NasdaqGS:WHF

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Executive Summary

WhiteHorse Finance, LLC is a business development company. More Details

Rewards


Snowflake Analysis


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Share Price & News

How has WhiteHorse Finance's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: WHF is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: WHF's weekly volatility has decreased from 11% to 3% over the past year.


Market Performance


7 Day Return

2.0%

WHF

-2.6%

US Capital Markets

-4.6%

US Market


1 Year Return

16.8%

WHF

38.0%

US Capital Markets

38.5%

US Market

Return vs Industry: WHF underperformed the US Capital Markets industry which returned 38% over the past year.

Return vs Market: WHF underperformed the US Market which returned 38.5% over the past year.


Shareholder returns

WHFIndustryMarket
7 Day2.0%-2.6%-4.6%
30 Day7.5%8.5%0.6%
90 Day9.0%14.9%1.9%
1 Year35.2%16.8%41.3%38.0%41.5%38.5%
3 Year81.0%26.0%39.5%29.1%56.7%46.7%
5 Year160.7%44.6%140.6%110.9%123.5%98.6%

Long-Term Price Volatility Vs. Market

How volatile is WhiteHorse Finance's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is WhiteHorse Finance undervalued compared to its fair value and its price relative to the market?

34.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: WHF ($14.68) is trading below our estimate of fair value ($22.56)

Significantly Below Fair Value: WHF is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: WHF is good value based on its PE Ratio (9.4x) compared to the US Capital Markets industry average (23.5x).

PE vs Market: WHF is good value based on its PE Ratio (9.4x) compared to the US market (21.3x).


Price to Earnings Growth Ratio

PEG Ratio: WHF's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: WHF is good value based on its PB Ratio (1x) compared to the US Capital Markets industry average (12.8x).

Future Growth

How is WhiteHorse Finance forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-12.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: WHF's earnings are forecast to decline over the next 3 years (-12.7% per year).

Earnings vs Market: WHF's earnings are forecast to decline over the next 3 years (-12.7% per year).

High Growth Earnings: WHF's earnings are forecast to decline over the next 3 years.

Revenue vs Market: WHF's revenue (4.3% per year) is forecast to grow slower than the US market (10.4% per year).

High Growth Revenue: WHF's revenue (4.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: WHF's Return on Equity is forecast to be low in 3 years time (8.2%).

Past Performance

How has WhiteHorse Finance performed over the past 5 years?

17.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: WHF has a large one-off gain of $7.0M impacting its September 30 2020 financial results.

Growing Profit Margin: WHF's current net profit margins (51.8%) are higher than last year (40.8%).


Past Earnings Growth Analysis

Earnings Trend: WHF's earnings have grown by 17.2% per year over the past 5 years.

Accelerating Growth: WHF's earnings growth over the past year (19.2%) exceeds its 5-year average (17.2% per year).

Earnings vs Industry: WHF earnings growth over the past year (19.2%) exceeded the Capital Markets industry 10.1%.


Return on Equity

High ROE: WHF's Return on Equity (10.3%) is considered low.

Financial Health

How is WhiteHorse Finance's financial position?


Financial Position Analysis

Short Term Liabilities: WHF's short term assets ($30.5M) exceed its short term liabilities ($19.3M).

Long Term Liabilities: WHF's short term assets ($30.5M) do not cover its long term liabilities ($292.0M).


Debt to Equity History and Analysis

Debt Level: WHF's debt to equity ratio (92.8%) is considered high.

Reducing Debt: WHF's debt to equity ratio has increased from 78.3% to 92.8% over the past 5 years.

Debt Coverage: WHF's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: WHF's interest payments on its debt are not well covered by EBIT (2.9x coverage).


Balance Sheet

Dividend

What is WhiteHorse Finance current dividend yield, its reliability and sustainability?

10.52%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: WHF's dividend (10.52%) is higher than the bottom 25% of dividend payers in the US market (1.34%).

High Dividend: WHF's dividend (10.52%) is in the top 25% of dividend payers in the US market (3.76%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, WHF has been paying a dividend for less than 10 years.

Growing Dividend: WHF's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (90.5%), WHF's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: WHF's dividends in 3 years are not forecast to be well covered by earnings (113% payout ratio).

Management

How experienced are the management team and are they aligned to shareholders interests?

5.4yrs

Average management tenure


CEO

Stuart Aronson (57 yo)

4.75yrs

Tenure

Mr. Stuart D. Aronson serves as the Group Head of U.S. Direct Lending at H.I.G. WhiteHorse Capital, LLC since February 2016. In this position, he is responsible for building the debt solutions offered by t...


Leadership Team

NamePositionTenureCompensationOwnership
Stuart Aronson
CEO & Director4.75yrsno data0.18%
$ 528.5k
Joyson Thomas
CFO & Principal Accounting Officer1.5yrsno data0.044%
$ 131.4k
Brian Schaffer
Investor Relations Contact6.08yrsno datano data
Marco Collazos
Chief Compliance Officer6.25yrsno data0.049%
$ 146.8k
Richard Siegel
Secretaryno datano datano data

5.4yrs

Average Tenure

49yo

Average Age

Experienced Management: WHF's management team is seasoned and experienced (5.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Stuart Aronson
CEO & Director4.75yrsno data0.18%
$ 528.5k
John Bolduc
Chairman of the Board9.08yrsno data1.54%
$ 4.6m
Rick Frier
Independent Director5.08yrsUS$88.50k0.018%
$ 54.3k
Ricky Puckett
Independent Director9.08yrsUS$93.50kno data
James Carvell
Director9.08yrsno data0.076%
$ 229.4k
Kevin Burke
Independent Director3.75yrsUS$88.50k0.037%
$ 110.5k
G. Smith
Independent Director5.5yrsUS$88.50k0.018%
$ 54.3k

5.5yrs

Average Tenure

57yo

Average Age

Experienced Board: WHF's board of directors are considered experienced (5.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

WhiteHorse Finance, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: WhiteHorse Finance, Inc.
  • Ticker: WHF
  • Exchange: NasdaqGS
  • Founded: 2011
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: US$301.616m
  • Shares outstanding: 20.55m
  • Website: https://www.whitehorsefinance.com

Location

  • WhiteHorse Finance, Inc.
  • 1450 Brickell Avenue
  • 31st floor
  • Miami
  • Florida
  • 33131
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
WHFNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDDec 2012
M9XDB (Deutsche Boerse AG)YesCommon StockDEEURDec 2012

Biography

WhiteHorse Finance, LLC is a business development company.


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/02/27 00:05
End of Day Share Price2021/02/26 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.