Cowen Inc.

Report azionario NasdaqGS:COWN

Capitalizzazione di mercato: US$1.1b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Cowen Crescita futura

Criteri Future verificati 0/6

Informazioni chiave

n/a

Tasso di crescita degli utili

n/a

Tasso di crescita dell'EPS

Capital Markets crescita degli utili11.7%
Tasso di crescita dei ricavin/a
Rendimento futuro del capitale proprion/a
Copertura analitica

Low

Ultimo aggiornamento20 Feb 2023

Aggiornamenti recenti sulla crescita futura

Recent updates

Articolo di analisi • Feb 26

Cowen's (NASDAQ:COWN) Dividend Will Be $0.12

The board of Cowen Inc. ( NASDAQ:COWN ) has announced that it will pay a dividend of $0.12 per share on the 15th of...
Seeking Alpha • Sep 12

Cowen: Review Of The Acquisition By The Toronto-Dominion Bank

Summary Cowen is a potentially attractive investment that we will continue to monitor as the acquisition process proceeds. The company is financially strong and has a great track record of outperforming industry peers. TD acquisition raises some questions, and we believe that the acquisition value is well below our valuation estimate of the company. Initiating Coverage We are initiating coverage on Cowen (COWN). Though Cowen's current stock price is near The Toronto-Dominion Bank's (TD)(TD:CA) acquisition price, we believe that given the company's strong fundamentals and undervaluation relative to peers, Cowen could be of interest to investors in the event that TD acquisition is called off or the price were to fall well below the current acquisition price of $39. We also remain skeptical on the acquisition by TD, and we will continue to monitor this stock to see if there are any meaningful updates regarding the acquisition that can determine our view on the stock. Company Overview Cowen Inc. is an American multinational independent investment bank and financial services company that was founded in 1918. This company has two business sections: a broker-dealer and an investment management division. Year-to-date, the stock price has seen an increase of 6.76%, outperforming the S&P 500 index which has fallen -14.39% in the same period of time. Currently, Cowen’s market capitalization is $1.07 billion and dividend yield is 1.25%. COWN Year to Date Price Returns (Daily) data by YCharts TD Acquisition TD in early August announced a $1.3 billion acquisition of Cowen (~$39 per share) that is expected to close in the first quarter of 2023. Though the acquisition is part of a string of acquisitions by TD to bolster its franchise especially in the United States, we have mixed views about the move. First and foremost, TD’s $1.3 billion acquisition is seen as a credit negative decision by credit agencies, with Moody declaring the acquisition a “negative for its credit quality”. Furthermore, it remains to be seen how easy the integration of the acquisition will be, and TD estimates that integration costs will amount to $450 million over three years. Given the economic slowdown and high inflation, though Cowen is a solid business with strong financial performance, we feel uneasy about TD’s overall execution and success of the acquisition. The current market price of Cowen is near the acquisition price, so we do not believe that there are more to be gained by Cowen shareholders at the current price point. Until the deal fully closes, we will remain vigilant on Cowen as if the company were to be assessed as a standalone business, there remains some value proposition at current levels. Review of Financials and Shareholder Policies In the past quarter, Cowen reported $302.4 million of Q2 2022 Revenue, and also reported a $12.4 million of net income which translates to $0.41 per share. Cowen's recent financial performance has been impressive, as Cowen has had a 21.7% of revenue CAGR since 2017 which is far more than the similar competitors’ revenue CAGR of 12.7% when using the 1Q22 LTM numbers (2Q22 LTM is unavailable). Furthermore, this company has a strong balance sheet, reporting $8.8 billion in assets and $926.8 million in cash as of June 30, 2022. The strong balance sheet is another reason why we think the company is financially strong. Cowen also has decent shareholder friendly policies. The company has a quarterly dividend of $0.95 per share which translates to 1.25% current dividend yield. In addition, Cowen has conducted roughly $159.8 million in share buyback in 2021, and has authorized $50 million so far this year. These indicate management's confidence in the business prospects and such policies should provide support to shareholder value. Cowen Earnings Presentation Acquisition Valuation We believe that Cowen even at the current market price after the acquisition announcement is undervalued compared to peer valuation. Cowen is a financially strong company that should be trading comparable to its peers. However, the current market multiples for Cowen are quite low and we believe that the company is fundamentally undervalued even after acquisition. Based on the strong financial performance and robust fundamentals, the company should at the very least be trading in the same P/E multiple range as its self-identified M&A peer group. Based on Q2 2022 earnings presentation, the median FY’22E P/E multiple of its M&A peer group is 11.2x. Given that the current FY'22E P/E ratio of Cowen is 7.3x based on the current market capitalization of $1.06 billion, there is at least a ~53% undervaluation even after the acquisition. Assuming all else equal, even in the event of the successful completion of the acquisition, we view this deal to be highly accretive for TD Bank. Earnings Presentation Risk
Seeking Alpha • Aug 03

