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Cowen Inc. (COWN)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$15.19 - $22.04$18.51
Multi-Stage$25.61 - $28.13$26.84
Blended Fair Value$22.68
Current Price$38.62
Upside-41.28%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2022202120202019201820172016201520142013
DPS0.00%0.00%0.690.570.390.000.000.000.000.000.000.00
YoY Growth--20.80%45.30%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.79%2.11%1.12%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)65.86
(-) Cash Dividends Paid (M)21.94
(=) Cash Retained (M)43.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.178.234.94
Cash Retained (M)43.9143.9143.91
(-) Cash Required (M)-13.17-8.23-4.94
(=) Excess Retained (M)30.7435.6838.97
(/) Shares Outstanding (M)31.7431.7431.74
(=) Excess Retained per Share0.971.121.23
LTM Dividend per Share0.690.690.69
(+) Excess Retained per Share0.971.121.23
(=) Adjusted Dividend1.661.821.92
WACC / Discount Rate8.71%8.71%8.71%
Growth Rate-2.00%-1.00%0.00%
Fair Value$15.19$18.51$22.04
Upside / Downside-60.67%-52.07%-42.94%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)65.8665.2064.5463.9063.2662.6364.51
Payout Ratio33.32%44.66%55.99%67.33%78.66%90.00%92.50%
Projected Dividends (M)21.9429.1236.1443.0249.7656.3659.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.71%8.71%8.71%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)26.5126.7827.05
Year 2 PV (M)29.9730.5831.20
Year 3 PV (M)32.4833.4934.51
Year 4 PV (M)34.2235.6337.09
Year 5 PV (M)35.2937.1339.04
PV of Terminal Value (M)654.43688.51723.99
Equity Value (M)812.90852.12892.90
Shares Outstanding (M)31.7431.7431.74
Fair Value$25.61$26.84$28.13
Upside / Downside-33.69%-30.49%-27.16%

High-Yield Dividend Screener

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