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ACAS Strong Buy   54.84% 17 members Buy   38.71% 12 members Hold   0.00% 0 members Sell   3.23% 1 members Strong Sell   3.23% 1 members
Average rating: 1.61 (Strong Buy) 1.00 - 5.00 (Strong Sell) Total: 31 members

Annual growth of ACAS: NOTE: areas highlighted in blue indicate that this user is sharing the highlighted information with their private group ONLY
May. 31 2005, 4:22 PM ET Nearest price: 35.11 (06/01/05)	by newacaslong (profile) (see all of newacaslong's ratings)	rating: Buy	(Previous rating: Strong Buy, on Mar. 22 2005, 4:04 PM ET)
5/31/2005 - Changing my rating to a plain ole "buy" at this valuation level. The stock is now at about the $35 level with a current quarterly dividend of .75/share for a current yield of 8.6-9% depending on how you view the "dividend value" under the DRIP plan (5% discount to market price). The dividend is expected to increase to .77, then .78 over the next two quarters, which would bring the annualized dividend to 3.12-3.276 (depending on how you view the "dividend value" under the DRIP plan) or a yield of 8.9-9.4% against today's price. With a historical average yield of about 8-8.5% I consider the current valuation to be in a solid "buy" range, with a healthy yield that is still higher than the historical average -- leaving room for the stock price to increase on valuation alone -- plus the short-term catalyst of two upcoming (expected) dividend increases over the next two quarters that will move the dividend up by a nice 4% over the current quarterly rate. Prior comments: 3/22/2005 - A rough week for the market in general, coupled with a pending offering* has ACAS trading at a current price of 31.46. In my opinion, this price represents a "strong buy" valuation level, for the following reasons: The company has provided dividend guidance of 3.00 - 3.14 for 2005** which in conjunction with the new 5% discount on the DRIP program translates into 3.15 - 3.30 worth of "dividend value" (in my view), or a 10-10.5% yield on the current price. In the past, I would have said an 11-12% yield was a "strong buy" valuation, but considering the huge equity portfolio the company has built over the last year (and the fact that book value is currently $21.10, making price/book a reasonable 1.49X), I feel the company is stronger than it was in the past and deserves to trade at a lower dividend yield by 0.5-1.5% over the "ACAS of old." * http://www.americancapital.com/news/press_releases/pr/pr.cfm?p_pr=pr20050316.html ** http://www.americancapital.com/news/press_releases/pr/pr.cfm?p_pr=pr20050215.html Prior comments: 12/12/03 -- I think ACAS is a "buy" rather than a "strong buy" in the 9% yield range. Previous comments: ------------------------------ ACAS is currently trading around the 20/share mark, after falling to a low of 15.17 in the midst of a "short attack" that has brought short interest up to over 40% of the float. Needless to say, there has been huge volatility lately, but for those investors with a long-term time horizon and don't mind the volatility, there are some very compelling reasons to invest, including: - NOI guidance for next year is $2.79 to $2.87 per share - Yield is ~14% based on current price and next years dividend - Management is excellent, and has delivered stellar performance since the IPO Risks include a double-dip recession, and the unknown effect any future propaganda released by the shorts will have. Also read the acas.com site for a discussion of risks, and lots of great information. Was this user's rating of 'ACAS' helpful to you? Currently:   2 said yes (of 2 -- 100.00%)
Apr. 27 2004, 1:17 PM ET Nearest price: 27.47 (04/27/04)	by HiStream (profile) (see all of HiStream's ratings)	rating: Sell	(Previous rating: Strong Buy, on Jan. 5 2004, 4:14 PM ET)
Interest rates are at lows, and trending up. They should go much higher, even if it takes some time. There are many new BDC's in the pipeline, and these are being run by wall street white shoe guys who tend to cash in at market tops. Was this user's rating of 'ACAS' helpful to you? Currently:   1 said yes (of 5 -- 20.00%)
Nov. 26 2003, 7:35 PM ET Nearest price: 28.80 (11/26/03)	by berkeleybob (profile) (see all of berkeleybob's ratings)	rating: Buy	(Previous rating: Strong Buy, on Feb. 24 2003, 11:39 PM ET)
[ No comment ] Was this user's rating of 'ACAS' helpful to you? Currently:   1 said yes (of 1 -- 100.00%)
Oct. 29 2003, 08:11 AM ET Nearest price: 27.00 (10/29/03)	by VJKraleigh (profile) (see all of VJKraleigh's ratings)	rating: Buy
As good as Gold as it has been since I bought in 1998. Was this user's rating of 'ACAS' helpful to you? Currently:   1 said yes (of 1 -- 100.00%)
Sep. 11 2003, 09:13 AM ET Nearest price: 25.85 (09/11/03)	by landcruser1 (profile) (see all of landcruser1's ratings)	rating: Buy
Success of the additional stock offerings in the past. Better growth than ALD. Management has done a good job historically. Where else can you get such a diversified investment in the small company space - secured debt with equity kickers via PIK all under one stock and not have to worry about every company? I let ACAS worry for me. This is my largest holding. I like to buy on the large dips that occur now that the shorts are involved and trying to make money on us. Was this user's rating of 'ACAS' helpful to you?
