Intrinsic value of Cowen Group - COWN

Previous Close

$15.95

  Intrinsic Value

$5.45

stock screener

  Rating & Target

str. sell

-66%

  Value-price divergence*

+57%

Previous close

$15.95

 
Intrinsic value

$5.45

 
Up/down potential

-66%

 
Rating

str. sell

 
Value-price divergence*

+57%

Our model is not good at valuating stocks of financial companies, such as COWN.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of COWN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.51
  13.90
  13.01
  12.21
  11.49
  10.84
  10.26
  9.73
  9.26
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.04
  6.83
  6.65
  6.48
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  472
  538
  608
  682
  760
  842
  929
  1,019
  1,114
  1,212
  1,314
  1,421
  1,531
  1,647
  1,766
  1,890
  2,020
  2,154
  2,293
  2,439
  2,590
  2,748
  2,912
  3,083
  3,261
  3,448
  3,642
  3,845
  4,057
  4,279
  4,511
Variable operating expenses, $m
 
  582
  657
  737
  821
  909
  1,002
  1,099
  1,200
  1,305
  1,415
  1,523
  1,642
  1,765
  1,893
  2,027
  2,165
  2,309
  2,459
  2,615
  2,777
  2,946
  3,122
  3,305
  3,496
  3,696
  3,904
  4,122
  4,350
  4,587
  4,836
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  547
  582
  657
  737
  821
  909
  1,002
  1,099
  1,200
  1,305
  1,415
  1,523
  1,642
  1,765
  1,893
  2,027
  2,165
  2,309
  2,459
  2,615
  2,777
  2,946
  3,122
  3,305
  3,496
  3,696
  3,904
  4,122
  4,350
  4,587
  4,836
Operating income, $m
  -76
  -45
  -50
  -55
  -61
  -67
  -73
  -80
  -86
  -93
  -101
  -102
  -110
  -119
  -127
  -136
  -146
  -155
  -165
  -176
  -187
  -198
  -210
  -222
  -235
  -248
  -262
  -277
  -292
  -308
  -325
EBITDA, $m
  -63
  -32
  -36
  -40
  -45
  -50
  -55
  -60
  -66
  -72
  -78
  -84
  -91
  -98
  -105
  -112
  -120
  -128
  -136
  -145
  -154
  -163
  -173
  -183
  -193
  -204
  -216
  -228
  -240
  -254
  -267
Interest expense (income), $m
  18
  13
  19
  26
  33
  40
  48
  56
  64
  73
  82
  91
  101
  111
  122
  133
  144
  156
  168
  181
  195
  209
  223
  238
  254
  271
  288
  306
  324
  344
  364
Earnings before tax, $m
  -31
  -58
  -69
  -81
  -94
  -107
  -121
  -135
  -150
  -166
  -182
  -193
  -211
  -230
  -249
  -269
  -290
  -311
  -334
  -357
  -381
  -407
  -433
  -461
  -489
  -519
  -550
  -583
  -617
  -652
  -689
Tax expense, $m
  -19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -19
  -58
  -69
  -81
  -94
  -107
  -121
  -135
  -150
  -166
  -182
  -193
  -211
  -230
  -249
  -269
  -290
  -311
  -334
  -357
  -381
  -407
  -433
  -461
  -489
  -519
  -550
  -583
  -617
  -652
  -689

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  130
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,019
  2,150
  2,430
  2,727
  3,040
  3,370
  3,715
  4,077
  4,454
  4,848
  5,257
  5,683
  6,126
  6,586
  7,064
  7,562
  8,078
  8,615
  9,174
  9,755
  10,360
  10,990
  11,647
  12,331
  13,045
  13,790
  14,568
  15,380
  16,228
  17,115
  18,043
Adjusted assets (=assets-cash), $m
  1,889
  2,150
  2,430
  2,727
  3,040
  3,370
  3,715
  4,077
  4,454
  4,848
  5,257
  5,683
  6,126
  6,586
  7,064
  7,562
  8,078
  8,615
  9,174
  9,755
  10,360
  10,990
  11,647
  12,331
  13,045
  13,790
  14,568
  15,380
  16,228
  17,115
  18,043
Revenue / Adjusted assets
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
Average production assets, $m
  61
  69
  78
  87
  97
  108
  119
  130
  143
  155
  168
  182
  196
  211
  226
  242
  259
  276
  294
  312
  332
  352
  373
  395
  417
  441
  466
  492
  519
  548
  577
Working capital, $m
  0
  244
  275
  309
  344
  382
  421
  462
  504
  549
  595
  644
  694
  746
  800
  856
  915
  976
  1,039
  1,105
  1,173
  1,245
  1,319
  1,397
  1,477
  1,562
  1,650
  1,742
  1,838
  1,938
  2,043
Total debt, $m
  474
  499
  664
  840
  1,025
  1,219
  1,424
  1,637
  1,860
  2,093
  2,335
  2,587
  2,848
  3,120
  3,403
  3,697
  4,002
  4,320
  4,650
  4,993
  5,351
  5,723
  6,111
  6,516
  6,938
  7,378
  7,837
  8,317
  8,819
  9,343
  9,891
Total liabilities, $m
  1,246
  1,271
  1,436
  1,612
  1,797
  1,991
  2,196
  2,409
  2,632
  2,865
  3,107
  3,359
  3,620
  3,892
  4,175
  4,469
  4,774
  5,092
  5,422
  5,765
  6,123
  6,495
  6,883
  7,288
  7,710
  8,150
  8,609
  9,089
  9,591
  10,115
  10,663
Total equity, $m
  773
  880
  994
  1,115
  1,243
  1,378
  1,520
  1,667
  1,822
  1,983
  2,150
  2,324
  2,505
  2,694
  2,889
  3,093
  3,304
  3,524
  3,752
  3,990
  4,237
  4,495
  4,764
  5,044
  5,335
  5,640
  5,958
  6,290
  6,637
  7,000
  7,380
Total liabilities and equity, $m
  2,019
  2,151
  2,430
  2,727
  3,040
  3,369
  3,716
  4,076
  4,454
  4,848
  5,257
  5,683
  6,125
  6,586
  7,064
  7,562
  8,078
  8,616
  9,174
  9,755
  10,360
  10,990
  11,647
  12,332
  13,045
  13,790
  14,567
  15,379
  16,228
  17,115
  18,043
Debt-to-equity ratio
  0.613
  0.570
  0.670
  0.750
  0.820
  0.880
  0.940
  0.980
  1.020
  1.060
  1.090
  1.110
  1.140
  1.160
  1.180
  1.200
  1.210
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.320
  1.330
  1.330
  1.340
Adjusted equity ratio
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -19
  -58
  -69
  -81
  -94
  -107
  -121
  -135
  -150
  -166
  -182
  -193
  -211
  -230
  -249
  -269
  -290
  -311
  -334
  -357
  -381
  -407
  -433
  -461
  -489
  -519
  -550
  -583
  -617
  -652
  -689
Depreciation, amort., depletion, $m
  13
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  18
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
Funds from operations, $m
  -659
  -45
  -55
  -66
  -78
  -90
  -103
  -116
  -130
  -144
  -160
  -175
  -192
  -209
  -226
  -245
  -264
  -284
  -304
  -326
  -348
  -372
  -396
  -421
  -447
  -475
  -504
  -534
  -565
  -598
  -632
Change in working capital, $m
  -304
  30
  32
  34
  35
  37
  39
  41
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  69
  71
  74
  78
  81
  84
  88
  92
  96
  100
  105
Cash from operations, $m
  -355
  -75
  -87
  -100
  -113
  -127
  -142
  -157
  -173
  -189
  -206
  -224
  -242
  -261
  -281
  -301
  -322
  -345
  -368
  -392
  -417
  -443
  -470
  -499
  -528
  -559
  -592
  -626
  -661
  -698
  -737
Maintenance CAPEX, $m
  0
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
New CAPEX, $m
  -16
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
Cash from investing activities, $m
  59
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -32
  -35
  -36
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -80
  -85
Free cash flow, $m
  -296
  -89
  -103
  -117
  -132
  -147
  -164
  -180
  -198
  -216
  -235
  -254
  -274
  -295
  -317
  -340
  -363
  -388
  -413
  -440
  -467
  -496
  -526
  -558
  -591
  -625
  -661
  -698
  -737
  -778
  -821
Issuance/(repayment) of debt, $m
  1
  155
  165
  175
  185
  195
  204
  214
  223
  232
  242
  252
  262
  272
  283
  294
  305
  317
  330
  344
  358
  372
  388
  404
  422
  440
  460
  480
  502
  524
  548
Issuance/(repurchase) of shares, $m
  -8
  165
  184
  202
  222
  242
  262
  283
  305
  327
  350
  368
  392
  418
  445
  472
  501
  531
  562
  595
  629
  664
  702
  740
  781
  824
  868
  915
  964
  1,015
  1,069
Cash from financing (excl. dividends), $m  
  250
  320
  349
  377
  407
  437
  466
  497
  528
  559
  592
  620
  654
  690
  728
  766
  806
  848
  892
  939
  987
  1,036
  1,090
  1,144
  1,203
  1,264
  1,328
  1,395
  1,466
  1,539
  1,617
Total cash flow (excl. dividends), $m
  -46
  230
  246
  261
  275
  289
  303
  316
  330
  344
  357
  365
  380
  395
  410
  426
  443
  461
  479
  499
  519
  541
  563
  587
  612
  639
  667
  697
  728
  761
  796
Retained Cash Flow (-), $m
  17
  -165
  -184
  -202
  -222
  -242
  -262
  -283
  -305
  -327
  -350
  -368
  -392
  -418
  -445
  -472
  -501
  -531
  -562
  -595
  -629
  -664
  -702
  -740
  -781
  -824
  -868
  -915
  -964
  -1,015
  -1,069
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  66
  62
  58
  53
  47
  41
  33
  25
  17
  8
  -2
  -12
  -23
  -34
  -46
  -58
  -70
  -83
  -96
  -110
  -124
  -138
  -153
  -169
  -185
  -201
  -218
  -236
  -254
  -273
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  61
  53
  45
  38
  30
  23
  17
  11
  6
  2
  -1
  -3
  -4
  -5
  -5
  -5
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  76.7
  59.0
  45.7
  35.6
  27.9
  21.9
  17.3
  13.7
  10.9
  8.7
  7.0
  5.7
  4.6
  3.7
  3.0
  2.4
  2.0
  1.6
  1.3
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1

