	5,323	3,994	3,947	2,984	2,876	3,563	3,016	3,101	2,484	2,612	280	232	253
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	0	0	0	0	0	0	17,017	4,036	-12,848	-12,194	5,000	3,633	-482	-3,965	-3,887
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	31	25	24	24	24	24	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	395,672	0	0	366,061	366,278	370,545	340,101	246,307	0	0	0	0	0	0
Cash	119,131,000	62,350	169,417	124,308	15,012	42,015	41,572	57,083	31,657	29,318	53,418	52,042	39,059	1,757	2,672
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	119,131,000	62,350	169,417	124,308	15,012	42,015	41,572	57,083	31,657	29,318	53,418	52,042	39,059	1,757	2,672
Common Stock	31	25	24	24	24	24	24	22	16	16	14	12	9	49,822	49,822
Common Stock Shares Outstanding	26,365	24,468	24,437	24,442	24,463	24,472	23,527	18,284	16,201	14,346	13,524	10,186	9,427	9,427	9,427
Common Stock Total Equity	0	25	0	24	24	24	24	22	16	16	14	12	9	49,822	49,822
Current Deferred Revenue	0	0	4,993	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	4,567	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	1,090,898,000	935,960	897,185	875,740	789,439	693,876	646,263	586,742	485,540	435,587	367,262	333,849	248,643	147,377	129,650
Long Term Debt	0	246,128	0	0	334,401	271,503	237,835	219,439	224,128	183,500	144,500	144,500	104,000	93,500	79,450
Long Term Debt Total	0	246,128	0	0	334,401	239,411	242,475	219,439	224,128	0	0	0	0	0	0
Long Term Investments	957,906	860,329	719,124	742,869	766,919	642,982	596,308	524,454	443,269	396,355	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	85,341,000	347,754	196,619	318,942	339,590	229,488	196,263	162,356	197,343	154,182	91,082	92,458	67,104	91,743	76,778
Net Invested Capital	1,055,987	890,447	853,800	854,010	766,912	674,488	631,108	0	0	0	0	0	0	0	0
Net Receivables	11,965,000	11,826	8,231	7,548	6,331	7,528	7,411	4,407	4,520	4,460	2,487	3,307	1,687	1,141	1,276
Net Tangible Assets	0	480,343	487,764	410,760	412,310	402,985	393,273	353,785	247,362	243,263	0	0	0	0	0
Net Working Capital	129,869,000	68,639	172,325	127,862	17,396	30,155	34,800	48,770	28,221	30,408	45,492	53,342	37,050	4,163	5,031
Non Current Assets Total	959,802	860,329	719,124	742,869	766,919	644,333	596,308	524,454	448,141	396,355	310,133	274,249	207,433	141,341	122,900
Non Current Liabilities Other	0	194,993	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	500,197,000	5,537	366,036	443,250	354,602	271,503	237,835	219,439	229,000	183,500	144,500	144,500	104,000	93,500	79,450
Non Currrent Assets Other	-957,906	-860,329	-719,124	-742,869	-766,919	1,351	0	0	4,872	0	3,152	0	2,687	0	0
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	959,802,000	1,455	413	1,015	1,177	0	972	798	6,094	5,454	4,376	3,414	2,687	2,795	2,502
Other Current Assets	-131,096	-74,176	-177,648	-131,856	-61,157	42,015	972	798	1,222	5,454	1,224	4,251	465	3,137	2,802
Other Current Liab	1,220,335	-5,537	-5,323	-3,994	-3,947	16,404	12,279	9,955	6,162	5,723	9,153	3,646	1,719	1,640	1,466
Other Liab	0	0	0	0	0	0	0	9,400	5,762	5,395	5,582	3,646	2,162	1	182
Other Stockholder Equity	589,474,000	395,672	361,807	365,793	366,061	366,278	370,545	340,101	246,307	243,008	202,890	178,991	140,533	-1,500	0
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Net	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant Equipment	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Retained Earnings	85,145	84,646	125,933	44,943	46,225	36,683	5,687	9,626	13,887	12,433	3,221	455	422	7,648	2,546
Retained Earnings Total Equity	0	84,646	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	0	0	219,439	224,128	183,500	0	0	0	0	0
Short Long Term Debt Total	204,472,000	410,104	366,036	443,250	354,602	271,503	237,835	219,439	229,000	183,500	144,500	144,500	106,162	93,500	79,450
Short Term Debt	0	0	330	0	0	0	0	219,439	224,128	183,500	0	0	2,162	0	0
Short Term Investments	0	101,590	2,151	0	39,814	0	49,460	0	0	0	0	0	204,540,627	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	1,090,898,000	935,960	897,185	875,740	789,439	693,876	646,263	586,742	485,540	435,587	367,262	333,849	248,643	147,377	129,650
Total Current Assets	131,096,000	74,176	177,648	131,856	21,343	49,543	49,955	62,288	37,399	39,232	57,129	59,600	41,211	6,035	6,750
Total Current Liabilities	1,227,000	5,537	5,323	3,994	3,947	19,388	15,155	13,518	9,178	8,824	11,637	6,258	4,161	1,872	1,719
Total Liab	501,424,000	455,617	409,421	464,980	377,129	290,891	252,990	232,957	238,178	192,324	156,137	150,758	108,161	95,372	81,169
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	589,474,000	480,343	487,764	410,760	412,310	402,985	393,273	353,785	247,362	243,263	211,125	183,091	140,482	52,005	48,481
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31
Accounts Payable	6,665	4,130	6,500	4,061	5,537	15,065	9,770	5,306	5,323	2,913	6,433	3,404	3,994	2,548	3,944	3,143	3,947	2,065	3,519	1,982	2,984	1,631	3,208	1,336	2,876	817	2,997	896	3,563	848	3,137	869	3,016	917	3,165	776	3,101	1,022	2,718	1,012	2,484	1,188	3,139	1,073	2,612	606	294	318	280	300	859	175	232	0	0	0	253
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	30,671	23,351	24,665	17,017	9,590	6,724	5,709	4,036	-2,681	-4,540	-12,390	-12,848	-13,370	-11,807	-12,014	-12,194	0	-15,493	-13,353	5,000	12,000	15,096	4,840	3,633	3,231	2,631	1,782	-482	491	413	4,983	-3,965	0	0	0	0
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	31	28	25	25	25	24	24	24	24	24	24	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	0	0	400,978	395,672	361,807	0	0	0	0	0	0	0	0	0	365,793	366,061	366,278	366,278	366,278	366,278	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	119,131,000	80,337	37,977	36,418	62,350	40,411	72,466	86,113	169,417	98,812	54,211	60,175	124,308	24,682	19,268	27,225	15,012	17,526	21,885	26,209	42,015	38,072	23,999	32,797	41,572	46,868	50,819	19,092	57,083	42,165	59,143	13,041	31,657	17,708	14,542	16,367	29,318	8,488	40,687	40,740	53,418	85,896	56,302	58,954	52,042	68,130	27,630	40,571	39,059	51,911	62,253	8,997	1,757	0	0	0	2,672