Aug. 6 2003, 4:54 PM ET Nearest price: 22.90 (08/06/03)	by jpb1958 (profile) (see all of jpb1958's ratings)	rating: Buy
When I cash flow the current annual dividend for zero growth over the next 20 years, the stock is still well below the present value of a zero-growth current dividend ($24.73/share). When I plug in 10% annual dividend growth for the next five years and 5% annual growth after that (well below the actual dividend growth of 14% average annual growth from 2000-2002), the resulting discounted cash flow is approximately $58.73/share, using dividend growth in place of earnings growth. On the other hand, short interest remains high and some deterioration of American Capital's investment portfolio is apparent. This is enough to reduce my recommendation to a BUY. If the economy continues to improve, I foresee an improving portfolio, a decline in short interest, and a substantial share price increase. If the economy does not improve or reverts into a recession, I foresee challenges to American Capital's portfolio and their bottom line. I will continue to accumulate additional ACAS shares via dividend reinvestment and purchases during price dips. Was this user's rating of 'ACAS' helpful to you?
Jun. 10 2003, 3:35 PM ET Nearest price: 27.52 (06/10/03)	by hotdogs (profile) (see all of hotdogs's ratings)	rating: Strong Buy	(Previous rating: Hold, on Jun. 9 2003, 10:56 AM ET)
[ Comments shared with private group only ]
May. 9 2003, 5:07 PM ET Nearest price: 24.84 (05/09/03)	by RWBurnop (profile) (see all of RWBurnop's ratings)	rating: Buy	(Previous rating: Hold, on Dec. 5 2002, 11:57 AM ET)
I want to buy some more but need to free up funds from other sources in January. Was this user's rating of 'ACAS' helpful to you?
May. 8 2003, 11:39 AM ET Nearest price: 25.05 (05/08/03)	by howdyfrom71 (profile) (see all of howdyfrom71's ratings)	rating: Buy
Have been a Strong Buy until the liberal option decree was issued. I agree that the option holders should not have had to take such a beating because of the shorts, but ACAS has enough brainpower to have come up with a more balanced plan that protected from good as well as bad contingentcies. All stockholders were hurt by the shorts, especially those overextended. Was this user's rating of 'ACAS' helpful to you?
Feb. 15 2003, 09:59 AM ET Nearest price: 23.17 (02/18/03)	by nancynl2002 (profile) (see all of nancynl2002's ratings)	rating: Buy
good dividend in poor market Was this user's rating of 'ACAS' helpful to you?
Dec. 9 2002, 09:33 AM ET Nearest price: 21.64 (12/09/02)	by Prometheus (profile) (see all of Prometheus's ratings)	rating: Buy
Ignoring the warm fuzzies about ACAS (dividends, management, etc), and looking just at some technicals, it is: --trading well below its 270 day MA; --trading volume has gone up three-fold in a year due to huge short interest; --as of Nov 15 (latest available), short interest was 14.1 million shares, highest in the sector; --since Oct, the price trend has be upward; --9 analyst firms (all "biggies") cover ACAS, 4 have STRONG BUY and 5 have BUY ratings on it (for what that's worth); -- 131 institutions own 52% of the stock, and 13 insiders own almost 10% of it. All in all (throwing the warm fuzzies into the mix) it appears to warrant a BUY, with dividend reinvestment making it a bit sweeter. IMO, I think a good portion of the shorts are going to have to start closing their positions soon, for end of year tax reasons and for portfolio realignment. Was this user's rating of 'ACAS' helpful to you?
Dec. 8 2002, 10:30 PM ET Nearest price: 21.64 (12/09/02)	by Hfelknor (profile) (see all of Hfelknor's ratings)	rating: Strong Buy
This has been a very strong performer for years. I see it only going up with the economy. Was this user's rating of 'ACAS' helpful to you?
