Evercore's First Half of 2019 Earnings Holding Up; Shares Fairly Valued
Narrow-moat Evercore's revenue and earnings are holding up fairly well, despite an increasingly cautious tone to the economic outlook. Net revenue increased 4% to $946 million during the first half of 2019, with most of the gain coming from the company's advisory business (where net revenue increased to $769 million). Even so, first-half earnings per diluted share decreased slightly to $3.40 from $3.62, due to operating margins contracting to 22% from 24% in the year-ago period and a higher tax ...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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