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	119,131,000	80,337	37,977	36,418	62,350	40,411	72,466	86,113	169,417	98,812	54,211	60,175	124,308	24,682	19,268	27,225	15,012	17,526	21,885	26,209	42,015	38,072	23,999	32,797	41,572	46,868	50,819	19,092	57,083	42,165	59,143	13,041	31,657	17,708	14,542	16,367	29,318	8,488	40,687	40,740	53,418	85,896	56,302	58,954	52,042	68,130	27,630	40,571	39,059	51,911	62,253	8,997	1,757	0	0	0	0
Common Stock	31	28	25	25	25	24	24	24	24	24	24	24	24	24	24	24	24	24	24	24	24	24	24	24	24	24	24	22	22	19	19	16	16	16	16	16	16	16	14	14	14	14	14	14	12	12	9	9	9	9	9	56,822	49,822	0	0	0	0
Common Stock Shares Outstanding	26,365	26,619	25,028	24,804	24,559	24,437	24,437	24,437	24,437	24,437	24,437	24,437	24,437	24,437	24,437	24,458	24,463	24,463	24,463	24,463	24,463	24,463	24,463	24,498	24,494	24,482	22,654	22,447	20,271	19,201	17,330	16,301	16,287	16,268	16,187	16,060	16,030	13,833	13,766	13,755	13,740	13,718	13,700	12,932	11,950	9,939	9,427	9,427	10,830	9,427	9,427	9,427	9,427	9,427	9,427	9,427	9,427
Common Stock Total Equity	0	0	0	25	25	24	0	0	0	0	24	24	24	24	24	24	24	24	24	24	24	24	24	24	24	24	24	22	22	19	19	16	16	16	16	16	16	16	14	14	14	14	14	14	12	12	9	9	9	9	9	56,822	49,822	0	0	0	0
Current Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	519	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,567	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,129	1,270	818	887	0	0	1,825	0	0	859	1,103	837	0	0	3,149	0	0	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	1,090,898,000	1,022,725	982,412	949,024	935,960	909,748	909,121	909,006	897,185	827,766	807,680	780,883	875,740	748,301	761,444	752,542	789,439	754,740	725,871	704,849	693,876	713,498	677,726	672,412	646,263	614,853	614,113	561,662	586,742	517,573	518,036	475,547	485,540	457,122	445,547	439,978	435,587	393,095	360,506	359,659	367,262	370,962	373,983	360,903	333,849	328,084	267,505	262,789	248,643	237,498	228,752	157,205	147,377	0	0	0	0
Long Term Debt	0	0	0	246,402	246,128	245,847	0	0	0	0	0	0	0	0	0	333,727	334,401	273,035	310,778	286,253	271,503	295,016	264,663	257,442	237,835	211,577	212,583	195,030	219,439	209,394	209,617	220,388	229,000	204,700	190,200	189,300	183,500	145,500	145,500	144,500	144,500	144,500	144,500	144,500	144,500	141,500	121,250	119,000	104,000	96,749	96,750	94,251	93,500	0	0	0	79,450
Long Term Debt Total	0	0	0	246,402	246,128	245,847	0	0	0	0	0	0	0	0	0	333,727	334,401	273,035	286,564	286,253	239,411	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	957,906	926,859	928,722	897,324	860,329	856,914	810,520	811,995	719,124	719,124	743,458	711,884	742,869	715,405	732,620	718,940	766,919	729,442	697,272	670,481	642,982	668,503	646,182	632,195	596,308	560,909	553,260	536,602	524,454	470,057	452,738	0	443,269	0	0	0	396,355	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	85,341,000	364,598	431,138	400,664	347,754	349,779	314,441	300,940	196,619	253,513	297,170	287,556	318,942	318,909	353,061	336,906	339,590	316,987	288,893	256,126	229,488	256,944	240,664	224,645	196,263	164,709	161,764	175,938	162,356	167,229	150,474	207,347	197,343	186,992	175,658	172,933	154,182	137,012	104,813	103,760	91,082	58,604	88,198	85,546	92,458	73,370	93,620	80,645	67,104	44,839	34,589	85,253	91,743	0	0	0	0
Net Invested Capital	1,055,987	993,560	952,463	921,728	890,447	864,577	870,882	873,555	853,800	799,870	780,748	760,743	854,010	733,143	748,505	739,665	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	11,965,000	13,729	13,813	13,705	11,826	11,643	25,004	10,318	8,231	8,246	7,767	7,091	7,548	7,071	8,208	5,442	6,331	6,483	5,898	7,308	7,528	6,024	6,442	6,155	7,411	5,949	8,726	5,152	4,407	4,300	5,095	5,725	4,520	5,466	5,025	5,435	4,460	37,369	3,884	3,684	2,487	3,065	3,844	3,354	3,307	3,754	2,057	1,644	1,687	2,324	2,468	1,460	1,141	0	0	0	0
Net Tangible Assets	0	0	483,348	484,646	480,343	474,387	483,975	486,502	487,764	447,545	429,367	413,012	410,760	389,552	376,176	375,534	412,310	402,832	398,478	404,816	402,985	401,522	396,261	398,158	393,273	391,168	388,423	354,812	353,785	299,346	298,045	0	247,362	0	0	0	243,263	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	129,869,000	93,789	49,750	50,036	68,639	36,989	87,700	91,125	172,325	104,145	55,545	63,862	124,033	31,630	27,353	32,544,000	14,465	24,008,000	11,984	15,819	30,155	27,136	-33,475	23,405	34,800	41,836	47,746	13,240	48,770	38,683	54,924	13,431	28,221	22,766	16,988	21,364	30,408	12,395	42,893	43,586	45,492	83,236	54,977	62,060	53,342	68,237	25,702	42,754	37,050	53,231	62,710	12,196	4,163	0	0	0	0
Non Current Assets Total	959,802,000	926,859	928,722	897,324	860,329	856,914	810,520	811,995	719,124	719,124	743,458	711,884	751,432	715,405	732,620	718,940	774,427	729,442	697,272	671,332	644,333	669,402	646,182	632,195	596,308	560,909	553,260	536,602	524,454	470,057	452,738	455,682	448,141	428,242	420,134	412,604	396,355	336,482	310,473	310,389	310,133	280,673	309,814	294,203	274,249	255,382	237,150	217,042	207,433	182,718	163,400	143,652	141,341	0	0	0	0
Non Current Liabilities Other	0	0	0	213,372	194,993	173,490	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	500,197,000	473,823	497,919	464,291	5,537	15,065	9,770	5,306	5,323	92,146	135,848	131,092	464,705	358,626	385,145	376,885,000	376,582	351,907,000	310,778	282,335	271,503	295,016	216,446	257,442	237,835	211,577	212,583	195,030	219,439	209,394	209,617	220,388	229,000	204,700	190,200	189,300	183,500	145,500	145,500	144,500	144,500	144,500	144,500	144,500	144,500	141,500	121,250	119,000	104,000	96,750	96,750	93,500	93,500	0	0	0	0
Non Currrent Assets Other	959,802,000	-926,859	-928,722	-897,324	-860,329	-856,914	-810,520	-811,995	-719,124	-719,124	-743,458	-711,884	8,563	-715,405	-732,620	-718,940	7,508	-729,442	697,272	851	1,351	899	0	0	0	0	0	0	0	0	0	0	4,872	0	0	0	0	-336,482	0	0	3,152	3,284	0	0	0	3,465	3,094	3,149	2,687	2,603	2,694	0	0	0	0	0	0
