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WhiteHorse Finance

Nasdaq:WHF
Snowflake Description

Very undervalued with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WHF
Nasdaq
$144M
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

WhiteHorse Finance, LLC is a business development company. The last earnings update was 24 days ago. More info.


Add to Portfolio Compare Print
  • WhiteHorse Finance is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • WhiteHorse Finance has significant price volatility in the past 3 months.
WHF Share Price and Events
7 Day Returns
6.5%
NasdaqGS:WHF
9.3%
US Capital Markets
8%
US Market
1 Year Returns
-50.2%
NasdaqGS:WHF
-6.8%
US Capital Markets
-8.1%
US Market
WHF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
WhiteHorse Finance (WHF) 6.5% -46.6% -48.9% -50.2% -49.8% -44.9%
US Capital Markets 9.3% -1.9% -20% -6.8% 12.1% 28.4%
US Market 8% -4.5% -17.8% -8.1% 13.2% 23.7%
1 Year Return vs Industry and Market
  • WHF underperformed the Capital Markets industry which returned -6.8% over the past year.
  • WHF underperformed the Market in United States of America which returned -8.1% over the past year.
Price Volatility
WHF
Industry
5yr Volatility vs Market

Value

 Is WhiteHorse Finance undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of WhiteHorse Finance to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for WhiteHorse Finance.

NasdaqGS:WHF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 5 analysts.
= Stable Book Value * Return on Equity
= $14.87 * 8.4%
$1.25
Book Value of Equity per Share Median Book Value from the past 5 years. $14.87
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:WHF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.71
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.707 (1 + (1- 21%) (207.25%))
1.057
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.06
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (1.057 * 5.44%)
7.49%

Discounted Cash Flow Calculation for NasdaqGS:WHF using Excess Returns Model Model

The calculations below outline how an intrinsic value for WhiteHorse Finance is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:WHF Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.4% – 7.49%) * $14.87)
$0.14
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.14 / (7.49% - 1.74%)
$2.39
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $14.87 + $2.39
$17.26
NasdaqGS:WHF Discount to Share Price
Calculation Result
Value per share (USD) From above. $17.26
Current discount Discount to share price of $7.02
= -1 x ($7.02 - $17.26) / $17.26
59.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price WhiteHorse Finance is available for.
Intrinsic value
>50%
Share price is $7.02 vs Future cash flow value of $17.26
Current Discount Checks
For WhiteHorse Finance to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • WhiteHorse Finance's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • WhiteHorse Finance's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for WhiteHorse Finance's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are WhiteHorse Finance's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:WHF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $1.50
NasdaqGS:WHF Share Price ** NasdaqGS (2020-04-08) in USD $7.02
United States of America Capital Markets Industry PE Ratio Median Figure of 92 Publicly-Listed Capital Markets Companies 34.33x
United States of America Market PE Ratio Median Figure of 2,949 Publicly-Listed Companies 13.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of WhiteHorse Finance.

NasdaqGS:WHF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:WHF Share Price ÷ EPS (both in USD)

= 7.02 ÷ 1.50

4.68x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • WhiteHorse Finance is good value based on earnings compared to the US Capital Markets industry average.
  • WhiteHorse Finance is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does WhiteHorse Finance's expected growth come at a high price?
Raw Data
NasdaqGS:WHF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.68x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
5.7%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 36 Publicly-Listed Capital Markets Companies 1.68x
United States of America Market PEG Ratio Median Figure of 2,009 Publicly-Listed Companies 0.9x

*Line of best fit is calculated by linear regression .

NasdaqGS:WHF PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 4.68x ÷ 5.7%

0.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • WhiteHorse Finance is good value based on expected growth next year.
Price based on value of assets
What value do investors place on WhiteHorse Finance's assets?
Raw Data
NasdaqGS:WHF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $15.23
NasdaqGS:WHF Share Price * NasdaqGS (2020-04-08) in USD $7.02
United States of America Capital Markets Industry PB Ratio Median Figure of 192 Publicly-Listed Capital Markets Companies 8.6x
United States of America Market PB Ratio Median Figure of 5,163 Publicly-Listed Companies 1.29x
NasdaqGS:WHF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:WHF Share Price ÷ Book Value per Share (both in USD)

