DDM Analysis: OPY

Valuation Snapshot

Stable Growth	$90.54 - $152.06	$117.51
Multi-Stage	$109.89 - $120.56	$115.12
Blended Fair Value	$116.32
Current Price	$73.91
Upside	57.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.86%	1.36%	0.60	0.57	0.62	1.71	1.63	0.52	0.51	0.51	0.52	0.53
YoY Growth	-	-	6.09%	-8.40%	-63.77%	4.66%	212.55%	1.90%	-0.05%	-0.87%	-2.01%	0.42%
Dividend Yield	-	-	1.01%	1.45%	1.58%	3.93%	4.08%	2.65%	1.95%	1.99%	3.03%	3.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.77
(-) Cash Dividends Paid (M)	7.54
(=) Cash Retained (M)	77.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.95	10.60	6.36
Cash Retained (M)	77.23	77.23	77.23
(-) Cash Required (M)	-16.95	-10.60	-6.36
(=) Excess Retained (M)	60.27	66.63	70.87
(/) Shares Outstanding (M)	11.37	11.37	11.37
(=) Excess Retained per Share	5.30	5.86	6.23
LTM Dividend per Share	0.66	0.66	0.66
(+) Excess Retained per Share	5.30	5.86	6.23
(=) Adjusted Dividend	5.97	6.53	6.90
WACC / Discount Rate	8.57%	8.57%	8.57%
Growth Rate	1.86%	2.86%	3.86%
Fair Value	$90.54	$117.51	$152.06
Upside / Downside	22.50%	58.99%	105.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.77	87.19	89.68	92.25	94.88	97.59	100.52
Payout Ratio	8.90%	25.12%	41.34%	57.56%	73.78%	90.00%	92.50%
Projected Dividends (M)	7.54	21.90	37.07	53.10	70.00	87.83	92.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.57%	8.57%	8.57%
Growth Rate	1.86%	2.86%	3.86%
Year 1 PV (M)	19.98	20.17	20.37
Year 2 PV (M)	30.84	31.45	32.07
Year 3 PV (M)	40.29	41.49	42.71
Year 4 PV (M)	48.45	50.38	52.37
Year 5 PV (M)	55.45	58.23	61.11
PV of Terminal Value (M)	1,054.08	1,106.85	1,161.71
Equity Value (M)	1,249.10	1,308.58	1,370.35
Shares Outstanding (M)	11.37	11.37	11.37
Fair Value	$109.89	$115.12	$120.56
Upside / Downside	48.68%	55.76%	63.12%

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Oppenheimer Holdings Inc. (OPY)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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