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	-1,089,807,102	1,800	2,795	1,577	1,455	780	1,131	580	413	1,584	2,244	1,733	875,740	1,143	1,348	-32,633,398	789,439	-23,983,702	0	0	0	621,359	592,673	579,735	547,820	562,036	554,568	537,418	525,252	471,108	453,798	456,781	449,363	433,948	425,980	418,176	401,809	43,196	315,935	315,235	311,357	282,001	313,837	298,595	277,663	255,383	237,149	220,191	207,432	182,718	163,399	146,357	144,137	0	0	0	125,401
Other Current Assets	-131,096	-94,066	-51,790	-50,123	-74,176	-52,054	-97,470	0	0	0	0	-7,091	0	0	0	-5,442	0	0	816	0	0	0	1,103	1,265	972	1,127	1,308	816	798	1,051	1,060	1,099	1,222	4,577	4,576	4,754	4,567	0	5,462	3,021	1,224	1,328	3,164	3,289	3,414	817	668	383	465	545	632	3,097	3,137	0	0	0	301
Other Current Liab	1,220,335	-3,853	-5,355	-3,974	-5,537	-15,065	-9,770	-5,306	-5,323	-2,913	-6,433	-3,404	-3,719	-2,425	-3,821	119,857	-3,400	-1,065	13,096	15,716	16,404	15,329	13,075	15,476	12,279	11,291	10,110	10,924	9,955	7,985	7,237	5,565	6,162	5,197	5,260	5,234	5,723	-1,022	4,422	4,672	9,153	5,865	6,053	3,567	3,646	3,858	4,360	459	1,719	1,249	1,691	431	1,640	0	0	0	1,284
Other Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	9,400	7,780	7,032	5,565	5,762	5,197	5,260	5,234	5,395	4,623	4,422	4,672	5,582	5,865	6,053	3,567	3,646	3,356	2,441	2,217	2,162	831	93	4	1	0	0	0	182
Other Stockholder Equity	589,474,000	467,881	406,419	400,978	395,672	361,807	361,807	361,807	361,807	363,751	363,751	363,751	365,793	365,793	365,793	365,793	366,061	366,278	366,278	366,278	366,278	369,963	369,963	369,963	370,545	372,998	372,760	340,350	340,101	290,543	290,348	246,487	246,307	246,856	246,612	244,103	243,008	239,262	219,629	219,376	202,890	209,744	207,042	206,729	178,991	177,110	138,648	138,648	140,533	138,648	128,938	-1,500	-1,500	0	0	0	0
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Net	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant Equipment	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Retained Earnings	85,145	80,716	76,904	83,643	84,646	112,556	122,144	124,671	125,933	83,770	65,592	49,237	44,943	23,735	10,359	9,717	46,225	36,530	32,176	38,514	36,683	864	2,923	3,506	5,687	8,556	8,915	8,731	9,626	11,465	12,218	14,612	13,887	12,806	12,101	12,563	12,433	2,672	3,716	3,438	3,221	-2,349	-1,861	180	455	1,768	313	356	422	51	412,562	2,043	7,648	0	0	0	0
Retained Earnings Total Equity	0	0	0	83,643	84,646	112,556	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	264,663	257,442	0	211,577	212,583	0	219,439	0	0	0	224,128	0	0	0	183,500	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	204,472,000	444,935	469,115	437,082	410,104	390,190	386,907	387,053	366,036	352,325	351,381	347,731	443,250	343,591	372,329	364,131	354,602	334,513	310,778	282,335	271,503	295,016	264,663	257,442	237,835	211,577	212,583	195,030	219,439	209,394	209,617	220,388	229,000	204,700	190,200	189,300	183,500	145,500	145,500	144,500	144,500	144,500	144,500	144,500	144,500	141,500	121,250	121,216	106,162	96,750	96,843	94,250	93,500	0	0	0	0
Short Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	48,217	257,442	0	211,577	212,583	0	219,439	0	0	0	224,128	0	0	0	183,500	0	0	0	0	0	0	0	0	0	0	2,216	2,162	0	93	750	0	0	0	0	0
Short Term Investments	0	0	0	897,324	101,590	95,575	106,374	0	2,151	0	0	0	0	0	0	718,221,060	0	728,712,558	696,574,728	669,810,519	0	667,834,497	645,535,818	631,562,805	49,460	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	251,665,560	233,821,300	216,824,556	204,540,627	179,935,107	160,545,082	0	0	0	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	1,090,898,000	1,022,725	982,412	949,024	935,960	909,748	909,121	909,006	897,185	827,766	807,680	780,883	875,740	748,301	761,444	752,542	789,439	754,740	725,871	704,849	693,876	713,498	677,726	672,412	646,263	614,853	614,113	561,662	586,742	517,573	518,036	475,547	485,540	457,122	445,547	439,978	435,587	393,095	360,506	359,659	367,262	370,962	373,983	360,903	333,849	328,084	267,505	262,789	248,643	237,498	228,752	157,205	147,377	0	0	0	129,650
Total Current Assets	131,096,000	94,066	50,895	50,123	74,176	52,054	97,470	96,431	177,648	107,058	61,978	67,266	124,308	31,753	27,476	32,667,000	15,012	24,009,000	28,599	33,517	49,543	44,096	31,544	40,217	49,955	53,944	60,853	25,060	62,288	47,516	65,298	19,865	37,399	28,880	25,413	27,374	39,232	13,417	50,033	49,270	57,129	90,289	64,169	66,700	59,600	72,701	30,356	45,748	41,211	54,780	65,353	13,553	6,035	0	0	0	0
Total Current Liabilities	1,227,000	277	1,145	87	5,537	15,065	9,770	5,306	5,323	2,913	6,433	3,404	275	123	123	123,000	547	1,000	16,615	17,698	19,388	16,960	65,019	16,812	15,155	12,108	13,107	11,820	13,518	8,833	10,374	6,434	9,178	6,114	8,425	6,010	8,824	1,022	7,140	5,684	11,637	7,053	9,192	4,640	6,258	4,464	4,654	2,994	4,161	1,548	2,643	1,357	1,872	0	0	0	0
Total Liab	501,424,000	474,100	499,064	464,378	455,617	435,361	425,146	422,504	409,421	380,221	378,313	367,871	464,980	358,749	385,268	377,008	377,129	351,908	327,393	300,033	290,891	311,976	281,465	274,254	252,990	223,685	225,690	206,850	232,957	218,227	219,991	226,822	238,178	210,814	198,625	195,310	192,324	151,145	152,640	150,184	156,137	151,553	153,692	149,140	150,758	145,964	125,904	121,994	108,161	98,298	99,393	94,857	95,372	0	0	0	81,169
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	589,474,000	548,625	483,348	484,646	480,343	474,387	483,975	486,502	487,764	447,545	429,367	413,012	410,760	389,552	376,176	375,534	412,310	402,832	398,478	404,816	402,985	401,522	396,261	398,158	393,273	391,168	388,423	354,812	353,785	299,346	298,045	248,725	247,362	246,308	246,922	244,668	243,263	241,950	207,866	209,475	211,125	219,409	220,291	211,763	183,091	182,120	141,601	140,796	140,482	139,199	129,359	62,348	52,005	0	0	0	48,481
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Begin Period Cash Flow	62,350	169,417	124,308	15,012	42,015	41,572	57,083	31,657	29,318	53,418	52,042	39,059	1,757	2,672	1,369
