AllianceBernstein Holding L.P. (AB) — Fundamental Analysis & Key Financial Ratios

Kaplio overview: AllianceBernstein Holding L.P.

Market cap $3B · 52 weeks $34 – $43 (12 % below the high) · P/E 10.4× · 2027 expected P/E 9.5× · Dividend 9.9 % · Next earnings February 4, 2027 · expected EPS $0.88 · Closing price, Oct 30 · accounts published Oct 27.

• Valuation: P/E 10.4× (fairly priced).
• Business: ROE 25.2 % (excellent).
• Balance sheet: Debt/Equity 0.00 (solid).
• Earnings: 5 of 8 (uneven).

What would it be worth at its usual multiples?

At the decade median (11.8×) $40 (+14 %); at its sector median (13.0×) $44 (+26 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.

What matters in financial services: 5 of 6 pass

• 5y revenue growth 0.7 %, fails.
• Operating margin 100.0 %, passes.
• ROE 25.2 %, passes.
• FCF / Net Income 117.5 %, passes.
• Debt / Equity 0.00, passes.
• P/E vs own 5y 10.4×, passes.

Against its peers (reference peers) — AllianceBernstein Holding L.P.: P/E 10.4×; EV/EBITDA 9.4×; ROIC 0.0 %; $3.2B. Golub Capital BDC, Inc. (P/E 23.1×; EV/EBITDA 19.8×; ROIC 4.8 %; $3.3B), Hercules Capital, Inc. (P/E 9.0×; EV/EBITDA 12.8×; ROIC 9.0 %; $3.1B), Artisan Partners Asset Management Inc. (P/E 8.9×; EV/EBITDA 5.3×; ROIC 24.9 %; $2.6B).

Expensive or cheap against its last ten years?

P/E at each close: today 10.4× · median 11.8× · minimum 6.9× · maximum 19.6× · cheap below 11.0× · expensive above 14.2×. It has been cheaper than today only 14% of the time over its last ten years.

Dividend

fragile · Yield 9.9 % ($3.49 per share in 2025) · Years raising it 2 · 5-year growth +4 % a year · Free cash flow coverage 1.9× · With $1,000 invested today you'd collect $98.90 a year ($8.24 a month).