German American Bancorp, Inc. (GABC) vs National Bank Holdings Corporation (NBHC)

German American Bancorp, Inc. and National Bank Holdings Corporation are both Banks Regional companies. German American Bancorp, Inc. and National Bank Holdings Corporation are of similar size ($1.9B and $1.8B). German American Bancorp, Inc. trades at the lower P/E: 13.1× against 16.9×. German American Bancorp, Inc. grew revenue faster over the last twelve months: 21.7% against 9.28%. German American Bancorp, Inc. has the higher net margin (28.2% vs 15.1%) and the higher return on invested capital (8.62% vs 4.67%). Both pay a dividend; German American Bancorp, Inc. yields more (3.40% vs 3.21%). Across the 20 metrics below, German American Bancorp, Inc. leads on 16 and National Bank Holdings Corporation on 4.

Valuation

Metric GABC NBHC Banks Regional median
P/E 13.06 16.88 12.15
P/S 3.70 2.75 2.37
P/B 1.53 1.07 1.21
Price to free cash flow 10.17 12.36 10.80
EV/EBITDA n/m n/m —
EV/Sales 3.84 2.67 2.27
Earnings yield 7.66% 5.92% 8.11%
Free cash flow yield 9.83% 8.09% 8.98%

Profitability

Metric GABC NBHC Banks Regional median
Gross margin 76.77% 71.31% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 28.24% 15.11% 18.66%
Free cash flow margin 36.33% 22.25% 21.18%
Return on equity 12.46% 6.53% 10.64%
Return on assets 1.70% 0.87% 1.13%
Return on invested capital 8.62% 4.67% 8.33%

Growth

Metric GABC NBHC Banks Regional median
Revenue growth (TTM) 21.70% 9.28% 6.61%
EPS growth (last fiscal year) 8.13% (7.47%) —
Revenue growth, 5-year CAGR 16.32% 10.39% 12.30%
Net income growth, 5-year CAGR 12.61% 4.34% 9.71%

Health

Metric GABC NBHC Banks Regional median
Debt to equity 0.14 0.20 0.22
Current ratio 0.86 0.97 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric GABC NBHC Banks Regional median
Dividend yield 3.40% 3.21% 3.75%
Payout ratio 0.31 0.35 0.27

Size

Metric GABC NBHC Banks Regional median
Market cap 1.85b 1.78b 921.07m

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