Capital Expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Cash Equivalents Changes	0	-10,841	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	56,781	-107,067	45,109	109,296	-27,003	443	-15,511	25,426	2,339	-24,100	1,376	12,983	37,301	-915	1,303
Change In Working Capital	-11,242	-2,512	21,574	-1,884	4,492	3,703	-1,541	4,877	459	-2,062	2,925	104	1,620	246	-5
Change Receivables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-139	-3,595	-683	-1,217	1,197	-117	-3,004	113	-60	-1,973	820	0	0	135	0
Change To Inventory	0	3,595	683	1,217	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	135	161	52	271	7	-277	265	-72	-38	0	0	0	355	529
Change To Netincome	0	-65,702	28,008	24,349	-123,538	-46,377	-71,764	-81,185	-46,914	-89,374	684	0	0	0	0
Change To Operating Activities	0	-6,579	19,961	-447	3,280	3,510	1,795	4,344	519	305	0	0	0	0	0
Depreciation	10,359,000	65,702,000	-41,496,000	6,578	0	-25,718	5,426	-29,009	10,086	-13,250	22,188	456	-16,170,404	0	0
Dividends Paid	78,327	49,052	39,100	32,508	39,141	39,158	36,793	29,859	25,048	23,889	25,139	14,754	6,033	1,500	0
End Period Cash Flow	119,131	62,350	169,417	124,308	15,012	42,015	41,572	57,083	31,657	29,318	53,418	52,042	39,059	1,757	2,672
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	48,409	-105,537	167,901	55,962	-68,728	8,148	-28,199	-33,626	-19,468	-71,270	-2,092	-49,533	-46,036	-12,824	-48,397
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	77,417	5,809	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	45,243	-79,613	89,500	87,250	34,700	18,800	-5,000	45,500	39,000	0	0	0	0	0
Net Income	77,133	35,822	116,104	31,226	48,466	49,452	43,951	41,570	25,977	19,485	27,203	19,411	15,386	5,024	-1,592
Other Cashflows From Financing Activities	-16,344,520	72,470	162,058	127,610	133,366	99,335	69,851	28,699	43,685	34,517	-250	39,318	15,745	11,909	49,700
Other Cashflows From Investing Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-10,376,482	-65,840,847	41,526,223	20,042	-121,686	-19,289	-76,035	-51,064	-55,990	-75,443	-54,408	-69,504	16,107,363	-18,094	-46,800
Sale Purchase Of Stock	16,453,000	5,809	0	-268	-268	-582	32,330	94,712	3,170	38,348	0	0	0	0	0
Stock Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	86,238	-1,530	-122,792	53,334	41,725	-7,705	12,688	59,052	21,807	47,170	3,468	62,516	83,337	11,909	49,700
Total Cash From Operating Activities	48,409	-105,537	167,901	55,962	-68,728	8,148	-28,199	-33,626	-19,468	-71,270	-2,092	-49,533	-46,036	-12,824	-48,397
Total Cashflows From Investing Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31
Begin Period Cash Flow	80,337	37,977	36,418	62,350	40,411	72,466	86,113	169,417	98,812	54,211	60,175	124,308	24,682	19,268	27,225	15,012	17,526	21,885	26,209	42,015	38,072	23,999	32,797	41,572	46,868	50,819	19,092	57,083	42,165	59,143	13,041	31,657	17,708	14,542	16,154	29,318	8,488	40,687	40,740	53,418	85,896	56,302	58,954	52,042	68,130	27,630	40,571	39,059	51,911	62,253	8,997	1,757	14,703	2,783	2,780	2,672	0
Capital Expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Cash Equivalents Changes	0	0	0	22,506	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	38,794	42,360	1,559	-25,932	21,939	-32,055	-13,647	-83,304	70,605	44,601	-5,964	-64,133	99,626	5,414	-7,957	12,213	-2,514	-4,359	-4,324	-15,806	3,943	14,073	-8,798	-8,775	-5,296	-3,951	31,727	-37,991	14,918	-16,978	46,102	-18,616	13,949	3,166	-1,612	-13,164	20,830	-32,199	-53	-12,678	-32,478	29,594	-2,652	6,912	-16,088	40,499	-12,940	1,512	-12,853	-10,342	53,257	7,239	-12,945	11,919	4	108	0
Change In Working Capital	7,393	-1,528	3,114	-20,221	9,989	10,136	-12,449	-10,188	16,610	1,145	5,604	-1,785	6,191	3,561	-3,099	-8,537	5,396	-278	362	-988	471	780	-168	2,620	1,740	-2,275	1,455	-2,461	4,831	-737	4,609	-3,826	3,917	-2,611	2,373	-3,220	9,417	-8,030	1,415	-4,864	2,379	-1,829	4,306	-1,931	2,221	-2,036	963	-1,043	3,329	-864	787	-1,633	1,644	-913	1,025	-1,509	0
Change Receivables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	1,764	-811	787	-1,879	-183	13,361	-14,686	-2,087	15	-479	-676	457	-477	1,137	-2,766	889	0	-585	1,410	220	-1,504	418	-287	1,256	-3,004	-1,457	660	-745	113	220	630	0	-60	0	0	0	-1,973	0	0	0	820	242	0	0	0	0	0	43	0	0	0	0	135	0	0	0	0
Change To Inventory	18,342	0	0	-18,342	183	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	0	550	0	-724	-3,764	3,587	1,036	-56	-246	520	-57	68	-107	-389	480	21	54	103	93	-180	83	-18	122	-277	-151	1,286	-1,697	265	-1,541	3,940	0	-72	0	0	0	-38	0	0	0	0	0	0	0	0	0	200	0	0	0	0	0	355	0	0	0	529
Change To Netincome	0	0	-31,398	708	-3,415	-46,341	1,475	-92,673	1,623	24,794	-31,574	33,165	-27,464	17,389	-13,680	48,104	-37,477	-31,960	-26,791	-27,310	25,521	-22,321	-13,987	-35,887	-71,854	-7,649	-16,374	1,035	-81,185	-17,042	3,218	0	-46,914	0	0	0	-89,374	0	0	0	684	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	0	719	719	1,274	567	350	-8,770	13,358	2,328	5,760	-1,485	6,448	2,531	56	-9,482	4,677	252	-936	-713	1,882	268	1,753	-393	1,795	-667	-491	-19	4,344	9	39	0	519	0	0	0	305	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	10,359,708	0	0	-708	65,702,000	67,814	26,532	5,319	-41,496,000	-32,019	0	579	6,578	0	0	74,590,000	-18,188	0	0	-3,545,000	-25,718	0	0	-2,117,000	5,426	-176	1,382	3,406	-29,009	7,817	2	273	10,086	3,230	4,890	-180	-13,250	0	0	3,908	22,188	0	0	125	456	0	0	101,662	-16,170,404	0	0	0	0	0	0	0	0
Dividends Paid	24,298	19,883	17,654	16,492	15,084	10,508	10,508	12,952	10,019	10,264	9,531	9,286	8,309	7,331	7,331	9,537	10,519	9,541	9,540	9,541	10,519	9,540	9,541	9,558	10,302	9,353	8,582	8,556	9,246	7,293	7,143	6,177	6,781	6,097	6,071	6,099	7,405	6,419	5,037	5,028	10,006	5,419	4,892	4,822	4,145	4,010	3,394	3,205	3,017	3,017	0	0	1,500	0	0	0	0
End Period Cash Flow	119,131	80,337	37,977	36,418	62,350	40,411	72,466	86,113	169,417	98,812	54,211	60,175	124,308	24,682	19,268	27,225	15,012	17,526	21,885	26,209	42,015	38,072	23,999	32,797	41,572	46,868	50,819	19,092	57,083	42,165	59,143	13,041	31,657	17,708	14,542	16,154	29,318	8,488	40,687	40,740	53,418	85,896	56,302	58,954	52,042	68,130	27,630	40,571	39,059	51,911	62,253	8,997	1,757	14,703	2,783	2,780	2,672
