Evercore Starts Off 1Q With Healthy Earnings; Shares Fairly Valued
Narrow-moat Evercore's first-quarter 2019 earnings were healthy, but the length of this economic expansion continues to be a worry. The company reported net income of $67 million, or $1.52 per diluted share, on $415 million of net revenue, which decreased 10% from the previous year, which isn't too much of a concern. The main area of weakness was advisory fees, down 14%. We don't anticipate making a material change to our $97 fair value estimate and assess shares as being fairly valued.The some...
Evercore is a holding company. Through its subsidiaries, the company is an investment banking advisory firm. The company's segments include: Investment Banking, which includes the advisory business through which it provides advice to clients on mergers, acquisitions, divestitures, shareholder activism and other corporate transactions, and the Evercore International Strategy and Investment business through which it provides macroeconomic, policy and fundamental equity research and agency-based equity securities trading for institutional investors; and Investment Management, which includes the wealth management business through which it provides investment advisory, wealth management and fiduciary services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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