Stock WHF WHITEHORSE FINANCE, INC.
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Financials WhiteHorse Finance, Inc.

Equities

WHF

US96524V1061

Closed End Funds

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
12.9 USD +0.62% Intraday chart for WhiteHorse Finance, Inc. +1.65% +4.88%
Mar. 01 JPMorgan Cuts Price Target on WhiteHorse Finance to $11.50 From $12, Keeps Underweight Rating MT
Mar. 01 B. Riley Securities Adjusts WhiteHorse Finance's Price Target to $13 From $13.25, Maintains Neutral Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 281.5 279.6 358.8 303.3 285.9 299.8 -
Enterprise Value (EV) 1 576.1 656.4 822.6 734.2 285.9 483.2 489.5
P/E ratio 9.13 x 8.78 x 10.9 x 19.2 x 14 x 7.22 x 7.86 x
Yield 11.8% 11.4% 9.16% 11% 12.6% 12.3% 12.1%
Capitalization / Revenue 4.2 x 4.53 x 4.97 x 3.47 x 2.77 x 3.04 x 3.18 x
EV / Revenue 8.59 x 10.6 x 11.4 x 8.39 x 2.77 x 4.89 x 5.2 x
EV / EBITDA - - - - - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book 0.9 x 0.89 x 1.03 x 0.91 x 0.9 x 0.94 x 0.94 x
Nbr of stocks (in thousands) 20,546 20,546 23,149 23,243 23,243 23,243 -
Reference price 2 13.70 13.61 15.50 13.05 12.30 12.90 12.90
Announcement Date 3/2/20 3/2/21 3/3/22 3/2/23 2/29/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 67.07 61.7 72.14 87.53 103.3 98.72 94.16
EBITDA - - - - - - -
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) - - - - - - -
Net income 1 30.84 31.68 30.09 15.68 20.41 41.28 38.49
Net margin 45.98% 51.35% 41.71% 17.92% 19.77% 41.81% 40.87%
EPS 2 1.500 1.550 1.420 0.6800 0.8800 1.786 1.641
Free Cash Flow - - - - - - -
FCF margin - - - - - - -
FCF Conversion (EBITDA) - - - - - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 1.620 1.550 1.420 1.430 1.550 1.590 1.560
Announcement Date 3/2/20 3/2/21 3/3/22 3/2/23 2/29/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 18.38 18.45 20.03 20 21.56 25.94 26.16 25.6 25.87 25.63 24.88 24.91 24.62 24.32 23.92
EBITDA - - - - - - - - - - - - - - -
EBIT - - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - - -
Earnings before Tax (EBT) 8.528 3.302 5.931 7.524 9.768 - - - - - - - - - -
Net income 1 8.275 3.143 5.707 7.349 3.845 -1.218 7.506 3.881 5.599 3.426 10.65 10.41 10.29 9.893 9.774
Net margin 45.03% 17.03% 28.49% 36.74% 17.84% -4.7% 28.69% 15.16% 21.64% 13.37% 42.8% 41.78% 41.79% 40.68% 40.86%
EPS 2 0.4000 0.1200 0.2500 0.3200 0.1700 -0.0500 0.3200 0.1700 0.2400 0.1500 0.4628 0.4501 0.4439 0.4276 0.4133
Dividend per Share 2 0.3600 0.3550 0.3600 0.3600 0.3550 0.3550 0.3550 0.3700 0.3850 0.3850 0.3900 0.4017 0.4067 0.4083 0.4000
Announcement Date 11/9/21 3/3/22 5/10/22 8/10/22 11/14/22 3/2/23 5/9/23 8/8/23 11/9/23 2/29/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 295 377 464 431 - 183 190
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow - - - - - - -
ROE (net income / shareholders' equity) 9.82% 8.2% 9.08% 4.6% - 12.8% 11.8%
ROA (Net income/ Total Assets) 5.39% 3.8% 3.83% 1.9% - 5.73% 5.12%
Assets 1 572.7 833.6 785 823.7 - 720.8 751.1
Book Value Per Share 2 15.20 15.20 15.10 14.30 13.60 13.70 13.70
Cash Flow per Share 2 - - -4.260 - - 1.510 1.310
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 3/2/20 3/2/21 3/3/22 3/2/23 2/29/24 - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for WhiteHorse Finance, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
6
Last Close Price
12.9 USD
Average target price
12.9 USD
Spread / Average Target
0.00%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Closed End Funds
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  4. Financials WhiteHorse Finance, Inc.