Cowen declares $0.12 dividend

Cowen (NASDAQ:COWN) declares $0.12/share quarterly dividend, in line with previous. Forward yield 1.25% Payable Sept. 15; for shareholders of record Sept. 1; ex-div Aug. 31. See COWN Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jul 01

Cowen jumps on report Toronto-Dominion bank said to weigh potential purchase

Cowen Inc. (NASDAQ:COWN) soared 15% in after hours trading on a report that Toronto-Dominion Bank (NYSE:TD) is considering making an offer for the brokerage firm. The Toronto-based bank is working with advisors to analyze a potential deal for the broker, according to traders, who cited a Bloomberg report. No final decision has been made. Cowen has a market cap of just over $700 million. Developing story ...
Seeking Alpha • Jun 10

Cowen: A Deeply Discounted Opportunity

Cowen looks set to meet and likely exceed its latest mid-term revenue target. In addition to the core investment banking and brokerage businesses, the nascent digital asset business provides investors a free call option. At current levels, Cowen’s ex-investment management business is on offer at an implied negative valuation.
Articolo di analisi • Apr 08

Analysts Just Shaved Their Cowen Inc. (NASDAQ:COWN) Forecasts Dramatically

Today is shaping up negative for Cowen Inc. ( NASDAQ:COWN ) shareholders, with the analysts delivering a substantial...
Articolo di analisi • Apr 06

With EPS Growth And More, Cowen (NASDAQ:COWN) Is Interesting

Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story...
Seeking Alpha • Apr 01

Cowen Inc.: Appears Too Cheap

After two years during which it earned $21.38 a share (non-GAAP), boutique investment bank Cowen Inc.’s (COWN) stock is trading around $27 a share. After being the beneficiary of market conditions - namely significant healthcare and SPAC activity during the pandemic - the firm’s stock is trading at a forward PE multiple of 4. With beefed-up advisory and research efforts transforming Cowen into a more diversified firm, the recent insider buying warranted a closer examination. A full investment analysis follows in the paragraphs below.
Articolo di analisi • Feb 19

Cowen's (NASDAQ:COWN) Shareholders Will Receive A Bigger Dividend Than Last Year

Cowen Inc. ( NASDAQ:COWN ) will increase its dividend on the 15th of March to US$0.12. Even though the dividend went...
Seeking Alpha • Dec 05

Cowen: Undervaluation And Strong Prospects Are Too Tempting To Ignore

The market seems to significantly underestimate Cowen's financial growth prospects in the medium term, which should lead to a) revisions in analysts' estimates or b) strong earnings surprises. Portico acquisition will add and expand COWN's existing pipeline, which will benefit the company in terms of diversifying its operations. Cowen is in fact the most undervalued IB boutique among all the companies in the sample analyzed. From my point of view, the risk-reward ratio for long-term investing is on the side of the bulls. Therefore, I recommend you to pay your attention to this company.
Articolo di analisi • Nov 05

Should You Be Adding Cowen (NASDAQ:COWN) To Your Watchlist Today?

It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks...
Seeking Alpha • Aug 23

Cowen: Attractively Priced With Significant Growth Opportunities

Cowen’s revenue will grow significantly over the next five years driven by strong growth drivers, competitive edge and new opportunities. The company is focusing on delivering scalable, differentiated and actively managed investment products. The company’s shares can be bought around the current price as long-term investment. The shares will rise significantly in the next five years.
Articolo di analisi • Jul 31

Cowen (NASDAQ:COWN) Is Increasing Its Dividend To US$0.10

The board of Cowen Inc. ( NASDAQ:COWN ) has announced that it will be increasing its dividend on the 15th of September...
Seeking Alpha • Jul 19

Cowen: An Investment Bank Worthy Of Your Investment?

