AllianceBernstein Holding L.P. (AB) vs Cohen & Steers Inc (CNS)

AllianceBernstein Holding L.P. and Cohen & Steers Inc are both Asset Management companies. Cohen & Steers Inc is the larger, with a market value of $3.9B against $3.3B — 1.2× the size. AllianceBernstein Holding L.P. trades at the lower P/E: 10.6× against 22.7×. Cohen & Steers Inc has the higher net margin (28.8% vs 0.00%) and the higher return on invested capital (285.4% vs 0.00%). Both pay a dividend; AllianceBernstein Holding L.P. yields more (9.24% vs 3.43%). Across the 13 metrics below, Cohen & Steers Inc leads on 7 and AllianceBernstein Holding L.P. on 6.

Valuation

Metric AB CNS Asset Management median
P/E 10.58 22.69 14.62
P/S n/m 6.55 2.97
P/B 2.68 5.85 0.94
Price to free cash flow 10.63 55.94 8.93
EV/EBITDA n/m 16.00 10.32
EV/Sales n/m 5.75 5.72
Earnings yield 9.45% 4.41% 4.53%
Free cash flow yield 9.41% 1.79% 4.65%

Profitability

Metric AB CNS Asset Management median
Gross margin — 100.00% 100.00%
Operating margin — 32.90% 33.03%
Net margin 0.00% 28.82% 13.53%
Free cash flow margin 0.00% 11.71% 12.44%
Return on equity 19.37% 28.16% 4.83%
Return on assets 19.36% 20.38% 1.57%
Return on invested capital 0.00% 285.43% 3.04%

Growth

Metric AB CNS Asset Management median
Revenue growth (TTM) — 7.42% 6.97%
EPS growth (last fiscal year) (19.95%) 0.00% —
Revenue growth, 5-year CAGR — 5.40% 12.13%
Net income growth, 5-year CAGR 1.42% 14.88% 0.00%

Health

Metric AB CNS Asset Management median
Debt to equity 0.00 0.00 0.42
Current ratio — 12.46 1.28
Net debt to EBITDA — (2.97) 1.06

Dividend

Metric AB CNS Asset Management median
Dividend yield 9.24% 3.43% 6.92%
Payout ratio — 0.77 0.77

Size

Metric AB CNS Asset Management median
Market cap 3.30b 3.86b 721.34m

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