Cohen & Co Inc. (NYSE: COHN)

Sector: Financial Services Industry: Capital Markets CIK: 0001270436
Market Cap 20.54 Mn
P/B 0.63
P/E -6.33
P/S 0.42
ROIC (Qtr) 2.81
Div Yield % 14.36
Rev 1y % (Qtr) 165.70
Total Debt (Qtr) 507.14 Mn
Debt/Equity (Qtr) 10.60

About

Cohen & Co Inc., known by its ticker symbol COHN, is a financial services company operating in the capital markets and asset management sectors. The company's main business activities are divided into three segments: Capital Markets, Asset Management, and Principal Investing. Cohen & Co Inc. has a strong presence in the United States and Europe, with subsidiaries such as JVB in the US and CCFESA in Europe. Cohen & Co Inc.'s Capital Markets segment is responsible for fixed income sales, trading, and gestation repo financing, as well as new issue...

Read more

Price action

Investment thesis

Bull case

  • Robust free cash flow of 32.56M exceeds capital expenditure of 1.28M by 25.37x, indicating strong organic growth funding capability.
  • Cash reserves of 54.69M provide ample 57.15x coverage of acquisition spending 957000, enabling strategic growth opportunities.
  • Cash position of 54.69M provides exceptional 17.62x coverage of minority interest expenses 3.10M, indicating strong liquidity.
  • Strong free cash flow of 32.56M provides 34.02x coverage of acquisition spending 957000, indicating disciplined M&A strategy.
  • Strong tangible asset base of 773.75M provides 808.51x coverage of acquisition spending 957000, enabling strategic growth.

Bear case

  • Free cash flow of 32.56M represents just -12.65x of debt issuance (2.57M), suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • Operating cash flow of 33.84M is outpaced by equity issuance of (344000) (-98.37 ratio), indicating concerning reliance on equity markets for funding operations.
  • R&D investment of 0 represents just 0x of SG&A expenses of 140.48M, indicating potential underinvestment in innovation relative to administrative overhead.
  • Cash position of 54.69M provides minimal 0.39x coverage of SG&A expenses of 140.48M, indicating potential operational inflexibility in market downturns.
  • Interest expense of 5.89M consumes 0.55x of operating earnings 10.79M, suggesting concerning debt service burden relative to operational performance.

Segments Breakdown of Revenue (2024)

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Capital Markets
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 GS Goldman Sachs Group Inc 433.97 Bn 57.26 12.78 911.32 Bn
2 MS Morgan Stanley 314.55 Bn 23.99 5.50 353.12 Bn
3 SCHW Schwab Charles Corp 194.70 Bn 30.37 9.37 27.59 Bn
4 BMNR Bitmine Immersion Technologies, Inc. 148.85 Bn -30.55 20,710.58 0.00 Bn
5 HOOD Robinhood Markets, Inc. 72.97 Bn 33.26 17.36 0.00 Bn
6 LPLA LPL Financial Holdings Inc. 30.55 Bn 68.41 5.00 7.52 Bn
7 IBKR Interactive Brokers Group, Inc. 28.46 Bn 103.89 11.54 28.43 Bn
8 CRCL Circle Internet Group, Inc. 27.14 Bn 172.85 16.04 0.15 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 7.97 1.29
EV to Cash from Ops. EV/CFO -396.45 -15.44
EV to Debt EV to Debt 12.16 18.96
EV to EBIT EV/EBIT 1,594.82 32.20
EV to EBITDA EV/EBITDA 2,354.17 45.42
EV to Free Cash Flow [EV/FCF] EV/FCF -383.69 9.12
EV to Market Cap EV to Market Cap 300.13 1.11
EV to Revenue EV/Rev 125.32 300.60
Price to Book Value [P/B] P/B 0.63 4.37
Price to Earnings [P/E] P/E -6.33 16.68
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -0.92
Dividend Payout Ratio % Div Payout % (Qtr) 41.20 7.75
Dividend per Basic Share Div per Share (Qtr) 1.00 0.70
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 5.35 -8.99
Interest Coverage Int. cover (Qtr) 1.83 -165.38
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -48.84 -12,127.34
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 282.70 1,715.17
Dividend Growth (1y) % Div 1y % (Qtr) 0.00 4.17
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 26.09 -2,046.50
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 159.72 -3,960.13
EBIT Growth (1y) % EBIT 1y % (Qtr) 21.76 728.13
EBT Growth (1y) % EBT 1y % (Qtr) 69.22 838.81
EPS Growth (1y) % EPS 1y % (Qtr) -41.73 26.25
FCF Growth (1y) % FCF 1y % (Qtr) 4,570.88 -3,406.06
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 100.34 54.45
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.25 0.42
Cash Payout Ratio Cash Payout (Qtr) 0.00 -0.09
Cash Ratio Cash Ratio 0.00 1.46
Current Ratio Current Ratio 0.00 2.98
Debt to Equity Ratio Debt/Equity (Qtr) 10.60 1.50
Interest Cover Ratio Int Coverage (Qtr) 1.83 -165.38
Times Interest Earned Times Interest Earned (Qtr) 1.83 -165.38
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 6.00 -959.56
EBIT Margin % EBIT Margin % (Qtr) 5.64 -1,006.04
EBT Margin % EBT Margin % (Qtr) 2.56 -981.88
Gross Margin % Gross Margin % (Qtr) 100.00 53.03
Net Profit Margin % Net Margin % (Qtr) 2.10 -988.00