Dec. 8 2002, 6:38 PM ET Nearest price: 21.64 (12/09/02)	by reductio (profile) (see all of reductio's ratings)	rating: Strong Buy
Strong buy rating based on current price of 21.45 and paying $2.68/share dividend. Other important aspects: 1. I trust management. 2. They Invest in small 'non glamourous' companies at good prices. 3. Access to capital is determined by owners (they have to pay out virtually all income, so growth comes from new investment) - I believe this encourages real disipline with regards to capital allocation. 4. Insiders are significant shareholders. On the down side I think the economy will remain weak for some time, and a double dip recession is very likely. I believe ACAS can weather the weak economy, and I am not anticipating a big pop in the price as a result of short covering. I wouldn't be suprised if prices drop further. As a long term investor I don't try to predict short term price fluctuations. ACAS is a strong buy at 21.45, and if the price happens to drop it will be a stronger buy :) Was this user's rating of 'ACAS' helpful to you?
Dec. 8 2002, 5:19 PM ET Nearest price: 21.64 (12/09/02)	by OTE1531 (profile) (see all of OTE1531's ratings)	rating: Strong Buy
1)Improving company fundamentals (better credit stats internally and slowly improving economy externally), 2)Solid investor knowledge ie the short propaganda has forced the investor community to microscopically analyze ACAS for problems and the company has not been found wanting, 3)Short overhang, 4)Recent secondary at a premium to NAV thoroughly defeats short's best weapon to affect the company: denial of growth capital, 5)Growth of portfolio and thus the dividend set to continue as indicated by company guidance for 2003. I'll agree with X-stock. I'll permit a price appreciation to a 10% yield or about $29 based on quarterly div rate of .73 by 4Q/03 (+36%), and 5 collected dividends of about $3.50 between 12/7/02 and 12/31/03 for an additional uncompounded 16%. Total return to year end 2003 thus about 50% looks good. OTE 1531 Was this user's rating of 'ACAS' helpful to you? Currently:   1 said yes (of 1 -- 100.00%)
Dec. 8 2002, 12:41 PM ET Nearest price: 21.64 (12/09/02)	by Sleeper (profile) (see all of Sleeper's ratings)	rating: Strong Buy
"Too good to be true" in this case may mean "getting better and better". Was this user's rating of 'ACAS' helpful to you?
Dec. 7 2002, 11:24 PM ET Nearest price: 21.64 (12/09/02)	by xstock (profile) (see all of xstock's ratings)	rating: Strong Buy
I expect a minimum return of 50% (cap gains plus dividends) for ACAS by the end of next year. In this market, that makes it a strong buy. Was this user's rating of 'ACAS' helpful to you?
Dec. 6 2002, 1:19 PM ET Nearest price: 21.56 (12/06/02)	by laff2dabank (profile) (see all of laff2dabank's ratings)	rating: Strong Buy
[ No comment ] Was this user's rating of 'ACAS' helpful to you?
Dec. 5 2002, 10:53 AM ET Nearest price: 21.56 (12/05/02)	by alanzb (profile) (see all of alanzb's ratings)	rating: Strong Buy
Bull market will return sooner or later. All who have bought in this recent environment will be very happy at that time. Until then, the increasing dividend is great comfort and reward for patience. Was this user's rating of 'ACAS' helpful to you?
Nov. 27 2002, 10:46 AM ET Nearest price: 21.23 (11/27/02)	by valuinstox (profile) (see all of valuinstox's ratings)	rating: Strong Buy
[ No comment ] Was this user's rating of 'ACAS' helpful to you?
Nov. 27 2002, 08:13 AM ET Nearest price: 21.23 (11/27/02)	by jtcol (profile) (see all of jtcol's ratings)	rating: Buy
The investments made by ACAS are individually very risky. I am investing in this management teams ability to remove that risk from this type of investment. They do that by investing carefully, taking an active involvement in the firms management and closely monitoring the progress. I held ACAS before the short attack and I am amazed at the shorts ability to keep the stock price at these bargain levels. I also can't see any easy way out for the shorts. JTC Was this user's rating of 'ACAS' helpful to you?
Nov. 26 2002, 9:51 PM ET Nearest price: 20.35 (11/26/02)	by acasrules (profile) (see all of acasrules's ratings)	rating: Strong Buy
1. Shorts have done us a favor by bringing the price down so all longs can add to their positions 2. Strong managment team 3. Dividends that can't be matched anywhere else right now. 4. solid business model that is well postioned for the coming recovery. Was this user's rating of 'ACAS' helpful to you?
Nov. 26 2002, 7:22 PM ET Nearest price: 20.35 (11/26/02)	by starkiller (profile) (see all of starkiller's ratings)	rating: Buy
Significant short buy pressure coming! Was this user's rating of 'ACAS' helpful to you?