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	23,530	25,238	-16,837	-41,208	11,816	-24,247	-2,459	-90,647	69,031	54,919	450	43,501	8,835	42,239	-8,258	13,146	-11,547	-17,886	-22,784	-16,511	38,477	-6,387	-6,167	-17,775	-20,964	2,463	-4,962	-4,736	-36,635	-9,185	20,620	-8,426	-3,005	-4,978	1,341	-12,826	-42,866	-28,542	4,901	-4,763	-22,472	35,263	2,240	-17,123	-14,871	-13,202	-11,742	-9,719	-16,910	-17,037	-11,578	-511	-14,458	11,919	1,804	-12,089	0
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	38,717	61,756	4,546	5,306	5,809	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	46,918	46,918	19,885	4,232	-180	21,306	14,641	-54	4,000	-98,200	102,000	-29,500	8,000	9,000	21,750	23,250	29,500	12,750	-24,000	30,000	7,000	21,700	18,800	-950	17,269	-24,750	-5,000	-500	-11,045	0	45,500	0	0	0	39,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	26,430	24,299	10,915	15,489	4,723	11,428	7,981	11,690	50,238	28,442	25,886	11,538	29,517	20,707	7,973	-26,971	19,997	13,895	3,202	11,372	11,982	14,801	7,644	15,025	12,407	12,055	9,957	9,532	12,643	8,594	12,793	7,540	7,835	5,487	6,246	6,409	7,378	5,301	3,428	3,378	4,609	4,537	13,420	4,637	5,116	6,577	4,199	3,519	4,300	3,146	4,597	3,343	6,513	3,671	-1,739	-3,421	0
Other Cashflows From Financing Activities	88,636	-19,518	-15,000	26,708	-5,783,678	12,968	-500	40,489	93,843	44,246	3,117	20,852	122,100	-17,994	7,632	15,872	31,052	37,318	57,500	66,496	-515	34,500	13,910	74,440	67,670	15,612	28,269	-31,557	28,757	-500	-45	487	23,735	14,245	826	4,879	37,321	0	83	-2,887	-17,896	-250	0	-22,022	2,927	19,759	2,195	14,436	16,785	-3,017	64,835	7,750	1,512	0	-1,800	12,197	16,700
Other Cashflows From Investing Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-10,370,001	2,467	-30,866	-35,768	-65,704,896	-45,811	2,009	-97,468	41,498,183	25,332	-31,040	33,169	-33,451	17,971	-13,132	-74,541,346	-18,752	-31,403	-26,348	3,518,105	51,742	-21,768	-13,643	2,081,580	-40,537	-7,317	-17,756	-15,213	-25,100	-1,401	3,218	-12,413	-24,843	-7,854	-7,278	-15,835	-46,411	-25,813	58	-7,185	-51,648	32,555	-15,486	-19,954	-22,664	-17,742	-16,904	-113,857	16,145,865	-19,318	-16,963	-2,221	-22,615	9,162	2,518	-7,159	0
Sale Purchase Of Stock	-46,586	0	46,586	5,306	0	0	0	0	0	0	0	0	0	0	0	-268	0	0	0	0	0	0	0	-582	32,330	4,277	28,002	31,557	94,712	51,042	43,670	0	3,170	0	0	0	38,348	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-23,481	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	35,444	17,122	18,396	15,276	10,123	-7,808	-11,188	7,343	1,574	-10,318	-6,414	-107,634	90,791	-36,825	301	-933	9,033	13,527	18,460	705	-34,534	20,460	-2,631	9,000	15,668	-6,414	36,689	-33,255	51,553	-7,793	25,482	-10,190	16,954	8,144	-2,953	-338	63,696	-3,657	-4,954	-7,915	-10,006	-5,669	-4,892	24,035	-1,218	53,701	-1,198	11,231	4,058	6,694	64,835	7,750	1,512	0	-1,800	12,197	49,700
Total Cash From Operating Activities	23,530	25,238	-16,837	-41,208	11,816	-24,247	-2,459	-90,647	69,031	54,919	450	43,501	8,835	42,239	-8,258	13,146	-11,547	-17,886	-22,784	-16,511	38,477	-6,387	-6,167	-17,775	-20,964	2,463	-4,962	-4,736	-36,635	-9,185	20,620	-8,426	-3,005	-4,978	1,341	-12,826	-42,866	-28,542	4,901	-4,763	-22,472	35,263	2,240	-17,123	-14,871	-13,202	-11,742	-9,719	-16,910	-17,037	-11,578	-511	-14,458	11,919	1,804	-12,089	0
Total Cashflows From Investing Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Cost Of Revenue	37,288	24,054	42,879	21,497	41,768	11,365	9,788	8,254	7,545	5,899	5,261	4,237	3,612	4,145	4,084
Depreciation And Amortization	0	-2,104	-2,215	-59,765	-49,541	13,782	14,353	11,307	11,114	7,507	7,076	10,146	9,340	5,039	6,825
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	0	66,308	118,670	32,665	49,087	44,863	33,897	27,026	26,883	23,664	19,542	15,691	11,533	8,960	7,096
Ebitda	102,597	64,204	116,455	32,665	49,087	58,645	48,250	38,333	37,997	31,171	26,618	25,837	20,873	13,999	13,921
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	116,893	28,897	127,250	39,970	53,938	43,837	40,656	37,932	22,715	18,175	25,802	17,838	19,774	13,840	10,099
Income Before Tax	79,825	47,643	118,670	32,665	49,087	50,930	46,375	42,200	26,328	19,885	27,942	19,415	11,557,046	5,024	-1,592
Income Tax Expense	2,692	11,821	2,566	1,439	621	1,478	2,424	630	351	400	739	4	24,108	0	0
Interest Expense	22,749	18,665	19,164	17,407	17,072	12,956	9,893	10,594	9,428	7,507	7,076	6,422	5,488	4,962	3,688
Interest Income	112,158	84,541	77,380	78,164	71,394	67,606	62,290	52,879	555	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	77,133	35,822	116,104	31,226	48,466	49,452	43,951	41,570	25,977	19,485	27,203	19,411	15,386	5,024	-1,592
Net Income Applicable To Common Shares	0	111,933	116,104	31,226	48,466	49,452	43,951	41,570	25,977	19,485	27,203	19,411	15,386	5,024	0
Net Income From Continuing Ops	55,426	111,933	116,104	31,226	48,466	49,452	43,951	41,570	25,977	19,485	0	0	0	0	0
Net Interest Income	92,578	67,980	60,431	60,757	56,174	54,650	52,397	42,285	0	0	0	0	0	0	0
Non Operating Income Net Other	0	47,710	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	102,597	66,308	118,670	32,665	49,087	48,437	33,897	27,026	26,883	23,664	19,542	15,691	11,533	8,960	7,096
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	51,584	7,412	8,580	7,305	4,851	27,988	24,825	22,609	17,958	14,945	15,174	11,736	6,342	4,064	3,400
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	1,098,530	0	0
Selling General Administrative	6,290	5,359	4,493	5,158	4,422	4,272	4,069	3,986	3,932	4,189	3,121	2,660	1,101,690	627	431
Tax Provision	13,337	11,821	2,566	1,439	621	1,478	2,424	630	351	0	0	0	0	0	0
Total Operating Expenses	14,296	5,308	8,580	7,305	4,851	4,272	4,069	3,986	3,932	4,189	3,121	2,660	2,730	-81	-684
Total Other Income Expense Net	-22,772	-18,665	-19,164	-17,407	-17,072	15,449	10,274	14,969	-516	-3,796	8,400	3,724	3,853	-3,936	-8,688
Total Revenue	154,181	52,951	127,250	39,970	53,938	55,202	50,444	46,186	30,260	24,074	31,063	22,075	23,387	17,985	14,184

