In a Flat to Down M&A Market, Evercore’s Revenue Should Outperform Peers'
Narrow-moat Evercore’s advisory revenue has held up better than we expected in 2017 and should continue to do well relative to peers. Evercore reported adjusted earnings per diluted share of $1.22, flat with the previous year, and a 5% increase in adjusted net revenue to $403 million. While year-to-date mergers and acquisition activity have done well despite environmental uncertainties over U.S. policies such as tax reform, we remain cautious on financial advisory revenue until the back half of ...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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