Nov. 26 2002, 6:08 PM ET Nearest price: 20.35 (11/26/02)	by thriftsuckr1 (profile) (see all of thriftsuckr1's ratings)	rating: Strong Buy
some very smart people are in this stock . i like the large short interest , its yield and the small premium over book . i had looked at this stock at 30 and took a pass on it - it seemed reasonably attractive but didn't knock my socks off when compared to some bank mhc possibilities . at 20 it seems to be a no brainer Was this user's rating of 'ACAS' helpful to you?
Nov. 26 2002, 5:50 PM ET Nearest price: 20.35 (11/26/02)	by soffus (profile) (see all of soffus's ratings)	rating: Strong Buy
ACAS tries to take care of the companies they lend too. Too many Exec's just buy companies and take a$$et$. ACAS practices Capitalism and not Monoply.(from what I see). ACAS rewards not only the Firms they help, but they reward the stockholder. Terrorism is very real, and terrorists will do anything to destroy capitalism and free enterprise. ACAS stands for free enterprise as they are not takers and users..ACAS is doers. Looking forward to my dividends. Was this user's rating of 'ACAS' helpful to you?
Nov. 26 2002, 5:27 PM ET Nearest price: 20.35 (11/26/02)	by FranTheMan (profile) (see all of FranTheMan's ratings)	rating: Strong Buy
I have been an ACAS shareholder for almost three years. I believe management is competent and see no reason to doubt its integrity. I think the shorts are merely opportunists who have seized on the corporate distrust created by Enron and others. Because ACAS and other bdc's deal with private portfolio companies, full disclosure is often impractical or impossible. This is an inherent vulnerability that shorts can and will exploit. I think the best defense for ACAS management is to just execute their game plan and keep growing the dividend. In that case, this short attack will become just a small blip on the long-term radar. I believe ACAS is a "strong buy" for new investors at the current price and have so indicated. Personally, it is a "hold," but only because I have taken the recent short attack as a buying opportunity and am now weighted to my comfort zone in both ACAS and ALD. I believe each investor should do his/her own due diligence on all stocks and tailor their holdings to their personal financial state, goals and objectives. Therefore, all of the above should be regarded as one man's opinion and only that. Your mileage may vary. Good luck to all ACAS and ALD longs. Was this user's rating of 'ACAS' helpful to you?
Nov. 22 2002, 10:18 PM ET Nearest price: 20.23 (11/22/02)	by jordan (profile) (see all of jordan's ratings)	rating: Strong Sell
[ Comments shared with private group only ]
Nov. 22 2002, 4:09 PM ET Nearest price: 20.23 (11/22/02)	by JOAC (profile) (see all of JOAC's ratings)	rating: Strong Buy
although i have life long moratorium on purchasing non-thrifts, I'd bet with jjr and gang becuase the brainpower trust is very sound and through..jjr horn histream 18dudez and many other value people..add to that 40% short interest and you have a potentiaL windfall int he making, additionally, herbs actions seemed to price this recent offering very well for new investors, so many will have nice profits as this begins its ride upwards..as for my role if our gang is successfull and nothing happens to acas and the stock drifts back to where it belongs on short covering..ill deliver the balona to herb i presume his office is here in nyc....ill arrange the balona delivery!!!!!! herb can only so long sling mud sonething must materialze other wise there will be stampede to cover...go acas..the shorts will be eaten alice by the dividend they must pay each quarter as they wait for ol herb to sling so more mud.......well call it a yuppie brand of herbbalona Was this user's rating of 'ACAS' helpful to you?
Nov. 22 2002, 3:05 PM ET Nearest price: 20.23 (11/22/02)	by l8rdudez (profile) (see all of l8rdudez's ratings)	rating: Strong Buy
The two most important words that you need to know about ACAS: Growing dividend. Currently yielding over 12%. Was this user's rating of 'ACAS' helpful to you?
Nov. 22 2002, 1:35 PM ET Nearest price: 20.23 (11/22/02)	by JJR (profile) (see all of JJR's ratings)	rating: Strong Buy
[ Comments shared with private group only ]
Nov. 22 2002, 12:55 PM ET Nearest price: 20.23 (11/22/02)	by horn (profile) (see all of horn's ratings)	rating: Strong Buy
[ No comment ] Was this user's rating of 'ACAS' helpful to you?
Nov. 22 2002, 11:47 AM ET Nearest price: 20.23 (11/22/02)	by Jimmybodeen (profile) (see all of Jimmybodeen's ratings)	rating: Buy
I know managment is smart and proven, but I've never seen anyone survive a sustained economic downturn in this business. I never bought the stock until now because I felt there wasn't a sufficient margin of safety. But if JJR, Histream, Horn, Sysop and others like it, how can you stay on the sidelines? Was this user's rating of 'ACAS' helpful to you?

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