= 7.02 ÷ 15.23

0.46x

* Primary Listing of WhiteHorse Finance.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • WhiteHorse Finance is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess WhiteHorse Finance's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. WhiteHorse Finance has a total score of 6/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is WhiteHorse Finance expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is WhiteHorse Finance expected to grow at an attractive rate?
  • WhiteHorse Finance's earnings growth is expected to exceed the low risk savings rate of 1.7%.
Growth vs Market Checks
  • WhiteHorse Finance's earnings growth is positive but not above the United States of America market average.
  • WhiteHorse Finance's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:WHF Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:WHF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 5.7%
NasdaqGS:WHF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 2.4%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 4.6%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 6.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:WHF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:WHF Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 31
2021-12-31 70 25 35 6
2020-12-31 69 -31 21 7
2020-04-09
NasdaqGS:WHF Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 67 -95 31
2019-09-30 66 -11 27
2019-06-30 64 32 40
2019-03-31 63 55 50
2018-12-31 63 31 57
2018-09-30 60 1 61
2018-06-30 58 -23 50
2018-03-31 58 6 39
2017-12-31 55 7 34
2017-09-30 54 9 35
2017-06-30 55 24 35
2017-03-31 54 27 35

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • WhiteHorse Finance's earnings are expected to grow by 5.7% yearly, however this is not considered high growth (20% yearly).
  • WhiteHorse Finance's revenue is expected to grow by 2.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:WHF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from WhiteHorse Finance Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:WHF Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 1.72 2.70 1.40 6.00
2020-12-31 1.04 1.55 -1.62 7.00
2020-04-09
NasdaqGS:WHF Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 1.50
2019-09-30 1.31
2019-06-30 1.93
2019-03-31 2.46
2018-12-31 2.79
2018-09-30 2.96
2018-06-30 2.46
2018-03-31 1.93
2017-12-31 1.77
2017-09-30 1.86
2017-06-30 1.89
2017-03-31 1.94

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • WhiteHorse Finance is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess WhiteHorse Finance's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
WhiteHorse Finance has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has WhiteHorse Finance performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare WhiteHorse Finance's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • WhiteHorse Finance has delivered over 20% year on year earnings growth in the past 5 years.
  • WhiteHorse Finance's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • WhiteHorse Finance's 1-year earnings growth is negative, it can't be compared to the US Capital Markets industry average.
Earnings and Revenue History
WhiteHorse Finance's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from WhiteHorse Finance Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:WHF Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 67.07 30.84 21.60
2019-09-30 66.33 27.01 20.45
2019-06-30 63.90 39.62 23.34
2019-03-31 62.57 50.45 25.25
2018-12-31 63.25 57.30 25.71
2018-09-30 60.50 60.86 25.65
2018-06-30 58.20 50.45 22.09
2018-03-31 57.83 38.67 19.63
2017-12-31 54.80 34.45 18.78
2017-09-30 54.24 35.03 18.63
2017-06-30 55.25 34.57 18.64
2017-03-31 54.01 35.43 18.53
2016-12-31 53.85 31.33 18.65
2016-09-30 52.43 7.48 17.23
2016-06-30 50.10 0.31 16.91
2016-03-31 49.21 -2.07 16.81
2015-12-31 47.07 -2.83 16.35
2015-09-30 46.15 15.55 18.00
2015-06-30 43.71 18.68 17.42
2015-03-31 40.57 17.95 16.09
2014-12-31 37.55 19.54 14.73
2014-09-30 35.15 22.29 13.14
2014-06-30 37.01 23.74 12.76
2014-03-31 37.49 21.89 12.86
2013-12-31 37.62 19.03 12.97
2013-09-30 44.93 20.67 10.46
2013-06-30 44.02 25.98 7.02

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • WhiteHorse Finance has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • WhiteHorse Finance used its assets more efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • WhiteHorse Finance's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess WhiteHorse Finance's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
WhiteHorse Finance has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is WhiteHorse Finance's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up WhiteHorse Finance's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • WhiteHorse Finance is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • WhiteHorse Finance's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of WhiteHorse Finance's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from WhiteHorse Finance Company Filings, last reported 3 months ago.

