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COWEN INC - A (COWN) Stock Fundamental Analysis

NASDAQ:COWN - Nasdaq - US2236226062 - Common Stock - Currency: USD

38.99  0 (0%)

After market: 39 +0.01 (+0.03%)

Fundamental Rating

3

Taking everything into account, COWN scores 3 out of 10 in our fundamental rating. COWN was compared to 233 industry peers in the Capital Markets industry. Both the profitability and financial health of COWN have multiple concerns. COWN is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year COWN was profitable.
In the past year COWN has reported a negative cash flow from operations.
Of the past 5 years COWN 4 years were profitable.
The reported operating cash flow has been mixed in the past 5 years: COWN reported negative operating cash flow in multiple years.
COWN Yearly Net Income VS EBIT VS OCF VS FCFCOWN Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 0 200M -200M 400M

1.2 Ratios

COWN has a Return On Assets (1.37%) which is in line with its industry peers.
The Return On Equity of COWN (10.37%) is better than 68.60% of its industry peers.
COWN's Return On Invested Capital of 1.86% is on the low side compared to the rest of the industry. COWN is outperformed by 68.12% of its industry peers.
Industry RankSector Rank
ROA 1.37%
ROE 10.37%
ROIC 1.86%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
COWN Yearly ROA, ROE, ROICCOWN Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 0 10 20

1.3 Margins

With a Profit Margin value of 7.52%, COWN is not doing good in the industry: 61.84% of the companies in the same industry are doing better.
In the last couple of years the Profit Margin of COWN has grown nicely.
COWN has a Operating Margin of 7.50%. This is amonst the worse of the industry: COWN underperforms 80.19% of its industry peers.
COWN has a Gross Margin of 75.78%. This is in the better half of the industry: COWN outperforms 73.91% of its industry peers.
COWN's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 7.5%
PM (TTM) 7.52%
GM 75.78%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y54.27%
PM growth 5YN/A
GM growth 3Y2.52%
GM growth 5Y-0.96%
COWN Yearly Profit, Operating, Gross MarginsCOWN Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 0 20 40 60 80

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1

2. Health

2.1 Basic Checks

There is no outstanding debt for COWN. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
COWN Yearly Shares OutstandingCOWN Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 5M 10M 15M 20M 25M
COWN Yearly Total Debt VS Total AssetsCOWN Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2B 4B 6B 8B

2.2 Solvency

Based on the Altman-Z score of -0.09, we must say that COWN is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of -0.09, COWN is doing worse than 70.05% of the companies in the same industry.
A Debt/Equity ratio of 0.16 indicates that COWN is not too dependend on debt financing.
The Debt to Equity ratio of COWN (0.16) is better than 75.36% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF N/A
Altman-Z -0.09
ROIC/WACCN/A
WACCN/A
COWN Yearly LT Debt VS Equity VS FCFCOWN Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 0 500M 1B

2.3 Liquidity

COWN has a Current Ratio of 0.48. This is a bad value and indicates that COWN is not financially healthy enough and could expect problems in meeting its short term obligations.
The Current ratio of COWN (0.48) is worse than 71.01% of its industry peers.
A Quick Ratio of 0.48 indicates that COWN may have some problems paying its short term obligations.
COWN's Quick ratio of 0.48 is on the low side compared to the rest of the industry. COWN is outperformed by 71.01% of its industry peers.
Industry RankSector Rank
Current Ratio 0.48
Quick Ratio 0.48
COWN Yearly Current Assets VS Current LiabilitesCOWN Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2B 4B 6B

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3

3. Growth

3.1 Past

COWN shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -57.41%.
COWN shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 59.88% yearly.
Looking at the last year, COWN shows a very negative growth in Revenue. The Revenue has decreased by -23.97% in the last year.
COWN shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 34.98% yearly.
EPS 1Y (TTM)-57.41%
EPS 3Y59.88%
EPS 5YN/A
EPS Q2Q%-42.42%
Revenue 1Y (TTM)-23.97%
Revenue growth 3Y29.77%
Revenue growth 5Y34.98%
Sales Q2Q%-0.35%

3.2 Future

The Earnings Per Share is expected to decrease by -9.03% on average over the next years.
The Revenue is expected to decrease by -12.08% on average over the next years. This is quite bad
EPS Next Y-71.67%
EPS Next 2Y-31.22%
EPS Next 3Y-9.03%
EPS Next 5YN/A
Revenue Next Year-30.83%
Revenue Next 2Y-12.08%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
COWN Yearly Revenue VS EstimatesCOWN Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B 2B
COWN Yearly EPS VS EstimatesCOWN Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2 4 6 8 10

