AllianceBernstein Holding L.P. (AB) vs Artisan Partners Asset Management Inc. (APAM)

AllianceBernstein Holding L.P. and Artisan Partners Asset Management Inc. are both Asset Management companies. AllianceBernstein Holding L.P. is the larger, with a market value of $3.3B against $2.9B — 1.1× the size. Artisan Partners Asset Management Inc. trades at the lower P/E: 8.8× against 10.6×. Artisan Partners Asset Management Inc. has the higher net margin (22.1% vs 0.00%) and the higher return on invested capital (84.8% vs 0.00%). Both pay a dividend; AllianceBernstein Holding L.P. yields more (9.24% vs 6.76%). Across the 14 metrics below, Artisan Partners Asset Management Inc. leads on 10 and AllianceBernstein Holding L.P. on 4.

Valuation

Metric AB APAM Asset Management median
P/E 10.58 8.78 14.62
P/S n/m 1.92 2.97
P/B 2.68 5.16 0.94
Price to free cash flow 10.63 9.25 8.93
EV/EBITDA n/m 5.31 10.32
EV/Sales n/m 1.79 5.72
Earnings yield 9.45% 11.39% 4.53%
Free cash flow yield 9.41% 10.81% 4.65%

Profitability

Metric AB APAM Asset Management median
Gross margin — 43.31% 100.00%
Operating margin — 33.03% 33.03%
Net margin 0.00% 22.08% 13.53%
Free cash flow margin 0.00% 20.78% 12.44%
Return on equity 19.37% 62.29% 4.83%
Return on assets 19.36% 18.97% 1.57%
Return on invested capital 0.00% 84.76% 3.04%

Growth

Metric AB APAM Asset Management median
Revenue growth (TTM) — 9.78% 6.97%
EPS growth (last fiscal year) (19.95%) 10.66% —
Revenue growth, 5-year CAGR — 5.87% 12.13%
Net income growth, 5-year CAGR 1.42% 4.57% 0.00%

Health

Metric AB APAM Asset Management median
Debt to equity 0.00 0.41 0.42
Current ratio — 0.90 1.28
Net debt to EBITDA — (0.16) 1.06

Dividend

Metric AB APAM Asset Management median
Dividend yield 9.24% 6.76% 6.92%
Payout ratio — 0.76 0.77

Size

Metric AB APAM Asset Management median
Market cap 3.30b 2.90b 721.34m

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