DDM Analysis: COWN

Valuation Snapshot

Stable Growth	$20.57 - $32.49	$26.02
Multi-Stage	$51.57 - $56.84	$54.15
Blended Fair Value	$40.09
Current Price	$38.62
Upside	3.80%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	0.00%	0.00%	0.69	0.57	0.39	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.17	8.23	4.94
Cash Retained (M)	43.91	43.91	43.91
(-) Cash Required (M)	-13.17	-8.23	-4.94
(=) Excess Retained (M)	30.74	35.68	38.97
(/) Shares Outstanding (M)	31.74	31.74	31.74
(=) Excess Retained per Share	0.97	1.12	1.23
LTM Dividend per Share	0.69	0.69	0.69
(+) Excess Retained per Share	0.97	1.12	1.23
(=) Adjusted Dividend	1.66	1.82	1.92
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$20.57	$26.02	$32.49
Upside / Downside	-46.73%	-32.62%	-15.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.86	65.20	64.54	63.90	63.26	62.63	64.51
Payout Ratio	33.32%	44.66%	55.99%	67.33%	78.66%	90.00%	92.50%
Projected Dividends (M)	21.94	29.12	36.14	43.02	49.76	56.36	59.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	27.21	27.49	27.77
Year 2 PV (M)	31.57	32.22	32.88
Year 3 PV (M)	35.13	36.22	37.33
Year 4 PV (M)	37.98	39.56	41.18
Year 5 PV (M)	40.21	42.31	44.49
PV of Terminal Value (M)	1,464.78	1,541.05	1,620.47
Equity Value (M)	1,636.89	1,718.85	1,804.11
Shares Outstanding (M)	31.74	31.74	31.74
Fair Value	$51.57	$54.15	$56.84
Upside / Downside	33.53%	40.21%	47.17%

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Cowen Inc. (COWN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener