Crescent Capital BDC, Inc. (CCAP) vs Noah Holdings Ltd. (NOAH)

Crescent Capital BDC, Inc. and Noah Holdings Ltd. are both Asset Management companies. Noah Holdings Ltd. is the larger, with a market value of $466.3M against $348.2M — 1.3× the size. Crescent Capital BDC, Inc. has negative trailing earnings, so its P/E is not meaningful; Noah Holdings Ltd. trades at 5.6×. Noah Holdings Ltd. grew revenue faster over the last twelve months: 8.07% against −14.6%. Noah Holdings Ltd. has the higher net margin (22.7% vs −2.03%) and the higher return on invested capital (12.3% vs 2.58%). Both pay a dividend; Noah Holdings Ltd. yields more (19.9% vs 16.1%). Across the 20 metrics below, Noah Holdings Ltd. leads on 18 and Crescent Capital BDC, Inc. on 2.

Valuation

Metric CCAP NOAH Asset Management median
P/E n/m 5.56 13.38
P/S 2.22 1.24 2.99
P/B 0.53 0.33 0.91
Price to free cash flow 8.81 2.15 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (0.95%) 17.99% 4.67%
Free cash flow yield 11.36% 46.60% 4.85%

Profitability

Metric CCAP NOAH Asset Management median
Gross margin 64.03% 100.00% 100.00%
Operating margin 40.82% 33.71% 27.27%
Net margin (2.03%) 22.67% 11.89%
Free cash flow margin 25.23% 57.74% 5.96%
Return on equity (0.46%) 0.00% 4.57%
Return on assets (0.19%) 5.17% 1.40%
Return on invested capital 2.58% 12.31% 2.12%

Growth

Metric CCAP NOAH Asset Management median
Revenue growth (TTM) (14.62%) 8.07% 7.26%
EPS growth (last fiscal year) (53.27%) 23.91% (5.64%)
Revenue growth, 5-year CAGR 16.75% (5.93%) 11.84%
Net income growth, 5-year CAGR (8.79%) 0.00% 0.00%

Health

Metric CCAP NOAH Asset Management median
Debt to equity 1.41 0.00 0.40
Current ratio 1.30 3.61 1.23
Net debt to EBITDA 12.92 (5.39) 1.06

Dividend

Metric CCAP NOAH Asset Management median
Dividend yield 16.12% 19.89% 6.43%
Payout ratio — 1.11 0.91

Size

Metric CCAP NOAH Asset Management median
Market cap 348.20m 466.32m 692.54m

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