NasdaqGS:WHF Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 312.96 298.92 4.29
2019-09-30 315.49 231.97 9.83
2019-06-30 315.93 245.82 16.59
2019-03-31 315.01 176.20 30.71
2018-12-31 315.30 175.95 24.15
2018-09-30 317.65 195.71 11.48
2018-06-30 305.28 215.31 14.46
2018-03-31 293.52 182.32 11.99
2017-12-31 286.95 182.12 35.22
2017-09-30 285.55 181.93 37.10
2017-06-30 283.79 188.99 39.73
2017-03-31 252.52 192.14 15.58
2016-12-31 249.39 182.34 17.04
2016-09-30 246.82 170.38 17.80
2016-06-30 244.72 191.41 18.95
2016-03-31 243.09 186.70 14.51
2015-12-31 244.05 183.48 22.77
2015-09-30 221.35 173.50 16.73
2015-06-30 225.24 185.50 19.39
2015-03-31 224.81 185.50 11.89
2014-12-31 225.36 190.50 11.65
2014-09-30 227.08 118.00 12.41
2014-06-30 227.84 127.00 6.73
2014-03-31 228.14 85.00 25.74
2013-12-31 227.00 110.00 92.91
2013-09-30 225.98 85.00 62.25
2013-06-30 225.10 111.25 91.34
  • WhiteHorse Finance's level of debt (95.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (84.5% vs 95.5% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are well covered by earnings (EBIT is 3.4x coverage).
X
Financial health checks
We assess WhiteHorse Finance's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. WhiteHorse Finance has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
20.23%
Current annual income from WhiteHorse Finance dividends. Estimated to be 19.74% next year.
If you bought $2,000 of WhiteHorse Finance shares you are expected to receive $405 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • WhiteHorse Finance's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.89%).
  • WhiteHorse Finance's dividend is above the markets top 25% of dividend payers in United States of America (5.26%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:WHF Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 2.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1933 Stocks 2.8%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.9%
United States of America Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:WHF Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 1.42 1.00
2021-12-31 1.38 6.00
2020-12-31 1.39 7.00
2020-04-09
NasdaqGS:WHF Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-03-17 1.420 20.157
2019-12-09 1.420 10.602
2019-09-13 1.420 10.144
2019-06-10 1.420 10.371
2019-03-15 1.420 9.941
2018-12-06 1.420 10.372
2018-09-07 1.420 10.558
2018-06-05 1.420 9.742
2018-03-12 1.420 10.738
2017-12-06 1.420 11.051
2017-09-06 1.420 9.938
2017-06-02 1.420 10.254
2017-03-17 1.420 10.077
2016-12-06 1.420 11.267
2016-09-08 1.420 12.781
2016-05-23 1.420 12.694
2016-03-09 1.420 13.969
2015-11-23 1.420 13.408
2015-08-20 1.420 11.225
2015-05-19 1.420 11.230
2015-03-09 1.420 11.084
2014-11-25 1.420 11.987
2014-08-26 1.420 10.658
2014-05-28 1.420 10.058
2014-03-10 1.420 10.315
2013-11-26 1.420 9.620
2013-08-22 1.420 9.333
2013-08-14 1.420 9.543
2013-08-13 1.420 9.408
2013-05-15 1.420 9.133
2013-05-14 1.420 8.996
2013-04-08 1.420 9.153
2013-03-05 0.432 2.810

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, WhiteHorse Finance has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but WhiteHorse Finance only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of WhiteHorse Finance's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess WhiteHorse Finance's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can WhiteHorse Finance afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. WhiteHorse Finance has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of WhiteHorse Finance's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Stuart Aronson
COMPENSATION $0
AGE 56
TENURE AS CEO 3.9 years
CEO Bio

Mr. Stuart D. Aronson serves as the 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 the firm to non-sponsor and sponsor borrowers in the U.S. middle market. Mr. Aronson serves as a Managing Director at H.I.G. Capital, LLC. Prior to joining H.I.G. Capital, from July 1990 through December 2015 Mr. Aronson served as an officer of the General Electric Company and as the President and Chief Executive Officer of GE Commercial Finance Global Sponsor Finance. He has been the Chief Executive Officer at WhiteHorse Finance, Inc. since May 2016 and a Director since May 2017. Mr. Aronson served as the President of Global Sponsor Finance at GE Commercial Finance since May 22, 2006. He served as Head at GE Global Sponsor Finance. He has run the GE since March 2003. Prior to assuming this role, Mr. Aronson led the corporate financial services. Prior to this role, he served as a General Manager of the commercial and industrial business at GE Structured Finance (Americas), Inc. From 1990 to 2002, Mr. Aronson held a variety of roles within the markets group. From 1997-2001, he held the role of Debt Syndications and Placements Leader at GE Capital - Capital Markets Services. From 2000-2002, Mr. Aronson served as the Capital Markets Product Execution Leader at GE Capital Markets Group, Inc., with responsibilities that included the U.S. Syndication, private placement, securitization, and trade finance activities. From 1998 to 2002, he served as a Managing Director in charge of transaction execution for syndications, securitization, and trade finance in capital markets. In 1990, Mr. Aronson joined structured finance group's syndications group with a focus on energy project finance. In 1993, he was assigned to develop the syndication and placements functionality for the commercial financing unit. Mr. Aronson was an Officer at General Electric Company. He joined Chemical Bank's Syndications Group in 1987, with a focus on leveraged financial products. He currently serves on the Board of Kids in Crisis. He served as a Director at Peacock Equity Fund. Mr. Aronson holds an M.B.A. with Honors from The Columbia Graduate School of Business in 1987 and a B.A. in Economics from Tufts University in 1985.

