WallStSmart

Nuveen Churchill Direct Lending Corp. (NCDL)vsRoyal Bank of Canada (RY)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

RY leads profitability with a 33.1% profit margin vs 0.0%. NCDL trades at a lower P/E of 10.9x. RY earns a higher WallStSmart Score of 68/100 (B-).

NCDL

Avoid

33

out of 100

Grade: F

Growth: 6.0Profit: 4.0Value: 6.7Quality: 5.0

RY

Strong Buy

68

out of 100

Grade: B-

Growth: 7.3Profit: 8.0Value: 5.7Quality: 5.0

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

NCDL1 strengths · Avg: 10.0/10
P/E RatioValuation
10.9x10/10

Attractively priced relative to earnings

RY6 strengths · Avg: 9.3/10
Market CapQuality
$250.25B10/10

Mega-cap, among the largest globally

Profit MarginProfitability
33.1%10/10

Keeps 33 of every $100 in revenue as profit

Operating MarginProfitability
46.2%10/10

Strong operational efficiency at 46.2%

Free Cash FlowQuality
$37.30B10/10

Generating 37.3B in free cash flow

P/E RatioValuation
16.9x8/10

Attractively priced relative to earnings

Price/BookValuation
2.7x8/10

Reasonable price relative to book value

Areas to Watch

NCDL4 concerns · Avg: 3.5/10
Revenue GrowthGrowth
0.0%4/10

0.0% revenue growth

EPS GrowthGrowth
0.0%4/10

0.0% earnings growth

Market CapQuality
$697.84M3/10

Smaller company, higher risk/reward

Return on EquityProfitability
0.0%3/10

ROE of 0.0% — below average capital efficiency

RY1 concerns · Avg: 4.0/10
PEG RatioValuation
2.304/10

Expensive relative to growth rate

Comparative Analysis Report

WallStSmart Research

Bull Case : NCDL

The strongest argument for NCDL centers on P/E Ratio.

Bull Case : RY

The strongest argument for RY centers on Market Cap, Profit Margin, Operating Margin. Profitability is solid with margins at 33.1% and operating margin at 46.2%.

Bear Case : NCDL

The primary concerns for NCDL are Revenue Growth, EPS Growth, Market Cap.

Bear Case : RY

The primary concerns for RY are PEG Ratio.

Key Dynamics to Monitor

NCDL profiles as a value stock while RY is a mature play — different risk/reward profiles.

RY is growing revenue faster at 7.5% — sustainability is the question.

RY generates stronger free cash flow (37.3B), providing more financial flexibility.

Monitor ASSET MANAGEMENT industry trends, competitive dynamics, and regulatory changes.

Bottom Line

RY scores higher overall (68/100 vs 33/100), backed by strong 33.1% margins. Both earn "Strong Buy" and "Avoid" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Nuveen Churchill Direct Lending Corp.

FINANCIAL SERVICES · ASSET MANAGEMENT · USA

Nuveen Churchill Direct Lending Corp. (NCDL) is a closed-end fund that focuses on middle-market loans and debt investments within the U.S., employing a direct lending strategy to achieve attractive risk-adjusted returns. Managed by the experienced team at Nuveen, the fund leverages its extensive industry knowledge and strong relationships to identify high-quality investment opportunities in the private credit sector. NCDL’s proactive management approach is designed to stabilize its portfolio while generating consistent income and capital appreciation, making it an appealing choice for institutional investors seeking exposure to resilient income-generating assets.

Royal Bank of Canada

FINANCIAL SERVICES · BANKS - DIVERSIFIED · USA

Royal Bank of Canada is a globally diversified financial services company. The company is headquartered in Toronto, Canada.

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