Evercore Reports Relatively Strong First-Half Results, but Headwinds in Following Quarters

Evercore’s first half of 2022 results are relatively strong, but the company will likely experience revenue headwinds in the following quarters. The company reported net income to common shareholders of $95.6 million, or $2.33 per diluted share, on $631 million of net revenue. Net revenue in the second quarter was 8% lower from a year ago, and first half of 2022 revenue was flat with the first half of 2021. We expect to lower our fair value estimate for narrow-moat Evercore but also believe that our assessment will continue to be that shares are undervalued.