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5

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 7.80, which indicates a rather cheap valuation of COWN.
COWN's Price/Earnings ratio is rather cheap when compared to the industry. COWN is cheaper than 82.13% of the companies in the same industry.
When comparing the Price/Earnings ratio of COWN to the average of the S&P500 Index (27.45), we can say COWN is valued rather cheaply.
A Price/Forward Earnings ratio of 8.30 indicates a reasonable valuation of COWN.
Compared to the rest of the industry, the Price/Forward Earnings ratio of COWN indicates a somewhat cheap valuation: COWN is cheaper than 71.01% of the companies listed in the same industry.
COWN's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 21.90.
Industry RankSector Rank
PE 7.8
Fwd PE 8.3
COWN Price Earnings VS Forward Price EarningsCOWN Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

89.37% of the companies in the same industry are more expensive than COWN, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 5.44
COWN Per share dataCOWN EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40

4.3 Compensation for Growth

A cheap valuation may be justified as COWN's earnings are expected to decrease with -9.03% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-31.22%
EPS Next 3Y-9.03%

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2

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 1.23%, COWN has a reasonable but not impressive dividend return.
COWN's Dividend Yield is slightly below the industry average, which is at 8.00.
Compared to an average S&P500 Dividend Yield of 2.42, COWN's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 1.23%

5.2 History

COWN has been paying a dividend for less than 5 years, so it still needs to build a track record.
Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years2
COWN Yearly Dividends per shareCOWN Yearly Dividends per shareYearly Dividends per share 2020 2021 2022 2023 0.1 0.2 0.3 0.4

5.3 Sustainability

COWN pays out 17.57% of its income as dividend. This is a sustainable payout ratio.
DP17.57%
EPS Next 2Y-31.22%
EPS Next 3Y-9.03%
COWN Yearly Income VS Free CF VS DividendCOWN Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 0 200M -200M 400M
COWN Dividend Payout.COWN Dividend Payout, showing the Payout Ratio.COWN Dividend Payout.PayoutRetained Earnings

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COWEN INC - A

NASDAQ:COWN (2/28/2023, 8:26:38 PM)

After market: 39 +0.01 (+0.03%)

38.99

0 (0%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)02-17 2023-02-17/bmo
Earnings (Next)04-27 2023-04-27/bmo
Inst Owners0%
Inst Owner Change0%
Ins Owners16.24%
Ins Owner Change0%
Market Cap1.09B
Analysts47.5
Price Target46.92 (20.34%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.23%
Yearly Dividend0.38
Dividend Growth(5Y)N/A
DP17.57%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-28.69%
Min EPS beat(2)-64.97%
Max EPS beat(2)7.58%
EPS beat(4)3
Avg EPS beat(4)12.42%
Min EPS beat(4)-64.97%
Max EPS beat(4)68.24%
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)24.9%
Min Revenue beat(2)13.57%
Max Revenue beat(2)36.24%
Revenue beat(4)4
Avg Revenue beat(4)23.34%
Min Revenue beat(4)13.57%
Max Revenue beat(4)36.24%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-9.59%
EPS NY rev (1m)-1.9%
EPS NY rev (3m)-17.53%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.8%
Revenue NY rev (1m)-0.46%
Revenue NY rev (3m)0.31%
Valuation
Industry RankSector Rank
PE 7.8
Fwd PE 8.3
P/S 0.68
P/FCF N/A
P/OCF N/A
P/B 0.93
P/tB 1.21
EV/EBITDA 5.44
EPS(TTM)5
EY12.82%
EPS(NY)4.7
Fwd EY12.05%
FCF(TTM)-3.79
FCFYN/A
OCF(TTM)-3.25
OCFYN/A
SpS57.76
BVpS41.91
TBVpS32.33
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.37%
ROE 10.37%
ROCE N/A
ROIC 1.86%
ROICexc 2.31%
ROICexgc 3.19%
OM 7.5%
PM (TTM) 7.52%
GM 75.78%
FCFM N/A
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y54.27%
PM growth 5YN/A
GM growth 3Y2.52%
GM growth 5Y-0.96%
F-Score4
Asset Turnover0.18
Health
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF N/A
Debt/EBITDA 22.65
Cap/Depr 56.77%
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 0.48
Quick Ratio 0.48
Altman-Z -0.09
F-Score4
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)60.67%
Cap/Depr(5y)59.43%
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-57.41%
EPS 3Y59.88%
EPS 5YN/A
EPS Q2Q%-42.42%
EPS Next Y-71.67%
EPS Next 2Y-31.22%
EPS Next 3Y-9.03%
EPS Next 5YN/A
Revenue 1Y (TTM)-23.97%
Revenue growth 3Y29.77%
Revenue growth 5Y34.98%
Sales Q2Q%-0.35%
Revenue Next Year-30.83%
Revenue Next 2Y-12.08%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-64.24%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year-68.52%
EBIT Next 3Y-9.26%
EBIT Next 5YN/A
FCF growth 1Y-141.18%
FCF growth 3Y-2.25%
FCF growth 5YN/A
OCF growth 1Y-132.97%
OCF growth 3Y-1.84%
OCF growth 5YN/A