Nuveen Churchill Direct Lending Corp. (NCDL) vs Noah Holdings Ltd. (NOAH)

Nuveen Churchill Direct Lending Corp. and Noah Holdings Ltd. are both Asset Management companies. Nuveen Churchill Direct Lending Corp. and Noah Holdings Ltd. are of similar size ($578.3M and $538.3M). Noah Holdings Ltd. trades at the lower P/E: 6.3× against 12.3×. Noah Holdings Ltd. grew revenue faster over the last twelve months: 8.07% against −14.4%. Nuveen Churchill Direct Lending Corp. has the higher net margin (24.4% vs 22.7%) and the lower return on invested capital (12.1% vs 12.3%). Across the 19 metrics below, Noah Holdings Ltd. leads on 13 and Nuveen Churchill Direct Lending Corp. on 6.

Valuation

Metric NCDL NOAH Asset Management median
P/E 12.32 6.34 14.62
P/S 3.01 1.41 2.97
P/B 0.68 0.38 0.94
Price to free cash flow 5.11 2.45 8.93
EV/EBITDA 9.13 n/m 10.32
EV/Sales 8.59 (0.06) 5.72
Earnings yield 8.12% 15.76% 4.53%
Free cash flow yield 19.57% 40.83% 4.65%

Profitability

Metric NCDL NOAH Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 80.82% 33.71% 33.03%
Net margin 24.44% 22.67% 13.53%
Free cash flow margin 58.99% 57.74% 12.44%
Return on equity 5.40% 0.00% 4.83%
Return on assets 2.31% 5.17% 1.57%
Return on invested capital 12.06% 12.31% 3.04%

Growth

Metric NCDL NOAH Asset Management median
Revenue growth (TTM) (14.44%) 8.07% 6.97%
EPS growth (last fiscal year) (39.53%) 23.91% —
Revenue growth, 5-year CAGR 73.29% (5.93%) 12.13%
Net income growth, 5-year CAGR 98.20% 0.00% 0.00%

Health

Metric NCDL NOAH Asset Management median
Debt to equity 0.00 0.00 0.42
Current ratio 0.06 3.61 1.28
Net debt to EBITDA 5.46 (5.39) 1.06

Dividend

Metric NCDL NOAH Asset Management median
Dividend yield — 5.11% 6.92%
Payout ratio — 0.21 0.77

Size

Metric NCDL NOAH Asset Management median
Market cap 578.32m 538.32m 721.34m

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