AllianceBernstein Holding L.P. (AB) vs Golub Capital BDC, Inc. (GBDC)

AllianceBernstein Holding L.P. and Golub Capital BDC, Inc. are both Asset Management companies. AllianceBernstein Holding L.P. and Golub Capital BDC, Inc. are of similar size ($3.3B and $3.2B). AllianceBernstein Holding L.P. trades at the lower P/E: 10.6× against 19.2×. Golub Capital BDC, Inc. has the higher net margin (21.5% vs 0.00%) and the higher return on invested capital (2.81% vs 0.00%). Both pay a dividend; AllianceBernstein Holding L.P. yields more (9.24% vs 9.10%). Across the 14 metrics below, Golub Capital BDC, Inc. leads on 8 and AllianceBernstein Holding L.P. on 6.

Valuation

Metric AB GBDC Asset Management median
P/E 10.58 19.17 14.62
P/S n/m 4.05 2.97
P/B 2.68 0.88 0.94
Price to free cash flow 10.63 3.53 8.93
EV/EBITDA n/m 13.25 10.32
EV/Sales n/m 10.27 5.72
Earnings yield 9.45% 5.22% 4.53%
Free cash flow yield 9.41% 28.34% 4.65%

Profitability

Metric AB GBDC Asset Management median
Gross margin — 100.00% 100.00%
Operating margin — 78.18% 33.03%
Net margin 0.00% 21.45% 13.53%
Free cash flow margin 0.00% 114.85% 12.44%
Return on equity 19.37% 4.46% 4.83%
Return on assets 19.36% 1.95% 1.57%
Return on invested capital 0.00% 2.81% 3.04%

Growth

Metric AB GBDC Asset Management median
Revenue growth (TTM) — (8.73%) 6.97%
EPS growth (last fiscal year) (19.95%) 4.41% —
Revenue growth, 5-year CAGR — 23.84% 12.13%
Net income growth, 5-year CAGR 1.42% 47.00% 0.00%

Health

Metric AB GBDC Asset Management median
Debt to equity 0.00 1.22 0.42
Current ratio — 1.33 1.28
Net debt to EBITDA — 6.94 1.06

Dividend

Metric AB GBDC Asset Management median
Dividend yield 9.24% 9.10% 6.92%
Payout ratio — 1.33 0.77

Size

Metric AB GBDC Asset Management median
Market cap 3.30b 3.22b 721.34m

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