Cowen is achieving fantastic revenue and profit growth and is focused on optimizing its capital for the benefit of shareholders. The company is investing in its platform and increasing publishing analysts to provide clients with the best research and take market share from competitors. Cowen's CAGR is leaving its peers in the dust.
Articolo di analisi • May 01

Need To Know: Analysts Are Much More Bullish On Cowen Inc. (NASDAQ:COWN)

Cowen Inc. ( NASDAQ:COWN ) shareholders will have a reason to smile today, with the analysts making substantial...
Articolo di analisi • Apr 06

Does Cowen Inc. (NASDAQ:COWN) Have A Place In Your Dividend Portfolio?

Could Cowen Inc. ( NASDAQ:COWN ) be an attractive dividend share to own for the long haul? Investors are often drawn to...
Articolo di analisi • Mar 11

Are Insiders Selling Cowen Inc. (NASDAQ:COWN) Stock?

We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. On...
Articolo di analisi • Feb 13

Need To Know: Analysts Are Much More Bullish On Cowen Inc. (NASDAQ:COWN)

Cowen Inc. ( NASDAQ:COWN ) shareholders will have a reason to smile today, with the analysts making substantial...
Articolo di analisi • Feb 07

Introducing Cowen (NASDAQ:COWN), The Stock That Zoomed 138% In The Last Five Years

The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But on the bright side, if...

Previsioni di crescita degli utili e dei ricavi

NasdaqGS:COWN - Stime future degli analisti e dati finanziari passati (USD Millions )
DataRicaviUtiliFlusso di cassa liberoLiquidità dell'operazioneAvg. Numero di analisti
12/31/20231,439111N/AN/A2
12/31/20221,27970N/AN/AN/A
9/30/20221,394122-106-91N/A
6/30/20221,42814588100N/A
3/31/20221,576176-379-366N/A
12/31/20211,901289295307N/A
9/30/20211,985316688695N/A
6/30/20211,899298544554N/A
3/31/20212,100367946955N/A
12/31/20201,566210502513N/A
9/30/20201,272123249267N/A
6/30/20201,183106165183N/A
3/31/2020838-2-145-129N/A
12/31/201999018-202-187N/A
9/30/201986918-138-128N/A
6/30/2019868295869N/A
3/31/201982529221230N/A
12/31/201885536316324N/A
9/30/2018803-45166176N/A
6/30/2018772-56-104-99N/A
3/31/2018710-541421N/A
12/31/2017585-68-33N/A
9/30/20175186104108N/A
6/30/2017460-1132135N/A
3/31/2017420-19-71-67N/A
12/31/2016410-26-367-352N/A
9/30/20163926N/A-228N/A
6/30/2016390-1N/A-265N/A
3/31/201639318N/A-367N/A

Previsioni di crescita futura degli analisti

Guadagni vs tasso di risparmio: Dati insufficienti per determinare se la crescita degli utili prevista COWN è superiore al tasso di risparmio ( 2.1% ).

Guadagni vs Mercato: Dati insufficienti per determinare se si prevede che gli utili di COWN cresceranno più velocemente del mercato US

Guadagni ad alta crescita: Dati insufficienti per determinare se si prevede che gli utili di COWN cresceranno in modo significativo nei prossimi 3 anni.

Ricavi vs Mercato: Dati insufficienti per determinare se si prevede che i ricavi di COWN cresceranno più rapidamente del mercato US.

Ricavi ad alta crescita: Dati insufficienti per determinare se si prevede che i ricavi di COWN cresceranno più rapidamente di 20% all'anno.

Previsioni di crescita dell'utile per azione

Rendimento futuro del capitale proprio

ROE futuro: Dati insufficienti per determinare se il Return on Equity di COWN è previsto essere elevato tra 3 anni

Scoprire le aziende in crescita

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1Y

7D

1Y

7D

1Y

Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2023/03/02 01:08
Prezzo dell'azione a fine giornata2023/02/28 00:00
Utili2022/12/31
Utili annuali2022/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; abbiamo anche guide su come utilizzare i nostri report e tutorial su Youtube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

Cowen Inc. è coperta da 8 analisti. 3 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

AnalistaIstituzione
Guy MoszkowskiBofA Global Research
Devin RyanCitizens JMP Securities, LLC
James YaroGoldman Sachs