CEO Compensation
  • Insufficient data for Stuart to compare compensation growth.
  • Insufficient data for Stuart to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the WhiteHorse Finance management team in years:

4.6
Average Tenure
48
Average Age
  • The tenure for the WhiteHorse Finance management team is about average.
Management Team

Stuart Aronson

TITLE
CEO & Director
AGE
56
TENURE
3.9 yrs

Joyson Thomas

TITLE
CFO & Principal Accounting Officer
AGE
37
TENURE
0.7 yrs

Brian Schaffer

TITLE
Investor Relations Contact
TENURE
5.3 yrs

Marco Collazos

TITLE
Chief Compliance Officer
AGE
43
TENURE
5.4 yrs

Rich Siegel

TITLE
Secretary
AGE
53
Board of Directors Tenure

Average tenure and age of the WhiteHorse Finance board of directors in years:

4.7
Average Tenure
56
Average Age
  • The tenure for the WhiteHorse Finance board of directors is about average.
Board of Directors

John Bolduc

TITLE
Chairman of the Board
AGE
55
TENURE
8.3 yrs

Stuart Aronson

TITLE
CEO & Director
AGE
56
TENURE
2.9 yrs

Rick Puckett

TITLE
Independent Director
COMPENSATION
$94K
AGE
66
TENURE
8.3 yrs

G. Smith

TITLE
Independent Director
COMPENSATION
$89K
AGE
50
TENURE
4.7 yrs

Kevin Burke

TITLE
Independent Director
COMPENSATION
$89K
AGE
65
TENURE
2.9 yrs

Rick Frier

TITLE
Independent Director
COMPENSATION
$89K
AGE
58
TENURE
4.3 yrs

Jay Carvell

TITLE
Director
AGE
53
TENURE
8.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by WhiteHorse Finance individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. Mar 20 Buy Marco Collazos Individual 18. Mar 20 18. Mar 20 10,000 $6.10 $61,000
18. Mar 20 Buy Joyson Thomas Individual 16. Mar 20 16. Mar 20 8,500 $6.35 $53,975
18. Mar 20 Buy Stuart Aronson Individual 16. Mar 20 18. Mar 20 12,000 $9.25 $90,400
13. Mar 20 Buy Stuart Aronson Individual 12. Mar 20 12. Mar 20 2,000 $10.90 $21,800
13. Mar 20 Buy John Bolduc Individual 12. Mar 20 12. Mar 20 46,425 $11.33 $525,995
11. Mar 20 Buy Stuart Aronson Individual 09. Mar 20 09. Mar 20 4,000 $12.75 $50,600
10. Mar 20 Buy John Bolduc Individual 06. Mar 20 09. Mar 20 77,600 $13.25 $997,800
06. Mar 20 Buy WS Capital, LLC Company 04. Mar 20 04. Mar 20 3,700 $13.85 $51,245
06. Mar 20 Buy Rick Frier Individual 04. Mar 20 04. Mar 20 3,700 $13.88 $51,356
26. Dec 19 Sell Bayside Capital, Inc. Company 20. Dec 19 20. Dec 19 -500,000 $13.40 $-6,700,000
13. Dec 19 Sell Bayside Capital, Inc. Company 13. Dec 19 13. Dec 19 -337,500 $13.83 $-4,667,625
09. Dec 19 Sell Bayside Capital, Inc. Company 05. Dec 19 05. Dec 19 -2,250,000 $13.83 $-31,117,500
27. Jun 19 Sell Bayside Capital, Inc. Company 27. Jun 19 27. Jun 19 -229,328 $14.00 $-3,210,592
18. Jun 19 Buy Kevin Burke Individual 17. Jun 19 17. Jun 19 3,000 $14.00 $42,000
17. Jun 19 Sell Bayside Capital, Inc. Company 14. Jun 19 14. Jun 19 -2,350,000 $14.00 $-32,900,000
X
Management checks
We assess WhiteHorse Finance's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. WhiteHorse Finance has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

WhiteHorse Finance, LLC is a business development company.

Details
Name: WhiteHorse Finance, Inc.
WHF
Exchange: NasdaqGS
Founded: 2011
$144,233,144
20,546,032
Website: http://www.whitehorsefinance.com
Address: WhiteHorse Finance, Inc.
1450 Brickell Avenue,
31st floor,
Miami,
Florida, 33131,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS WHF Common Stock Nasdaq Global Select US USD 05. Dec 2012
DB M9X Common Stock Deutsche Boerse AG DE EUR 05. Dec 2012
Number of employees
Current staff
Staff numbers
0
WhiteHorse Finance employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/09 04:53
End of day share price update: 2020/04/08 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/03/16
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.