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Oppenheimer Holdings Inc. OPY

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Oppenheimer earns $13 a share, carries $94 of book value, and the family that controls it through 99,665 unlisted voting shares just watched the stock nearly double in a year to $116.

The setup turns on the oldest question in control-stock investing: whether earnings that finally arrived can keep flowing to public holders who, by charter, have no vote on anything.

OPY · price with moving averages

Daily · 6MWeekly · 3Y
$27$52$77$102$127 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Oppenheimer is a mid-sized wealth manager, 934 advisors overseeing a record $59.4B of managed assets, attached to a capital-markets boutique that advises, underwrites and makes markets for smaller companies. The listed Class A shares are non-voting; the Lowenthal family, father chairman, son chief executive, controls essentially all voting stock through a private holding company, an arrangement the 10-K states plainly. The moat is modest, advisor relationships and a niche banking franchise in financial institutions and healthcare, and the more relevant fact is the price of admission relative to the assets and earnings behind it.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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