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Cowen Inc.NasdaqGS:COWN Aktierapport

Marknadsvärde US$1.1b
Aktiekurs
n/a
Mitt verkliga värde
Ej tillgänglig
1Y32.9%
7D-0.08%
1D
Portföljens värde
​
Utsikt

Cowen Inc.

NasdaqGS:COWN Aktierapport

Börsvärde: 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 (COWN) Aktievy

Cowen Inc., together with its subsidiaries, provides investment banking, research, sales and trading, prime brokerage, global clearing, securities financing, commission management, and investment management services in the United States and internationally. Mer information

COWN fundamental analys
Snöflinga Score
Värdering3/6
Framtida tillväxt0/6
Tidigare resultat2/6
Finansiell hälsa3/6
Utdelningar1/6

Belöningar

Handlar till 15.8% under vår uppskattning av dess verkliga värde

Riskanalys

Vinstmarginaler (5.4%) är lägre än förra året (15.2%)


COWN Community Fair Values

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Cowen Inc. Konkurrenter

Prishistorik och prestanda

Sammanfattning av aktiekursernas upp- och nedgångar samt förändringar för Cowen
Historiska aktiekurser
Aktuell aktiekursUS$38.99
52 veckors högstaUS$39.07
52 veckors lägstaUS$21.36
Beta1.41
1 månads förändring0.28%
3 månaders förändring1.01%
1 års förändring32.94%
3 års förändring163.27%
5 års förändring173.61%
Förändring sedan börsintroduktionen33.53%

Senaste nyheter och uppdateringar

Analysartikel • 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...

Recent updates

Analysartikel • 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.
Analysartikel • 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...
Analysartikel • 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.
Analysartikel • 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.
Analysartikel • 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.
Analysartikel • 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.
Analysartikel • 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...
Analysartikel • 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...
Analysartikel • 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...
Analysartikel • 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...
Analysartikel • 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...

Aktieägarnas avkastning

COWNUS Capital MarketsUS Marknad
7D-0.08%1.1%1.6%
1Y32.9%10.7%28.5%

Avkastning vs industri: COWN översteg US Capital Markets branschen som gav 10.7 % under det senaste året.

Avkastning vs Marknaden: COWN översteg US marknaden som gav 28.5 % under det senaste året.

Prisvolatilitet

Is COWN's price volatile compared to industry and market?
COWN volatility
COWN Average Weekly Movement0.2%
Capital Markets Industry Average Movement3.5%
Market Average Movement7.2%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.0%

Stabil aktiekurs: COWN har inte haft någon betydande prisvolatilitet under de senaste 3 månaderna jämfört med marknaden för US.

Volatilitet över tid: COWN s veckovolatilitet har minskat från 6% till 0% under det senaste året.

Om företaget

GrundadAnställdaVD OCH KONCERNCHEFWebbplats
19181,534Jeff Solomonwww.cowen.com

Cowen Inc. Sammanfattning av grunderna

Hur förhåller sig Cowen:s resultat och omsättning till dess börsvärde?
COWN grundläggande statistik
BörsvärdeUS$1.06b
Vinst(TTM)US$69.67m
Intäkter(TTM)US$1.28b
15.2x
P/E-förhållande
0.8x
P/S-förhållande

Är COWN övervärderat?

Se Verkligt värde och värderingsanalys

Resultat & intäkter

Viktig lönsamhetsstatistik från den senaste resultatrapporten (TTM)
COWN resultaträkning (TTM)
IntäkterUS$1.28b
Kostnad för intäkterUS$412.46m
BruttovinstUS$866.14m
Övriga kostnaderUS$796.47m
IntäkterUS$69.67m

Senast redovisade vinst

Dec 31, 2022

Nästa vinstdatum

n/a

Vinst per aktie (EPS)2.56
Bruttomarginal67.74%
Nettovinstmarginal5.45%
Skuld/egenkapitalförhållande188.0%

Hur har COWN utvecklats på lång sikt?

Se historisk utveckling och jämförelse

Utdelningar

1.2%
Aktuell utdelningsavkastning
19%
Utbetalningskvot

Företagsanalys och finansiella data Status

UppgifterSenast uppdaterad (UTC-tid)
Analys av företag2023/03/02 23:38
Aktiekurs vid dagens slut2023/02/28 00:00
Intäkter2022/12/31
Årlig intjäning2022/12/31

Datakällor

Den data som används i vår företagsanalys kommer från S&P Global Market Intelligence LLC. Följande data används i vår analysmodell för att generera denna rapport. Data är normaliserade vilket kan medföra en fördröjning från det att källan är tillgänglig.

PaketUppgifterTidsramExempel US-källa
Företagets finansiella ställning10 år
  • Resultaträkning
  • Kassaflödesanalys
  • Balansräkning
Analytikernas konsensusuppskattningar+3 år
  • Prognos för finansiella poster
  • Analytikernas prismål
Marknadspriser30 år
  • Aktiekurser
  • Utdelningar, splittar och åtgärder
Ägarskap10 år
  • Största aktieägare
  • Insiderhandel
Förvaltning10 år
  • Ledningsgrupp
  • Styrelse och verkställande direktörer
Viktiga utvecklingstendenser10 år
  • Företagsmeddelanden

* Exempel för amerikanska värdepapper, för icke-amerikanska värdepapper används motsvarande regelverk och källor.

Om inget annat anges är all finansiell data baserad på en årsperiod men uppdateras kvartalsvis. Detta kallas data för efterföljande tolv månader (TTM) eller senaste tolv månader (LTM). Lär dig mer om detta.

Analysmodell och snöflinga

Detaljer om analysmodellen som användes för att skapa den här rapporten finns på vår Github-sida, vi har också guider om hur du använder våra rapporter och tutorials på Youtube.

Lär dig mer om det team i världsklass som utformade och byggde analysmodellen Simply Wall St.

Industri- och sektormått

Våra bransch- och sektionsmått beräknas var sjätte timme av Simply Wall St, detaljer om vår process finns tillgängliga på Github.

Källor för analytiker

Cowen Inc. bevakas av 8 analytiker. 3 av dessa analytiker lämnade de uppskattningar av intäkter eller resultat som användes som indata till vår rapport. Analytikernas inskickade estimat uppdateras löpande under dagen.

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