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31
Cost Of Revenue	11,300	-2,039	7,257	-8,457	7,456	6,956	4,630	0	-560	0	0	0	0	0	10,823	43,871	5,897	11,287	3,026	2,871	2,927	2,932	2,821	2,685	2,586	2,486	2,403	2,313	2,211	2,055	2,005	1,983	1,970	1,920	1,864	1,791	1,672	4,940	1,393	1,365	1,321	1,329	1,352	1,259	1,193	1,099	1,005	939	872	705	999	1,036	1,036	1,036	1,036	1,036	3,399
Depreciation And Amortization	45,299	-22,653	-22,396	-250	-516	-17,394	-15,702	0	-41,496,000	-32,019	0	0	0	0	0	74,590	51,492	0	-6,282	1,168	-2,584	4,972	3,113	13,358	6,898	2,444	2,401	2,610	2,947	2,648	3,112	2,600	2,762	4,005	2,510	2,130	1,859	0	1,795	1,919	1,789	1,787	1,765	2,021	2,162	1,651	1,569	1,558	2,304	885	-43	-7,624	-6,371	-380	4,958	6,833	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	-11,824	39,321	39,201	20,195	21,353	32,967	27,965	14,704	57,101	9,780	11,069	16,273	11,308	11,782	8,128	-69,129	-26,772	13,783	13,447	13,325	15,359	10,417	12,071	10,590	7,878	9,193	8,971	7,855	8,197	6,758	4,964	7,107	7,556	7,064	6,045	6,218	7,022	5,330	5,521	5,462	6,127	5,276	3,176	4,963	4,704	4,010	3,343	3,621	3,388	2,655	3,160	2,330	2,644	2,020	1,970	2,325	0
Ebitda	33,475	16,668	16,805	19,945	20,837	15,573	12,263	15,531	57,101	32,423	29,948	16,147	34,131	25,005	12,443	-21,507	24,720	17,747	7,165	14,493	12,775	15,389	15,184	23,948	14,776	11,637	11,372	10,465	11,144	9,406	8,076	9,707	10,318	11,069	8,555	8,348	8,881	7,267	7,316	7,381	7,916	7,063	4,941	6,984	6,866	5,662	4,912	5,178	5,692	3,540	3,117	-5,294	-3,727	1,640	6,928	9,158	0
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	44,815	28,313	7,197	25,956	10,577	6,090	5,317	13,513	55,575	30,387	27,563	15,380	31,685	21,820	9,771	-23,888	15,470	15,338	2,267	10,466	10,027	12,184	6,204	15,422	11,643	10,720	8,595	9,698	11,806	7,390	12,033	6,703	7,244	4,346	5,418	5,707	7,118	6,275	3,066	3,185	4,827	3,947	12,911	4,117	-3,323	7,881	6,623	6,657	6,452	5,245	4,320	3,758	3,779	3,296	3,580	3,186	10,785
Income Before Tax	27,487	24,338	12,474	15,526	16,425	11,417	8,158	11,643	52,915	28,299	25,920	11,536	29,745	20,709	8,128	-25,917	20,382	13,783	3,556	11,366	12,024	14,291	7,712	16,903	13,140	12,336	9,986	10,913	12,999	8,617	13,019	7,565	8,231	5,447	6,252	6,398	7,699	5,333	3,440	3,413	5,294	4,539	13,432	4,677	5,107	6,585	4,191	3,532	11,557,046	3,146	4,597	3,343	6,513	3,671	-1,739	-3,421	0
Income Tax Expense	1,057	39	1,559	37	11,702	-11	177	-47	2,677	-143	34	-2	228	2	155	1,054	385	-112	354	-6	42	-510	68	1,878	733	281	29	1,381	356	23	226	25	396	-40	6	-11	321	32	12	35	685	2	12	40	-9	8	-8	14	24,108	0	0	0	0	0	0	0	0
Interest Expense	5,988	5,437	5,062	4,669	4,928	4,156	4,105	3,888	4,746	4,124	4,028	4,611	4,386	4,878	4,315	4,410	4,875	3,964	3,609	3,309	3,722	3,106	3,046	3,082	2,417	2,491	2,401	2,584	2,692	2,648	2,654	2,600	2,610	2,388	2,303	2,130	2,025	1,934	1,795	1,753	1,789	1,787	1,765	1,735	1,759	1,651	1,569	1,443	1,392	1,376	1,395	1,324	1,353	1,271	1,249	1,088	3,688
Interest Income	32,524	31,668	28,017	27,236	25,237	21,932	19,741	17,631	19,253	19,125	18,896	20,106	19,246	20,179	20,174	18,565	18,208	18,414	16,836	1,954	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	26,430	24,299	10,915	15,489	4,723	11,428	7,981	11,690	50,238	28,442	25,886	11,538	29,517	20,707	7,973	-26,971	19,997	13,895	3,202	11,372	11,982	14,801	7,644	15,025	12,407	12,055	9,957	9,532	12,643	8,594	12,793	7,540	7,835	5,487	6,246	6,409	7,378	5,301	3,428	3,378	4,609	4,537	13,420	4,637	5,116	6,577	4,199	3,519	4,300	3,146	4,597	3,343	6,513	3,671	-1,739	-3,421	0
Net Income Applicable To Common Shares	0	0	10,915	14,781	4,723	52,710	7,981	11,690	50,238	28,442	25,886	11,538	29,517	20,707	7,973	-26,971	19,997	13,895	3,202	11,372	11,982	14,801	7,644	15,025	12,407	12,055	9,957	9,532	12,643	8,594	12,793	7,540	7,835	5,487	6,246	6,409	7,378	5,301	3,428	3,378	4,609	4,537	13,420	4,637	5,116	6,577	4,199	3,519	4,300	3,146	4,597	3,343	6,514	3,670	0	0	0
Net Income From Continuing Ops	26,430	24,299	10,915	14,781	4,723	52,710	7,981	11,690	50,238	28,442	25,886	11,538	29,517	20,707	7,973	-26,971	19,997	13,895	3,202	11,372	11,982	14,801	7,644	15,025	31,896	49,758	-47,235	9,532	32,976	-4,199	12,793	0	25,977	0	0	0	19,485	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	27,089	26,231	22,955	22,567	20,825	17,776	15,636	13,743	15,067	15,001	14,334	14,912	16,540	15,301	15,311	13,605	15,185	13,993	12,784	14,212	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	0	14,760	0	12,655	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	33,475	16,668	16,805	20,195	21,353	15,573	12,263	15,531	57,101	32,423	29,948	16,147	34,131	25,005	12,443	-21,507	-26,772	17,747	13,447	13,325	15,359	10,417	12,071	10,590	7,878	9,193	8,971	7,855	8,197	6,758	4,964	7,107	7,556	7,064	6,045	6,218	7,022	7,267	5,521	5,462	6,127	5,276	3,176	4,963	4,704	4,010	3,343	3,621	3,388	2,655	3,160	2,330	2,644	2,020	1,970	2,325	10,785
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	22,640	856	905	1,056	2,124	1,629	1,789	1,870	3,220	2,088	1,643	3,844	1,940	1,111	1,643	2,029	5,299	1,555	4,763	4,842	5,524	3,757	4,134	3,889	3,675	3,356	3,415	3,411	3,229	2,883	3,024	3,104	2,953	2,739	2,894	2,891	2,763	942	2,412	2,502	2,175	2,066	2,183	1,958	6,834	3,319	2,717	2,520	2,519	1,919	765	1,139	818	1,041	1,397	808	0
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	0	0	0	0	65,702	67,814	26,532	0	-41,496,000	-32,019	0	0	0	0	0	74,590	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,970	1,970	3,230	4,890	0	0	0	0	0	22,190	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,098,703	0	173	0	0	0	0	0	0
Selling General Administrative	1,801	1,437	1,523	1,529	1,682	1,122	1,331	1,224	1,115	1,159	1,138	1,081	1,349	937	1,518	1,354	985	849	1,294	1,294	930	825	1,313	1,204	1,089	870	1,012	1,098	1,018	828	1,019	1,121	983	819	1,030	1,100	1,091	942	1,019	1,137	854	737	831	699	1,988	2,220	1,711	1,580	1,100,351	1,214	22	103	151	54	0	52	0
Tax Provision	1,057	39	1,559	37	11,702	-11	177	-47	2,677	-143	34	-2	228	2	155	1,054	385	-112	354	-6	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	11,340	1,936	1,980	1,973	1,608	1,629	1,789	1,870	2,660	2,088	1,643	3,844	1,940	1,111	1,643	2,029	985	1,555	1,737	1,971	930	825	1,313	1,204	1,089	870	1,012	1,098	1,018	828	1,019	1,121	983	819	1,030	1,100	1,091	942	1,019	1,137	854	737	831	699	-2,851	2,220	1,711	1,580	1,647	1,214	-235	103	-219	5	360	-228	0
Total Other Income Expense Net	-5,988	7,670	-4,331	-4,669	-4,928	-4,156	-4,105	-3,888	-4,186	-4,124	-4,028	-4,611	-4,386	-4,296	-4,315	-4,410	30,536	-3,964	-6,140	1,765	387	6,980	-1,313	9,395	4,720	2,866	1,015	1,673	4,802	1,859	7,850	458	660	-1,563	207	180	677	-1,934	-2,081	-2,066	-833	-737	10,256	-286	403	2,574	848	-204	912	491	1,437	1,013	3,869	1,650	-3,709	-5,746	0
Total Revenue	56,115	26,274	14,454	17,499	18,033	13,046	9,947	13,513	55,575	30,387	27,563	15,380	31,685	21,820	9,771	19,983	21,367	15,338	5,293	13,337	12,954	15,116	9,025	18,107	14,229	13,206	10,998	12,011	14,017	9,445	14,038	8,686	9,214	6,266	7,282	7,498	8,790	6,275	4,459	4,550	6,148	5,276	14,263	5,376	-2,131	8,980	7,629	7,596	7,323	5,950	5,319	4,794	4,815	4,332	4,616	4,222	14,184

