Compounder

Piper Sandler Cos

Held by 1 superinvestor (PIPR).

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

This quarter1 opened

Valuation

Earnings Power & Asset Floor
Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Margin of safetyPrice sits below this method' value estimate.
margin of safety
fair value
above fair value
$76
cheaper$88 – $120 value estimatepricier

Piper Sandler Cos (PIPR): A conservative earnings-power estimate, $88–$120 / sh; today’s price sits below it (price $76 as of 2026-06-26).

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

An observation from two valuation methods — not investment advice, not a buy/sell signal, and not a price target.

Price as of 2026-06-26 · yahoo · DGS10 4.4% @ 2026-06-25.

Method & numbers

Owner-earnings DCF $88.38 – $120.05 · Greenwald zero-growth $117.09 · zero-growth base $117.09 · reproduction $53.54

Moat Franchise (moat) · terminal value 37% of present value · owner-earnings yield 14% vs 10Y 4.4%.

Graham earnings-power value (normalized NOPAT)

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).

Years: 2025, 2024, 2023, 2022, 2021

Buffett owner-earnings value$95.80 – $117.09 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).

Reproduction value = tangible net assets $952.15M = $53.54 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value not assessable — Operating income is not available across the window, so ROIIC / growth value cannot be computed.

Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 0% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 8.90%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-06-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Superinvestors Holding This Security

  • Ray Dalio
    Value$4.9MWeight (prev→now)New · 0.0%

Ownership overview

Piper Sandler Cos (PIPR) is held by 1 of the superinvestors tracked on Compounder, with a combined $4.9M in reported 13F value. The largest position belongs to Ray Dalio, where it makes up 0.0% of the portfolio.

Over the latest quarter, 1 of the tracked filers opened a new position in PIPR, 0 added to existing ones, 0 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

Key facts & links

Ticker
PIPR
Total value held
$4.9M
Largest holder
Ray Dalio
External

Sources· SEC EDGAR 13F as of 2026-05-15

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