Oppenheimer initiated coverage of Chicago Atlantic BDC (LIEN) with a Perform rating. The firm estimates that Chicago Atlantic BDC will earn $1.44/share and $1.51/share in 2025 and 2026, respectively, implying ROEs of 10.9% and 11.4%. Net interest income likely covers the core $1.44/share dividend in both years. Further, Oppenheimer estimates that Chicago Atlantic BDC can earn an 11.0% ROE. Given an estimated cost of equity capital of 13.0%, the firm calculates a fair value of $11.00/share, or 0.8-turns book value.
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