Cohen & Steers Inc Dossier
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SectorFinancials IndustryAsset Management Beta (adjusted)1.14 Intrinsic Value $57.00median of 6 methods · middle span $16-$72based on filings through 30 Jun 2026 Market Price $73.12Price as of 1 Oct 2026 OvervaluedIntrinsic value is 22% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $3.8B Enterprise Value $3.7B Shares Outstanding 51.8M diluted Moat Rating Wide Next Earnings Date15 Oct 2026 Last ex-dividend10 Aug 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Cohen & Steers, Inc. (CNS) remains a premier active asset manager specializing in real assets and alternative income. While the firm continues to demonstrate strong long-term investment outperformance and is successfully expanding its active ETF platform (surpassing $1 billion in assets), near-term headwinds persist. The macroeconomic environment, characterized by a hawkish Federal Reserve and elevated interest rates, continues to pressure rate-sensitive asset classes like REITs and listed infrastructure, which comprise a significant portion of CNS's AUM. Additionally, the Q1 2026 earnings miss ($0.79 EPS vs. $0.82 consensus) and recent insider selling by the President & CIO Jon Cheigh suggest that valuation multiples may be fully valued at current levels. The appointment of Amit Muni as permanent CFO provides leadership stability, but a neutral stance is warranted until clear signs of sustained organic flow acceleration and macroeconomic stabilization emerge. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$60.00 Mean target$76.00 High · most bullish analyst$88.00 Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario The bear case involves persistent inflation leading to further interest rate hikes by the Federal Reserve. This scenario severely depresses real asset valuations, leading to significant market depreciation and net outflows from CNS's core funds. Operating margins contract below 33% due to fee compression and rising compensation expenses, while AUM falls back toward $90 billion. Base CaseCentral scenario The base case assumes that the Federal Reserve maintains a higher-for-longer interest rate stance with limited rate cuts, keeping AUM growth modest. CNS successfully integrates its new CFO, Amit Muni, and continues to expand its active ETF footprint and international distribution partnerships (such as the J.P. Morgan SICAV deal). Operating margins stabilize around 34-35%, and AUM hovers between $95 billion and $100 billion. Valuation multiples remain near historical averages. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |