Intrinsic value of Cowen Cl A - COWN

Previous Close

$13.95

  Intrinsic Value

$11.35

stock screener

  Rating & Target

hold

-19%

Previous close

$13.95

 
Intrinsic value

$11.35

 
Up/down potential

-19%

 
Rating

hold

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

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
  37.60
  34.34
  31.41
  28.77
  26.39
  24.25
  22.32
  20.59
  19.03
  17.63
  16.37
  15.23
  14.21
  13.29
  12.46
  11.71
  11.04
  10.44
  9.89
  9.40
  8.96
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
Revenue, $m
  472
  649
  873
  1,147
  1,476
  1,866
  2,318
  2,836
  3,420
  4,071
  4,789
  5,572
  6,421
  7,333
  8,308
  9,343
  10,437
  11,589
  12,799
  14,065
  15,387
  16,767
  18,203
  19,697
  21,251
  22,867
  24,545
  26,289
  28,102
  29,987
  31,947
Variable operating expenses, $m
 
  702
  941
  1,235
  1,589
  2,006
  2,492
  3,046
  3,673
  4,370
  5,140
  5,974
  6,884
  7,862
  8,906
  10,016
  11,189
  12,424
  13,721
  15,078
  16,496
  17,975
  19,515
  21,117
  22,783
  24,515
  26,314
  28,184
  30,128
  32,148
  34,249
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
  702
  941
  1,235
  1,589
  2,006
  2,492
  3,046
  3,673
  4,370
  5,140
  5,974
  6,884
  7,862
  8,906
  10,016
  11,189
  12,424
  13,721
  15,078
  16,496
  17,975
  19,515
  21,117
  22,783
  24,515
  26,314
  28,184
  30,128
  32,148
  34,249
Operating income, $m
  -76
  -53
  -69
  -89
  -113
  -141
  -173
  -211
  -253
  -300
  -351
  -402
  -463
  -529
  -599
  -673
  -752
  -835
  -922
  -1,014
  -1,109
  -1,208
  -1,312
  -1,420
  -1,532
  -1,648
  -1,769
  -1,895
  -2,026
  -2,161
  -2,303
EBITDA, $m
  -63
  -38
  -51
  -67
  -86
  -109
  -135
  -165
  -199
  -237
  -279
  -324
  -373
  -427
  -483
  -543
  -607
  -674
  -744
  -818
  -895
  -975
  -1,059
  -1,146
  -1,236
  -1,330
  -1,428
  -1,529
  -1,635
  -1,744
  -1,858
Interest expense (income), $m
  18
  13
  30
  50
  76
  106
  142
  184
  231
  285
  345
  411
  484
  562
  646
  736
  831
  932
  1,038
  1,150
  1,267
  1,389
  1,516
  1,648
  1,786
  1,929
  2,078
  2,233
  2,394
  2,561
  2,735
Earnings before tax, $m
  -31
  -66
  -99
  -139
  -188
  -247
  -315
  -394
  -484
  -585
  -696
  -813
  -946
  -1,090
  -1,245
  -1,409
  -1,583
  -1,767
  -1,961
  -2,164
  -2,376
  -2,597
  -2,828
  -3,068
  -3,318
  -3,577
  -3,847
  -4,128
  -4,419
  -4,722
  -5,037
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
  -66
  -99
  -139
  -188
  -247
  -315
  -394
  -484
  -585
  -696
  -813
  -946
  -1,090
  -1,245
  -1,409
  -1,583
  -1,767
  -1,961
  -2,164
  -2,376
  -2,597
  -2,828
  -3,068
  -3,318
  -3,577
  -3,847
  -4,128
  -4,419
  -4,722
  -5,037

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
  2,598
  3,490
  4,586
  5,905
  7,464
  9,274
  11,344
  13,680
  16,284
  19,154
  22,289
  25,684
  29,333
  33,230
  37,370
  41,747
  46,356
  51,194
  56,259
  61,549
  67,066
  72,812
  78,790
  85,006
  91,467
  98,181
  105,158
  112,409
  119,947
  127,786
Adjusted assets (=assets-cash), $m
  1,889
  2,598
  3,490
  4,586
  5,905
  7,464
  9,274
  11,344
  13,680
  16,284
  19,154
  22,289
  25,684
  29,333
  33,230
  37,370
  41,747
  46,356
  51,194
  56,259
  61,549
  67,066
  72,812
  78,790
  85,006
  91,467
  98,181
  105,158
  112,409
  119,947
  127,786
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
  83
  112
  147
  189
  239
  297
  363
  438
  521
  613
  713
  822
  939
  1,063
  1,196
  1,336
  1,483
  1,638
  1,800
  1,970
  2,146
  2,330
  2,521
  2,720
  2,927
  3,142
  3,365
  3,597
  3,838
  4,089
Working capital, $m
  0
  294
  395
  519
  669
  845
  1,050
  1,285
  1,549
  1,844
  2,169
  2,524
  2,909
  3,322
  3,763
  4,232
  4,728
  5,250
  5,798
  6,371
  6,970
  7,595
  8,246
  8,923
  9,627
  10,359
  11,119
  11,909
  12,730
  13,584
  14,472
Total debt, $m
  474
  763
  1,291
  1,938
  2,718
  3,639
  4,709
  5,932
  7,313
  8,852
  10,548
  12,401
  14,407
  16,564
  18,867
  21,314
  23,900
  26,624
  29,484
  32,477
  35,604
  38,864
  42,260
  45,793
  49,466
  53,285
  57,253
  61,376
  65,662
  70,117
  74,750
Total liabilities, $m
  1,246
  1,535
  2,063
  2,710
  3,490
  4,411
  5,481
  6,704
  8,085
  9,624
  11,320
  13,173
  15,179
  17,336
  19,639
  22,086
  24,672
  27,396
  30,256
  33,249
  36,376
  39,636
  43,032
  46,565
  50,238
  54,057
  58,025
  62,148
  66,434
  70,889
  75,522
Total equity, $m
  773
  1,063
  1,427
  1,876
  2,415
  3,053
  3,793
  4,640
  5,595
  6,660
  7,834
  9,116
  10,505
  11,997
  13,591
  15,284
  17,074
  18,960
  20,938
  23,010
  25,174
  27,430
  29,780
  32,225
  34,767
  37,410
  40,156
  43,009
  45,975
  49,058
  52,265
Total liabilities and equity, $m
  2,019
  2,598
  3,490
  4,586
  5,905
  7,464
  9,274
  11,344
  13,680
  16,284
  19,154
  22,289
  25,684
  29,333
  33,230
  37,370
  41,746
  46,356
  51,194
  56,259
  61,550
  67,066
  72,812
  78,790
  85,005
  91,467
  98,181
  105,157
  112,409
  119,947
  127,787
Debt-to-equity ratio
  0.613
  0.720
  0.900
  1.030
  1.130
  1.190
  1.240
  1.280
  1.310
  1.330
  1.350
  1.360
  1.370
  1.380
  1.390
  1.390
  1.400
  1.400
  1.410
  1.410
  1.410
  1.420
  1.420
  1.420
  1.420
  1.420
  1.430
  1.430
  1.430
  1.430
  1.430
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
  -66
  -99
  -139
  -188
  -247
  -315
  -394
  -484
  -585
  -696
  -813
  -946
  -1,090
  -1,245
  -1,409
  -1,583
  -1,767
  -1,961
  -2,164
  -2,376
  -2,597
  -2,828
  -3,068
  -3,318
  -3,577
  -3,847
  -4,128
  -4,419
  -4,722
  -5,037
Depreciation, amort., depletion, $m
  13
  15
  18
  22
  27
  32
  38
  46
  54
  63
  73
  78
  89
  102
  116
  130
  145
  161
  178
  196
  214
  233
  253
  274
  296
  318
  341
  366
  391
  417
  444
Funds from operations, $m
  -659
  -51
  -81
  -117
  -161
  -215
  -277
  -349
  -430
  -522
  -624
  -735
  -857
  -988
  -1,129
  -1,279
  -1,438
  -1,606
  -1,783
  -1,968
  -2,162
  -2,364
  -2,574
  -2,794
  -3,022
  -3,259
  -3,506
  -3,762
  -4,028
  -4,305
  -4,593
Change in working capital, $m
  -304
  80
  101
  124
  149
  176
  205
  234
  265
  295
  325
  355
  384
  413
  441
  469
  496
  522
  548
  574
  599
  625
  651
  677
  704
  732
  760
  790
  821
  854
  888
Cash from operations, $m
  -355
  -132
  -182
  -241
  -311
  -391
  -482
  -583
  -695
  -817
  -949
  -1,091
  -1,242
  -1,402
  -1,571
  -1,748
  -1,934
  -2,128
  -2,331
  -2,541
  -2,761
  -2,989
  -3,225
  -3,471
  -3,726
  -3,991
  -4,266
  -4,552
  -4,849
  -5,159
  -5,480
Maintenance CAPEX, $m
  0
  -7
  -9
  -12
  -16
  -21
  -26
  -32
  -39
  -48
  -57
  -67
  -78
  -89
  -102
  -116
  -130
  -145
  -161
  -178
  -196
  -214
  -233
  -253
  -274
  -296
  -318
  -341
  -366
  -391
  -417
New CAPEX, $m
  -16
  -23
  -29
  -35
  -42
  -50
  -58
  -66
  -75
  -83
  -92
  -100
  -109
  -117
  -125
  -132
  -140
  -147
  -155
  -162
  -169
  -177
  -184
  -191
  -199
  -207
  -215
  -223
  -232
  -241
  -251
Cash from investing activities, $m
  59
  -30
  -38
  -47
  -58
  -71
  -84
  -98
  -114
  -131
  -149
  -167
  -187
  -206
  -227
  -248
  -270
  -292
  -316
  -340
  -365
  -391
  -417
  -444
  -473
  -503
  -533
  -564
  -598
  -632
  -668
Free cash flow, $m
  -296
  -161
  -219
  -288
  -369
  -461
  -566
  -682
  -809
  -948
  -1,097
  -1,257
  -1,428
  -1,608
  -1,797
  -1,996
  -2,204
  -2,421
  -2,647
  -2,882
  -3,126
  -3,379
  -3,642
  -3,915
  -4,199
  -4,493
  -4,799
  -5,117
  -5,447
  -5,791
  -6,149
Issuance/(repayment) of debt, $m
  1
  419
  527
  648
  780
  921
  1,070
  1,224
  1,381
  1,539
  1,697
  1,853
  2,006
  2,157
  2,303
  2,447
  2,587
  2,724
  2,859
  2,993
  3,127
  3,260
  3,396
  3,533
  3,674
  3,818
  3,968
  4,123
  4,286
  4,455
  4,633
Issuance/(repurchase) of shares, $m
  -8
  356
  464
  587
  728
  884
  1,055
  1,241
  1,439
  1,650
  1,871
  2,095
  2,335
  2,583
  2,839
  3,102
  3,374
  3,653
  3,940
  4,235
  4,539
  4,853
  5,178
  5,513
  5,860
  6,220
  6,593
  6,981
  7,385
  7,805
  8,243
Cash from financing (excl. dividends), $m  
  250
  775
  991
  1,235
  1,508
  1,805
  2,125
  2,465
  2,820
  3,189
  3,568
  3,948
  4,341
  4,740
  5,142
  5,549
  5,961
  6,377
  6,799
  7,228
  7,666
  8,113
  8,574
  9,046
  9,534
  10,038
  10,561
  11,104
  11,671
  12,260
  12,876
Total cash flow (excl. dividends), $m
  -46
  614
  772
  947
  1,138
  1,344
  1,559
  1,783
  2,011
  2,241
  2,470
  2,691
  2,913
  3,132
  3,345
  3,553
  3,756
  3,956
  4,152
  4,347
  4,540
  4,735
  4,931
  5,131
  5,335
  5,545
  5,762
  5,988
  6,223
  6,470
  6,728
Retained Cash Flow (-), $m
  17
  -356
  -464
  -587
  -728
  -884
  -1,055
  -1,241
  -1,439
  -1,650
  -1,871
  -2,095
  -2,335
  -2,583
  -2,839
  -3,102
  -3,374
  -3,653
  -3,940
  -4,235
  -4,539
  -4,853
  -5,178
  -5,513
  -5,860
  -6,220
  -6,593
  -6,981
  -7,385
  -7,805
  -8,243
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
 
  259
  308
  359
  411
  460
  504
  542
  572
  591
  599
  595
  579
  549
  506
  451
  383
  303
  213
  112
  1
  -119
  -247
  -382
  -525
  -675
  -831
  -993
  -1,162
  -1,336
  -1,516
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
 
  240
  263
  281
  291
  292
  285
  270
  248
  221
  191
  160
  129
  100
  74
  52
  35
  21
  11
  4
  0
  -2
  -3
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  60.3
  37.2
  23.4
  15.1
  9.9
  6.6
  4.5
  3.1
  2.2
  1.6
  1.1
  0.8
  0.6
  0.5
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Cowen Inc., formerly Cowen Group, Inc., is a financial services company. The Company provides alternative investment management, investment banking, research, sales and trading, and prime brokerage services. It operates through two segments: alternative investment and broker-dealer. The alternative investment segment includes private equity structures, registered investment companies and listed investment vehicles. The broker-dealer segment offers industry focused investment banking for growth-oriented companies, including advisory and global capital markets origination and domain knowledge-driven research, and a sales and trading platform for institutional investors. Its alternative investment platform, which operates under the Ramius name, offers investment products and solutions across the liquidity spectrum to institutional and private clients. Ramius offers investors access to strategies to meet their specific needs, including long/short equity and event driven equity.

FINANCIAL RATIOS  of  Cowen Cl A (COWN)

Valuation Ratios
P/E Ratio -19.6
Price to Sales 0.8
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow -1.1
Price to Free Cash Flow -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 85.6%
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 Cl A. The default revenue input number comes from 2016 income statement of Cowen Cl A. 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 37.6% 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 Cl A, 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 Cl A.
    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 Cl A.

Corporate tax rate of 27% is the nominal tax rate for Cowen Cl A. 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 9.2 years is the average useful life of capital assets used in Cowen Cl A 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 Cl A - 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 38.034 million for Cowen Cl A 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 Cl A at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Cowen to Offer Convertible Senior Notes   [04:05PM  Business Wire]
▶ Cowen names Jeffrey Solomon as CEO, effective Dec. 27   [Dec-01-17 07:35AM  MarketWatch]
▶ Cowen Announces Planned CEO Succession   [07:30AM  Business Wire]
▶ ETFs with exposure to Cowen, Inc. : November 27, 2017   [Nov-27-17 12:50PM  Capital Cube]
▶ ETFs with exposure to Cowen, Inc. : November 13, 2017   [Nov-13-17 12:06PM  Capital Cube]
▶ ETFs with exposure to Cowen, Inc. : November 1, 2017   [Nov-01-17 12:01PM  Capital Cube]
▶ Cowen Announces Changes to Leadership Team   [09:00AM  Business Wire]
▶ Cowen posts 3Q profit   [Oct-26-17 05:53PM  Associated Press]
▶ Cowen Inc Class A to Host Earnings Call   [09:20AM  ACCESSWIRE]
▶ Cowen Prime Services Wins US Hedge Fund Services Award 2017   [Oct-20-17 02:30PM  Business Wire]
▶ Cowen Announces 2017 Third Quarter Earnings Conference Call   [Oct-19-17 09:00AM  Business Wire]
▶ ETFs with exposure to Cowen, Inc. : October 3, 2017   [Oct-03-17 11:06AM  Capital Cube]
▶ Cowen Prime Services Wins Hedgeweek USA Award 2017   [Sep-22-17 08:50AM  Business Wire]
▶ ETFs with exposure to Cowen, Inc. : September 19, 2017   [Sep-19-17 05:17PM  Capital Cube]
▶ Cowen and CEFC China Provide Update on CFIUS Review   [Sep-15-17 04:05PM  Business Wire]
▶ Cowen CEO Expects More M&A in the Pharma Industry   [Sep-08-17 04:20PM  Bloomberg Video]
▶ 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]
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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