Oppenheimer Holdings Inc

Finance
Investment Bankers/Brokers/Service
www.oppenheimer.com

Earnings Score
Moat Score
Safety Score

Market Cap $653.84M
PE 9
Debt $112.82M
Cash $32.24M
EV $734.42M
FCF -$123.94M

Earnings

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Sales & Net Margins

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Earnings	$72.02M
EBIT	$106.52M
ROE	9%
ROA	3%
FCF	-$123.94M
Equity	$837.84M
Growth Stability	29%
PE	9.08
PEG	-0.62
PB	0.78
P/FCF	-5.28
P/S	0.48
Price/Cash	0.05
Debt/Equity	0.13
Debt/FCF	-0.91
Net Margins	6%
Op. Margins	8%
Earnings CAGR	17%
Sales Growth YoY	19%
Sales Growth QoQ	13%
Sales CAGR	6%
FCF CAGR	1%
Equity CAGR	6%
Earnings Stability	0.18
Earnings Growth YoY	78%
Earnings Growth QoQ	139%

Earnings CAGR 5Y	-15%
Sales CAGR 5Y	3%
FCF CAGR 5Y	-2%
Equity CAGR 5Y	7%
Earnings CAGR 3Y	2%
Sales CAGR 3Y	2%
FCF CAGR 3Y	-5%
Equity CAGR 3Y	0%
Market Cap	$653.84M
Revenue	$1.37B
Dividend Yield	1%
Payout Ratio	9%
Assets	$3.37B
Total Debt	$112.82M
Cash	$32.24M
Shares Outstanding	10.31M
EV	734.42M
Earnings Score	10%
Moat Score	67%
Safety Score	37%
Final Score	38%
Shares Growth 3y	-7%
Equity Growth QoQ	3%
Equity Growth YoY	8%

Assets & ROA

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Stockholders Equity & ROE

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Oppenheimer Holdings Inc conducts activities in the securities industry. The company is involved in retail securities brokerage, investment banking (both corporate and public finance), institutional sales and trading, market-making, research, trust services, and investment advisory and asset management services. The company has three segments: private client, asset management, and capital markets. The private client segment, including full-service brokerage, wealth planning, and margin lending, contributes over half of total revenue. The company generates the majority of revenue from the Americas, with the rest from Europe, the Middle East, and Asia.

SEC Filings

Direct access to Oppenheimer Holdings Inc (OPY) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Oppenheimer Holdings Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Oppenheimer Holdings Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 17%

Stability 18%

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Oppenheimer Holdings Inc Discounted Cash Flow

Fully customizable DCF calculator online for Oppenheimer Holdings Inc.

Years

Calculation mode

= -$1.3B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$124M	-$125M	-$125M	-$126M	-$127M	-$128M	-$128M	-$129M	-$130M	-$130M	-$131M	-$1.3B
DCF		-$113M	-$104M	-$95M	-$87M	-$79M	-$72M	-$66M	-$61M	-$55M	-$51M	-$506M
Value	-$1.3B

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	12/2023	TTM
Net Margins	1%	0%	-0%	2%	3%	5%	10%	11%	3%	2%	6%
ROA	-	0%	-1%	1%	2%	3%	6%	7%	2%	2%	3%
ROE	-	0%	-0%	4%	5%	9%	18%	19%	4%	4%	9%

Bad Net Margins (5.73%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

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	12/2023	TTM
Debt over FCF	-	-5.62	-2.05	-9.2	1.25	2.17	-2.11	0.57	2.35	-3.14	-0.91
Debt over Equity	-	0.29	0.29	0.38	0.37	0.25	0.18	0.15	0.14	0.14	0.13
Growth Stability	-	-	-	100%	100%	100%	100%	100%	29%	29%	29%

Good Debt/FCF ratio (-0.91)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.13)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (29%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-8%	-8%	7%	4%	8%	16%	16%	-20%	12%	3%
Earnings YoY growth	-	-78%	-159%	-2K%	27%	83%	132%	29%	-80%	-6%	-15%
Equity YoY growth	-	-2%	-2%	2%	4%	9%	16%	20%	-4%	-1%	7%
FCF YoY growth	-	-136%	174%	-70%	-835%	-57%	-185%	-475%	-78%	-174%	-2%