A first look of Oppenheimer Holdings (NYSE:OPY) gives some notion of a fair undervaluation in asset terms. A more in-depth review, however, which focuses on the book value's reliability provides a contradicting argument. Their reputation might be good but it is irrelevant if the price does not coincide with the fair value. This article mainly looks into to the price to book discount but it also considers whether shareholders could extract value on a cash flow basis. It seems that there is no margin of safety in both parts and there needs to be a significant decline of 50% in its current stock price, and changes to the company structure, if the stock is to warrant a purchase....
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