Silvercrest Asset Management Group Inc. (SAMG) vs WhiteHorse Finance, Inc. (WHF)

Silvercrest Asset Management Group Inc. and WhiteHorse Finance, Inc. are both Asset Management companies. WhiteHorse Finance, Inc. is the larger, with a market value of $151.6M against $119.9M — 1.3× the size. WhiteHorse Finance, Inc. trades at the lower P/E: 8.9× against 93.4×. Silvercrest Asset Management Group Inc. grew revenue faster over the last twelve months: 0.80% against −19.9%. WhiteHorse Finance, Inc. has the higher net margin (26.9% vs 0.72%) and the higher return on invested capital (2.67% vs 2.50%). Both pay a dividend; WhiteHorse Finance, Inc. yields more (11.8% vs 4.59%). Across the 22 metrics below, WhiteHorse Finance, Inc. leads on 16 and Silvercrest Asset Management Group Inc. on 6.

Valuation

Metric SAMG WHF Asset Management median
P/E 93.36 8.91 14.62
P/S 0.63 2.33 2.97
P/B 1.01 0.60 0.94
Price to free cash flow 8.93 1.95 8.93
EV/EBITDA 13.02 10.53 10.32
EV/Sales 0.54 6.88 5.72
Earnings yield 1.07% 11.22% 4.53%
Free cash flow yield 11.20% 51.26% 4.65%

Profitability

Metric SAMG WHF Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 2.13% 67.65% 33.03%
Net margin 0.72% 26.88% 13.53%
Free cash flow margin 7.05% 119.28% 12.44%
Return on equity 1.02% 6.65% 4.83%
Return on assets 0.62% 2.75% 1.57%
Return on invested capital 2.50% 2.67% 3.04%

Growth

Metric SAMG WHF Asset Management median
Revenue growth (TTM) 0.80% (19.92%) 6.97%
EPS growth (last fiscal year) (44.00%) 31.91% —
Revenue growth, 5-year CAGR 3.02% 3.33% 12.13%
Net income growth, 5-year CAGR (13.28%) (14.67%) 0.00%

Health

Metric SAMG WHF Asset Management median
Debt to equity 0.12 1.29 0.42
Current ratio 0.79 1.39 1.28
Net debt to EBITDA (3.41) 6.19 1.06

Dividend

Metric SAMG WHF Asset Management median
Dividend yield 4.59% 11.79% 6.92%
Payout ratio 0.59 2.35 0.77

Size

Metric SAMG WHF Asset Management median
Market cap 119.90m 151.62m 721.34m

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