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Blackstone Senior Floating Rate Term Fund Graham Number

: $33.15 (As of Jun. 2021)
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Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.

As of today (2021-10-17), the stock price of Blackstone Senior Floating Rate Term Fund is $16.61. Blackstone Senior Floating Rate Term Fund's graham number for the quarter that ended in Jun. 2021 was $33.15. Therefore, Blackstone Senior Floating Rate Term Fund's Price to Graham Number ratio for today is 0.50.

The historical rank and industry rank for Blackstone Senior Floating Rate Term Fund's Graham Number or its related term are showing as below:

NYSE:BSL' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.49   Med: 0.86   Max: 1.41
Current: 0.5

0.49
1.41

During the past 5 years, the highest Price to Graham Number ratio of Blackstone Senior Floating Rate Term Fund was 1.41. The lowest was 0.49. And the median was 0.86.

NYSE:BSL's Price-to-Graham-Number is ranked lower than
79% of the 43 Companies
in the Asset Management industry.

( Industry Median: 1.61 vs. NYSE:BSL: 0.50 )

Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.


Blackstone Senior Floating Rate Term Fund Graham Number Historical Data

The historical data trend for Blackstone Senior Floating Rate Term Fund's Graham Number can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Blackstone Senior Floating Rate Term Fund Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20
Graham Number
33.37 21.04 10.89 21.48 11.34

Blackstone Senior Floating Rate Term Fund Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21
Graham Number Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 14.65 21.41 - 12.65 33.15

Competitive Comparison

For the Asset Management subindustry, Blackstone Senior Floating Rate Term Fund's Graham Number, along with its competitors' market caps and Graham Number data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Blackstone Senior Floating Rate Term Fund Graham Number Distribution

For the Asset Management industry and Financial Services sector, Blackstone Senior Floating Rate Term Fund's Graham Number distribution charts can be found below:

* The bar in red indicates where Blackstone Senior Floating Rate Term Fund's Graham Number falls into.



Blackstone Senior Floating Rate Term Fund Graham Number Calculation

Graham Number is a concept based on Ben Graham's conservative valuation of companies.

Blackstone Senior Floating Rate Term Fund's Graham Number for the fiscal year that ended in Dec. 2020 is calculated as

Graham Number
=sqrt of (22.5* Tangible Book per Share *EPS without NRI)
=sqrt of (22.5*15.882*0.36)
=11.34

Blackstone Senior Floating Rate Term Fund's Graham Number for the quarter that ended in Jun. 2021 is calculated as

Graham Number
=sqrt of (22.5*Tangible Book per Share*EPS without NRI (TTM))
=sqrt of (22.5*16.515*2.958)
=33.15

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Blackstone Senior Floating Rate Term Fund  (NYSE:BSL) Graham Number Explanation

Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:

Current price should not be more than 15 times average earnings of the past three years.

Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)

Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.

In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.

Blackstone Senior Floating Rate Term Fund's Price to Graham number Ratio for today is calculated as

Price to Graham number=Share Price (Today)/Graham number (Q: Jun. 2021 )
=16.61/33.15
=0.50

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

Please keep these in mind:

1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.


Blackstone Senior Floating Rate Term Fund Graham Number Related Terms

Thank you for viewing the detailed overview of Blackstone Senior Floating Rate Term Fund's Graham Number provided by GuruFocus.com. Please click on the following links to see related term pages.


Blackstone Senior Floating Rate Term Fund Business Description

Blackstone Senior Floating Rate Term Fund logo
Industry
Financial Services » Asset Management NAICS : 523991 SIC : 6733
Traded in Other Exchanges
N/A
Address
345 Park Avenue, 31st Floor, New York, NY, USA, 10154
Blackstone Senior Floating Rate Term Fund is a diversified, closed-end management investment company. Its primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. The fund invests at least 80% of its Managed Assets in senior, secured floating rate loans. It also invests in second-lien loans and high yield bonds and employs financial leverage, which may increase the risk to the Fund.
Executives
Post Robert other: Portfolio Manager C/O GSO/BLACKSTONE DEBT FUNDS MGMT, LLC 345 PARK AVE 31ST FLOOR NEW YORK NY 10154
Busch Robert W officer: CFO & Treasurer 345 PARK AVENUE, 31ST FLOOR NEW YORK NY 10154
Zable Robert officer: Executive Vice President, other: Asst. Secretary & PM 1290 BROADWAY SUITE 1100 DENVER CO 80203
Mckemie Gordon other: Portfolio Manager C/O GSO CAPITAL PARTNERS LP 345 PARK AVENUE NEW YORK NY 10154
Smith Daniel Harlan Jr. officer: CEO, President, other: Trustee, Chairman 1290 BROADWAY SUITE 1100 DENVER CO 80203
Lee-silvestri Dohyun (doris) officer: Chief Financial Officer C/O GSO CAPITAL PARTNERS LP 345 PARK AVENUE NEW YORK NY 10154
Lee Jane officer: Public Relations Officer 1290 BROADWAY SUITE 1100 CO 80203
Beeney Marisa Janel officer: CCO, Chief Legal Counsel, Sec. 1290 BROADWAY, SUITE 1100 DENVER CO 80203
Schpero Gary S other: Trustee 1290 BROADWAY, SUITE 1100 DENVER CO 80203
Shaiman Lee Michael officer: Exec. VP, Assistant Secretary 1290 BROADWAY SUITE 1100 DENVER CO 80203
Metropolitan Life Insurance Co/ny 10 percent owner 200 PARK AVENUE NEW YORK NY 10166
Holland Michael F other: Trustee PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: HOLLAND MICHAEL F a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Rosenberg Eric officer: Chief Financial Officer C/O GSO CAPITAL PARTNERS LP 280 PARK AVENUE NEW YORK NY 10017
Dalelio Edward H other: Trustee 1000 BOARDWALK AT VIRGINIA AVENUE ATLANTIC CITY NJ 08401
Paolillo Douglas other: Mng. Dir.of Investment Advisor C/O GSO BLACKSTONE DEBT FUNDS MGMT LLC 280 PARK AVENUE NEW YORK NY 10017
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