Cowen Group, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides alternative investment management, investment banking, research, and sales and trading services for its clients. It manages separate client focused portfolio through its subsidiaries. Through its subsidiaries, the firm invests in equity and fixed income markets. It also invests in alternative investments markets through its subsidiaries. Cowen Group, Inc. was founded in 1994 and is headquartered in New York, New York with additional offices in Boston, Massachusetts, Chicago, Illinois, Cleveland, Ohio, Dallas, Texas, and San Francisco, California.

FINANCIAL RATIOS  of  Cowen Group (COWN)

Valuation Ratios
P/E Ratio -22.4
Price to Sales 0.9
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow -1.2
Price to Free Cash Flow -1.1
Growth Rates
Sales Growth Rate 1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 128.6%
Cap. Spend. - 3 Yr. Gr. Rate 74.1%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 16.8%
Total Debt to Equity 61.3%
Interest Coverage -1
Management Effectiveness
Return On Assets -0.6%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital -1.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity -2.4%
Return On Equity - 3 Yr. Avg. 10.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 85.4%
Gross Margin - 3 Yr. Avg. 86%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 10.6%
Operating Margin -15.9%
Oper. Margin - 3 Yr. Avg. -12.9%
Pre-Tax Margin -6.6%
Pre-Tax Margin - 3 Yr. Avg. 3.1%
Net Profit Margin -4%
Net Profit Margin - 3 Yr. Avg. 14.8%
Effective Tax Rate 61.3%
Eff/ Tax Rate - 3 Yr. Avg. -196.9%
Payout Ratio 0%

COWN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COWN stock intrinsic value calculation we used $472 million for the last fiscal year's total revenue generated by Cowen Group. The default revenue input number comes from 2016 income statement of Cowen Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our COWN stock valuation model: a) initial revenue growth rate of 13.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.8%, whose default value for COWN is calculated based on our internal credit rating of Cowen Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cowen Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of COWN stock the variable cost ratio is equal to 108.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for COWN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.9% for Cowen Group.

Corporate tax rate of 27% is the nominal tax rate for Cowen Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the COWN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for COWN are equal to 12.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Cowen Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for COWN is equal to 45.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $773 million for Cowen Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 32.673 million for Cowen Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cowen Group at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Cowen & Co.'s Chen Says Wal-Mart Is 'Well-Positioned'   [Aug-17-17 03:09PM  Bloomberg Video]
▶ Cowen posts 2Q profit   [Aug-04-17 02:36AM  Associated Press]
▶ Cowen Announced Second Quarter 2017 Financial Results   [Aug-03-17 04:01PM  Business Wire]
▶ Cowen Expands Its Leadership Team   [Jul-05-17 09:45AM  Business Wire]
▶ Cowen CEO on Convergex acquisition   [Jun-01-17 04:45PM  CNBC Videos]
▶ Cowen Completes Acquisition of Convergex   [07:00AM  Business Wire]
▶ Cowen Announces New Brand Identity   [May-16-17 09:00AM  Business Wire]
▶ Cowen Wins European Hedge Fund Services Award   [May-10-17 03:00AM  Business Wire]
▶ Cowen Expands International Prime Services Team   [May-05-17 03:00AM  Business Wire]
▶ Cowen posts 1Q profit   [Apr-27-17 04:08PM  Associated Press]
▶ Cowen Group Announces Acquisition of Convergex   [Apr-03-17 07:30AM  Business Wire]
▶ Cowens China Play Involves More Than Just Money   [Mar-29-17 11:46PM  Investopedia]
▶ Cowens China Play Involves More Than Just Money   [11:46PM  at Investopedia]
▶ [$$] China Energy to buy 20% stake in Cowen Group   [06:42PM  at Financial Times]
▶ Deals of the day-Mergers and acquisitions   [04:01PM  Investopedia]
▶ [$$] China Energy Takes 19.9% Stake in Cowen   [10:05AM  The Wall Street Journal]
▶ [$$] China Energy Takes 19.9% Stake in Cowen   [10:05AM  at The Wall Street Journal]
▶ [$$] Cowen Group in talks to buy brokerage Convergex   [Mar-23-17 03:50PM  at Financial Times]
▶ Cowen to Co-Host Digital Health CEO Summit   [Mar-20-17 08:00AM  Business Wire]
▶ [$$] Dreaming small: how America lost its taste for risk   [Feb-17-17 08:06AM  at Financial Times]
▶ Cowen Announces Senior Electronic Trading Hires   [Dec-21-16 08:00AM  Business Wire]
▶ Heres What Hedge Funds Think about Cowen Group Inc (COWN)   [Dec-10-16 07:10PM  at Insider Monkey]
▶ Cowen Completes Reverse Stock Split   [08:00AM  Business Wire]
▶ Cowen Wins Top Honors at M&A Advisor Awards   [Nov-17-16 08:00AM  Business Wire]
Stock chart of COWN Financial statements of COWN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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