Evercore: Increasing Our Fair Value Estimate To $171 From $166; Shares Modestly Undervalued

We are increasing our fair value estimate for narrow-moat Evercore to $171 per share from $166. This corresponds to a forward price/adjusted earnings multiple of around 11.5 times and a forward enterprise value/EBITDA multiple of about 11 times. Of the net $5 increase in our fair value estimate, most of it was from earnings since our previous valuation update with additional adjustments for working capital, managing director productivity, and managing director headcount.