Oppenheimer Holdings Inc
OPY
Security Brokers, Dealers & Flotation Companies
Mkt Cap
$426.7MPE
10.39Debt
$112.6MCash
$56.72MEV
$482.5MFCF
$46.22MP/E Ratio
10.39Debt
$112.6MCash
$56.72MEV
$482.5MFCF
$46.22MOppenheimer Holdings Inc., through its subsidiaries, operates as a middle-market investment bank and full-service broker-dealer in the Americas, Europe, the Middle East, and Asia. The company offers brokerage services covering corporate equity and debt securities, money market instruments, exchange-traded options and futures contracts, municipal bonds, mutual funds, exchange-traded funds, and unit investment trusts; financial and wealth planning services; and margin lending services. It also provides asset management services, including separately managed accounts, mutual fund managed accounts, discretionary portfolio management programs, non-discretionary investment advisory and consultation services, alternative investments, portfolio enhancement programs, and institutional taxable fixed income portfolio management strategies and solutions, as well as taxable and non-taxable fixed income portfolios and strategies. In addition, the company offers investment banking services, such as strategic advisory services and capital markets products; merger and acquisition, equities capital market, debt capital market, debt advisory and restructuring, and fund placement services; and institutional equity sales and trading, equity research, equity derivatives and index options, convertible bonds, trading, and investment services. Further, it provides institutional fixed income sales and trading, fixed income research, public finance, and municipal trading services; repurchase agreements and securities lending services; and proprietary trading and investment activities. Additionally, the company offers underwritings, market-making, trust, and discount services. It serves high-net-worth individuals and families, corporate executives, public and private businesses, institutions and corporations, governments, financial sponsors, and domestic and international investors. Oppenheimer Holdings Inc. was founded in 1881 and is headquartered in New York, New York.
DCF
Discounted Cash Flow Valuation of Oppenheimer Holdings Inc
Value
Growth
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Discount
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Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $46.22M | $47.99M | $49.83M | $51.73M | $53.72M | $55.78M | $57.91M | $60.13M | $62.44M | $64.83M | $67.31M | $673.1M |
| DCF | $41.73M | $37.68M | $34.02M | $30.71M | $27.73M | $25.04M | $22.61M | $20.41M | $18.43M | $16.64M | $166.4M | |
| Value | $441.4M | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 33%
Earnings Stability 33%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 12-2014 | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 0.88% | 0.21% | -0.14% | 2.5% | 3% | 5.1% | 10% | 11% | 2.9% | 3.3% |
| ROA | 0.92% | 0.25% | -0.98% | 0.81% | 2% | 3% | 6.2% | 7.4% | 1.7% | 2% |
| ROE | 1.7% | 0.37% | -0.23% | 4.4% | 5.3% | 8.9% | 18% | 19% | 4% | 5.3% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +5.86%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is +0.92%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +3.52%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is +0.68%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +9.97%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is +1.41%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 12-2014 | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | - | -5.62 | -2.05 | -9.20 | 1.25 | 2.17 | -2.11 | 0.57 | 2.35 | 2.44 |
| Debt Equity | - | 0.29 | 0.29 | 0.38 | 0.37 | 0.25 | 0.18 | 0.15 | 0.14 | 0.14 |
| MIN | ||||||||||
| Graham Stability | - | - | -9.7% | 100% | 100% | 100% | 100% | 100% | 29% | -9.7% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is 2.44.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is 1.47.
What is the Graham’s Stability?
Graham’s Stability measure stands at -0.10.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 12-2015 | 12-2017 | 12-2019 | 12-2021 | Trend |
|---|---|---|---|---|---|
| Revenue | 2.6% | 3.8% | 2.4% | -20% | 0.74% |
| Net Income | 49% | 7.1% | -15% | -80% | 11% |
| Stockholders Equity | 6.1% | 8.7% | 10% | -3.7% | 1.5% |
| FCF | - | - | -11% | -78% | -7.1% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +3.84%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +0.74%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is +7.07%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is +10.94%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is +8.7%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is +1.49%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is -.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is -7.09%.