AllianceBernstein Holding L.P. (AB) vs GCM Grosvenor Inc. (GCMG)

AllianceBernstein Holding L.P. and GCM Grosvenor Inc. are both Asset Management companies. AllianceBernstein Holding L.P. is the larger, with a market value of $3.2B against $2.6B — 1.3× the size. AllianceBernstein Holding L.P. trades at the lower P/E: 10.4× against 16.2×. Both pay a dividend; AllianceBernstein Holding L.P. yields more (12.4% vs 3.80%). Across the 12 metrics below, AllianceBernstein Holding L.P. leads on 6 and GCM Grosvenor Inc. on 6.

Valuation

Metric AB GCMG Asset Management median
P/E 10.38 16.21 14.64
P/S n/m 1.83 2.90
P/B 2.63 6.31 0.89
Price to free cash flow 10.43 4.14 8.54
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 9.63% 6.17% 4.69%
Free cash flow yield 9.59% 24.14% 4.89%

Profitability

Metric AB GCMG Asset Management median
Gross margin — 0.00% 100.00%
Operating margin — 0.00% 32.97%
Net margin 0.00% 0.00% 13.53%
Free cash flow margin 0.00% 0.00% 11.71%
Return on equity 19.37% 87.47% 4.80%
Return on assets 19.36% 6.77% 1.47%
Return on invested capital 0.00% 28.07% 2.96%

Growth

Metric AB GCMG Asset Management median
Revenue growth (TTM) — (22.39%) 5.70%
EPS growth (last fiscal year) (19.95%) 1,300.00% (6.67%)
Revenue growth, 5-year CAGR — 3.69% 11.84%
Net income growth, 5-year CAGR 1.42% 62.14% 0.00%

Health

Metric AB GCMG Asset Management median
Debt to equity 0.00 2.96 0.43
Current ratio — 1.89 1.30
Net debt to EBITDA — 1.42 1.06

Dividend

Metric AB GCMG Asset Management median
Dividend yield 12.40% 3.80% 7.25%
Payout ratio 1.29 0.92 0.96

Size

Metric AB GCMG Asset Management median
Market cap 3.23b 2.56b 688.57m

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