WhiteHorse Finance Inc
NASDAQ:WHF

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WhiteHorse Finance Inc
NASDAQ:WHF
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Price: 7.51 USD -1.05% Market Closed
Market Cap: $166.9m

EV/EBIT

18.3
Current
15%
More Expensive
vs 3-y average of 15.8

Enterprise Value to EBIT (EV/EBIT) ratio compares a company`s total enterprise value to its earnings before interest and taxes. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBIT
18.3
=
Enterprise Value
$474m
/
EBIT
$26.1m

Enterprise Value to EBIT (EV/EBIT) ratio compares a company`s total enterprise value to its earnings before interest and taxes. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBIT
18.3
=
Enterprise Value
$474m
/
EBIT
$26.1m

Valuation Scenarios

WhiteHorse Finance Inc is trading above its 3-year average

If EV/EBIT returns to its 3-Year Average (15.8), the stock would be worth $6.5 (13% downside from current price).

Statistics
Positive Scenarios
2/4
Maximum Downside
-13%
Maximum Upside
+9%
Average Upside
0%
Scenario EV/EBIT Value Implied Price Upside/Downside
Current Multiple 18.3 $7.51
0%
3-Year Average 15.8 $6.5
-13%
5-Year Average 17.8 $7.31
-3%
Industry Average 20 $8.22
+9%
Country Average 19.6 $8.07
+7%

Forward EV/EBIT
Today’s price vs future ebit

Today's Enterprise Value EBIT Forward EV/EBIT
$474m
/
Jan 2026
$26.1m
=
18.3
Current
$474m
/
Dec 2026
$34.3m
=
13.8
Forward

Forward EV/EBIT shows whether today’s EV/EBIT still looks high or low once future ebit are taken into account.

Peer Comparison

All Multiples
EV/EBIT
P/E
All Countries
Close
Market Cap EV/EBIT P/E
US
WhiteHorse Finance Inc
NASDAQ:WHF
167m USD 18.3 11.6
US
BlackRock Inc
NYSE:BLK
164.8B USD 19.8 26.3
US
Blackstone Inc
NYSE:BX
154.1B USD 22.6 52.5
CA
Brookfield Corp
NYSE:BN
103.7B USD 17 90.9
US
Bank of New York Mellon Corp
NYSE:BK
93.5B USD 0 17.6
US
KKR & Co Inc
NYSE:KKR
94.4B USD 290.4 42.2
ZA
Ninety One Ltd
JSE:NY1
83.8B ZAR -41.4 24.3
US
BROOKFIELD ASSET MANAGEMENT LTD
F:RW5
68.6B EUR 28.8 31.4
CA
Brookfield Asset Management Inc
NYSE:BAM
79.5B USD 29.3 32
CA
BROOKFIELD ASSET MANAGEMENT LTD
TSX:BAM
107.9B CAD 28.9 31.6
US
State Street Corp
NYSE:STT
42.2B USD 0 14.9
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
US
WhiteHorse Finance Inc
NASDAQ:WHF
Average EV/EBIT: 56.9
18.3
N/A N/A
US
BlackRock Inc
NYSE:BLK
19.8
22%
0.9
US
Blackstone Inc
NYSE:BX
22.6
28%
0.8
CA
Brookfield Corp
NYSE:BN
17
-24%
N/A
US
Bank of New York Mellon Corp
NYSE:BK
Not Available N/A N/A
US
KKR & Co Inc
NYSE:KKR
290.4
172%
1.7
ZA
N
Ninety One Ltd
JSE:NY1
Negative Multiple: -41.4 N/A N/A
US
BROOKFIELD ASSET MANAGEMENT LTD
F:RW5
28.8
21%
1.4
CA
Brookfield Asset Management Inc
NYSE:BAM
29.3
21%
1.4
CA
B
BROOKFIELD ASSET MANAGEMENT LTD
TSX:BAM
28.9
21%
1.4
US
State Street Corp
NYSE:STT
Not Available N/A N/A

Market Distribution

In line with most companies in the United States of America
Percentile
45th
Based on 8 638 companies
45th percentile
18.3
Low
0 — 13.6
Typical Range
13.6 — 27.8
High
27.8 —
Distribution Statistics
the United States of America
Min 0
30th Percentile 13.6
Median 19.6
70th Percentile 27.8
Max 1 826 183.2

WhiteHorse Finance Inc
Glance View

Market Cap
166.9m USD
Industry
Financial Services

WhiteHorse Finance, Inc. is an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The company is headquartered in Miami, Florida. The company went IPO on 2012-12-05. The Company’s investment objective is to generate risk-adjusted returns primarily by originating and investing in senior secured loans, including first lien and second lien facilities, to performing lower middle market companies across a range of industries, which typically carry a floating interest rate based on a risk-free index rate, such as London Interbank Offered Rate (LIBOR) and have a term of 3-6 years. The firm is principally focuses on originating senior secured loans to lower middle market companies, it may also opportunistically make investments at other levels of a company’s capital structure, including mezzanine loans or equity interests and may receive warrants to purchase common stock in connection with its debt investments. H.I.G. WhiteHorse Advisers, LLC and H.I.G. WhiteHorse Administration, LLC acts as the investment adviser and administrator of the Company.

WHF Intrinsic Value
15.85 USD
Undervaluation 53%
Intrinsic Value
Price $7.51
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