Nuveen Churchill Direct Lending Corp. (NCDL) vs PennantPark Floating Rate Capital Ltd. (PFLT)

Nuveen Churchill Direct Lending Corp. and PennantPark Floating Rate Capital Ltd. are both Asset Management companies. PennantPark Floating Rate Capital Ltd. is the larger, with a market value of $698.5M against $578.3M — 1.2× the size. Nuveen Churchill Direct Lending Corp. trades at the lower P/E: 12.3× against 13.7×. PennantPark Floating Rate Capital Ltd. grew revenue faster over the last twelve months: 9.33% against −14.4%. Nuveen Churchill Direct Lending Corp. has the higher net margin (24.4% vs 18.5%) and the higher return on invested capital (12.1% vs 3.51%). Across the 20 metrics below, Nuveen Churchill Direct Lending Corp. leads on 14 and PennantPark Floating Rate Capital Ltd. on 6.

Valuation

Metric NCDL PFLT Asset Management median
P/E 12.32 13.71 14.62
P/S 3.01 2.56 2.97
P/B 0.68 0.68 0.94
Price to free cash flow 5.11 n/m 8.93
EV/EBITDA 9.13 5.62 10.32
EV/Sales 8.59 5.72 5.72
Earnings yield 8.12% 7.30% 4.53%
Free cash flow yield 19.57% (8.42%) 4.65%

Profitability

Metric NCDL PFLT Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 80.82% 76.57% 33.03%
Net margin 24.44% 18.53% 13.53%
Free cash flow margin 58.99% (21.54%) 12.44%
Return on equity 5.40% 4.77% 4.83%
Return on assets 2.31% 1.95% 1.57%
Return on invested capital 12.06% 3.51% 3.04%

Growth

Metric NCDL PFLT Asset Management median
Revenue growth (TTM) (14.44%) 9.33% 6.97%
EPS growth (last fiscal year) (39.53%) (48.57%) —
Revenue growth, 5-year CAGR 73.29% 22.32% 12.13%
Net income growth, 5-year CAGR 98.20% 29.23% 0.00%

Health

Metric NCDL PFLT Asset Management median
Debt to equity 0.00 0.94 0.42
Current ratio 0.06 0.19 1.28
Net debt to EBITDA 5.46 3.46 1.06

Dividend

Metric NCDL PFLT Asset Management median
Dividend yield — 10.75% 6.92%
Payout ratio — 14.25 0.77

Size

Metric NCDL PFLT Asset Management median
Market cap 578.32m 698.50m 721.34m

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