Discounted Cash Flow

Oppenheimer Holdings Inc.

OPY · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $857.8m $-1.2m $-73.2m -0.1% $-0.09
2017 $920.3m (7.3%) $22.8m (2065.2%) $-21.7m (70.3%) 2.5% (1931.6%) $1.72 (2011.1%)
2018 $891.6m (-3.1%) $28.9m (26.6%) $159.9m (835.3%) 3.2% (30.7%) $2.18 (26.7%)
2019 $934.8m (4.8%) $53.0m (83.3%) $69.1m (-56.8%) 5.7% (74.8%) $4.10 (88.1%)
2020 $1.2b (28.2%) $123.0m (132.3%) $-58.6m (-184.8%) 10.3% (81.1%) $9.73 (137.3%)
2021 $1.4b (16.3%) $159.0m (29.3%) $219.5m (474.7%) 11.4% (11.1%) $12.57 (29.2%)
2022 $1.1b (-20.3%) $32.4m (-79.6%) $48.2m (-78.1%) 2.9% (-74.5%) $2.77 (-78.0%)
2023 $1.2b (12.4%) $30.2m (-6.7%) $-35.9m (-174.4%) 2.4% (-17.0%) $2.81 (1.4%)
2024 $1.4b (14.7%) $71.6m (137.1%) $-113.3m (-215.9%) 5.0% (106.7%) $6.91 (145.9%)
2025 $1.6b (14.4%) $148.4m (107.4%) $183.6m (262.0%) 9.1% (81.4%) $14.13 (104.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model