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	154,181
Cost of Revenue	-37,288
Gross Profit	116,893	116,893

Operating Income (+$)
Gross Profit	116,893
Operating Expense	-14,296
Operating Income	102,597	102,597

Operating Expense (+$)
Research Development	0
Selling General Administrative	6,290
Selling And Marketing Expenses	0
Operating Expense	14,296	6,290

Net Interest Income (+$)
Interest Income	112,158
Interest Expense	-22,749
Other Finance Cost	-3,169
Net Interest Income	92,578

Pretax Income (+$)
Operating Income	102,597
Net Interest Income	92,578
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	79,825	125,369 EBIT - interestExpense = -22,749 79,825 99,882
Interest Expense	22,749
Earnings Before Interest and Taxes (EBIT)	0	102,574
Earnings Before Interest and Taxes (EBITDA)	102,597

After tax Income (+$)
Income Before Tax	79,825
Tax Provision	-13,337
Net Income From Continuing Ops	55,426	66,488
Net Income	77,133
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	51,584
Total Other Income/Expenses Net	-22,772	-92,578

Technical Analysis of Fidus Investment Corp
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Fidus Investment Corp. The general trend of Fidus Investment Corp is BULLISH with 100.0% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Fidus Investment Corp's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (100.0%)		Bearish trend (-100.0%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Fidus Investment Corp.

The long score for the Support & Resistance is 1/1.
The longshort score for the Support & Resistance is 1/(-1 +1).

Around support: The price is currently trading around a support level. This can be considered as a potential entry level. +1

The bullish price targets are: 19.83 < 19.84.

The bearish price targets are: 19.45 > 19.31 > 19.30.

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Fidus Investment Corp Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Fidus Investment Corp. The current mas is .

The long score for the Moving Averages is 14/14.
The longshort score for the Moving Averages is 14/(-14 +14).

MA 20 trending up: The MA 20 is trending up. +1
Close > MA 20: The price is above the MA 20. +1
MA 20 > MA 50: The MA 20 is higher than the MA 50. +1
MA 20 > MA 100: The MA 20 is higher than the MA 100. +1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending up: The MA 50 is trending up. +1
Close > MA 50: The price is above the MA 50. +1
MA 50 > MA 100: The MA 50 is higher than the MA 100. +1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending up: The MA 100 is trending up. +1
Close > MA 100: The price is above the MA 100. +1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending up: The MA 200 is trending up. +1
Close > MA 200: The price is above the MA 200. +1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Fidus Investment Corp Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Fidus Investment Corp. The current macd is 0.15224289.

The long score for the Moving Average Convergence/Divergence (MACD) is 2/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is 0/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Fidus Investment Corp price going down in the near term. -2
MACD > 0: The MACD is above the zero line (centerline), it indicates a bullish signal for Fidus Investment Corp. This means that the short-term moving average is higher than the long-term moving average, signaling positive momentum and suggesting a higher likelihood of the Fidus Investment Corp price continuing to rise in the near future. It indicates that buyers are gaining control, and there is optimism in the market, leading to potential price increases. +1
Trending up: The MACD line is trending up. This indicates that the short-term moving average is rising faster than the long-term moving average, suggesting positive momentum in the market. This signals that buyers are becoming more active and confident, leading to potential price increases as traders anticipate further gains and are willing to buy at higher prices. +1

Fidus Investment Corp Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Fidus Investment Corp. The current adx is 25.82.

The long score for the Directional Movement Index (DMI) is 3/7.
The longshort score for the Directional Movement Index (DMI) is 3/(-7 +7).

PLUS_ID > MINUS_DI: The +DI line is above the -DI line. This indicates a bullish signal in the market, as the positive directional movement is currently stronger than the negative directional movement, showing that buyers have the upper hand. Market psychology suggests that traders are optimistic, expecting further price increases, and are more willing to buy Fidus Investment Corp shares, leading to potential upward momentum in its price. +1
PLUS_ID > MINUS_DI && ADX > 25 && ADX trending down: The ADX is above 25 and indicates a strong bullish trend. The ADX is declining, the bullish trend is weakening. Could be a potential reversal to the downside. +2

Fidus Investment Corp Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Fidus Investment Corp. The current sar is 19.81.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

Fidus Investment Corp Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Fidus Investment Corp. The current rsi is 60.59. The current phase is Continuation in bull market.

The long score for the Relative Strength Index (RSI) is 4/13.
The longshort score for the Relative Strength Index (RSI) is 4/(-13 +13).

Continuation in bull market: Uptrend continues after a consolidation or pullback. Hold or add to existing positions.
Trending up: The RSI is trending up. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Fidus Investment Corp Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Fidus Investment Corp. The current phase is Overbought in bull market.

The long score for the Stochastic Oscillator is 6/6.
The longshort score for the Stochastic Oscillator is 6/(-6 +6).

STOCH > 50: The STOCH %K is above 50. There are more buyers than sellers. +1
STOCH > 80: The STOCH %K is above 80 and overbought. +2
STOCH %K line > STOCH %D line: The STOCH %K line is above the STOCH %D line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the Fidus Investment Corp price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

Fidus Investment Corp Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Fidus Investment Corp. The current cci is 84.65.

Fidus Investment Corp Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Fidus Investment Corp. The current cmo is 23.88.

The long score for the Chande Momentum Oscillator (CMO) is 1/1.
The longshort score for the Chande Momentum Oscillator (CMO) is 1/(-1 +1).

CMO > 0: The CMO is above 0, the momentum of the price is positive, indicating a potential uptrend in the price. +1

Fidus Investment Corp Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Fidus Investment Corp. The current willr is -14.28571429.

The long score for the Williams %R is 1/1.
The longshort score for the Williams %R is 1/(-1 +1).

WILLR > -20: The Williams %R is above -20. This indicates that the price is in overbought territory, suggesting a potential price correction or trend reversal to the downside. +1

Fidus Investment Corp Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Fidus Investment Corp.

Fidus Investment Corp Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Fidus Investment Corp. The current atr is 0.24550726.

Fidus Investment Corp Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Fidus Investment Corp. The current obv is 1,110,344.

Fidus Investment Corp Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Fidus Investment Corp. The current mfi is 32.70.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -1/(-2 +2).

MFI < 50: -1

Fidus Investment Corp Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Fidus Investment Corp.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-11-27	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-11-29	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-11-30	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-08	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-12	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-13	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2023-12-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-19	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-02	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2024-01-03	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-01-04	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-10	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-11	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-16	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-19	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-24	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-25	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-01-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-30	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-31	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-06	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-02-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-08	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
2024-02-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-15	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-01	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-03-04	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-05	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-03-14	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-03-18	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-19	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-21	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-25	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-26	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-03	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-08	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-10	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-15	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-16	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-17	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-18	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside

6.3. Candlestick Patterns

Fidus Investment Corp Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Fidus Investment Corp based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	60.587
Ma 20	Greater than	Ma 50	19.526
Ma 50	Greater than	Ma 100	19.128
Ma 100	Greater than	Ma 200	18.951
Open	Greater than	Close	19.660
Total			4/5 (80.0%)

Create your own Symbol Scanner

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Quick analysis of Fidus Investment Corp (30 sec.)

What can you expect buying and holding a share of Fidus Investment Corp? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Fidus Investment Corp (5 min.)

$19.75

$18,757.47

$17.96 - $31.10

$18,775.43 - $18,788.56

2. Growth of Fidus Investment Corp (5 min.)

Is Fidus Investment Corp growing?

How much money is Fidus Investment Corp making?

How much money comes from the company's main activities?

3. Financial Health of Fidus Investment Corp (5 min.)

4. Comparing to competitors in the Asset Management industry (5 min.)

Industry Rankings (Asset Management)

What can you expect buying and holding a share of Fidus Investment Corp? (5 min.)

What can you expect buying and holding a share of Fidus Investment Corp?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Fidus Investment Corp

About Fidus Investment Corp

Financial Health

Valuation

1.1. Profitability of Fidus Investment Corp.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Asset Management)

1.1.2. Return on Assets

Trends

Compared to industry (Asset Management)

1.1.3. Return on Equity

Trends

Compared to industry (Asset Management)

1.2. Operating Efficiency of Fidus Investment Corp.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Asset Management)

1.2.2. Operating Ratio

Trends

Compared to industry (Asset Management)

1.3. Liquidity of Fidus Investment Corp.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Asset Management)

1.3.2. Quick Ratio

Trends

Compared to industry (Asset Management)

1.4. Solvency of Fidus Investment Corp.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Asset Management)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Asset Management)

2. Market Valuation of Fidus Investment Corp

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Asset Management)

Fidus Investment Corp
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