Nuveen Churchill Direct Lending Corp. (NCDL) vs ESGL Holdings Limited (OIO)

Nuveen Churchill Direct Lending Corp. and ESGL Holdings Limited are both Asset Management companies. Nuveen Churchill Direct Lending Corp. and ESGL Holdings Limited are of similar size ($584.3M and $578.3M). ESGL Holdings Limited has negative trailing earnings, so its P/E is not meaningful; Nuveen Churchill Direct Lending Corp. trades at 12.3×. Nuveen Churchill Direct Lending Corp. has the higher net margin (24.4% vs 0.00%) and the higher return on invested capital (12.1% vs 0.00%). Across the 13 metrics below, Nuveen Churchill Direct Lending Corp. leads on 10 and ESGL Holdings Limited on 3.

Valuation

Metric NCDL OIO Asset Management median
P/E 12.32 n/m 14.62
P/S 3.01 n/m 2.97
P/B 0.68 0.09 0.94
Price to free cash flow 5.11 n/m 8.93
EV/EBITDA 9.13 n/m 10.32
EV/Sales 8.59 n/m 5.72
Earnings yield 8.12% (96.38%) 4.53%
Free cash flow yield 19.57% (214.02%) 4.65%

Profitability

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

Growth

Metric NCDL OIO Asset Management median
Revenue growth (TTM) (14.44%) — 6.97%
EPS growth (last fiscal year) (39.53%) (466.67%) —
Revenue growth, 5-year CAGR 73.29% — 12.13%
Net income growth, 5-year CAGR 98.20% — 0.00%

Health

Metric NCDL OIO Asset Management median
Debt to equity 0.00 0.29 0.42
Current ratio 0.06 0.18 1.28
Net debt to EBITDA 5.46 (2.17) 1.06

Dividend

Metric NCDL OIO Asset Management median
Dividend yield — — 6.92%
Payout ratio — — 0.77

Size

Metric NCDL OIO Asset Management median
Market cap 578.32m 584.33m 721.34m

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