MeritValue

ALLIANCEBERNSTEIN HOLDING L.P.

ABdata completeness 50%18 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

The applicable estimate puts fair value near $33.67 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income$385.8M1$274.2M2$264.2M3$423.4M3$299.8M3
Operating cash flow$355.1M4$362.6M5$294M6$340.5M6$352.4M6
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$07$08$08$08$08
Diluted shares99.3M113.8M114.4M110.5M92.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
—
your share of equity
Profit it earned you last year
$32.49
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares of this business that earned you $32.49 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−7% shares · 5y

Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$33.67
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$299.8M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000825313-24-000020 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000825313-25-000014 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000825313-26-000020 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0000825313-24-000020 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0000825313-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0000825313-26-000020 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0000825313-25-000014 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  8. 10-K · period ending 2022-12-31 · accession 0000825313-26-000020 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)